TEJON RANCH, CA—The board of directors of Tejon Ranch Co. has approved a detailed business plan that will guide the ultimate development and marketing of Tejon Mountain Village, the company's upscale mountain residential/resort community that will be located in the westernmost high country of Tejon Ranch. The board has also authorized the management team to move forward with the creation of tentative tract maps.

"We have made outstanding progress towards making our vision of Tejon Mountain Village a reality, and today's announcement is another exciting step forward," said Gregory Bielli, president and CEO. "We have already secured entitlements, permits and consumer and market research for Tejon Mountain Village, and we now have a board-approved business plan showing the project's financial viability."

The tentative tract map process consists of a series of discrete steps, reports and studies that are expected to take up to two years to complete, including:

• Lot Feasibility Study

• Drainage and Water Quality Report

• Title Report

• Geotechnical Report

• Engineering and Systems Design

Once complete, the tract maps for Tejon Mountain Village, which will be based on the County-approved Special Plan, are required to be reviewed and approved by the Kern County Planning Commission.