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HUNTINGTON BEACH, CA-Publicly held California Coastal Communities Inc. of Irvine has struck a deal to sell 103 acres of its 208-acre Bolsa Chica Mesa property to the California Wildlife Conservation Board for $65 million. The deal, which Coastal Communities calls a preliminary agreement, would give the wildlife board title to a parcel of the Bolsa Chica Mesa known as the “lower bench.” The sale remains subject to approval by the WCB at its next meeting, which is scheduled for Aug. 12. The deal is also subject to the negotiation and execution of a final purchase and sale agreement, and shareholder approval. California Coastal Communities plans to build 379 homes on the remaining 105 acres of its Bolsa Chica holdings. The company says it is working with the California Coastal Commission staff to resolve any outstanding before the Coastal Commission’s public hearing, scheduled for Aug. 9, on the company’s plan to build the homes.Raymond J. Pacini, CEO of the California Coastal Communities, says the proposed land sale would finally resolve more than 30 years of controversy over the development of Bolsa Chica. If the Coastal Commission approves the company’s plan to build housing and the Wildlife Board approves the $65-million sale, Pacini says, “We will achieve a reasonable compromise between responsible development and preservation of the environment at Bolsa Chica.”If the proposed sale is completed, WCB’s purchase of the property will be funded with bond proceeds authorized by voter-approved Proposition 50, which California voters approved in November 2002. California Coastal Communities a residential land development and home building company that operates the principal subsidiaries Signal Landmark and Hearthside Homes Inc.

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