SUMMARY OF GOALS FOR THE PARTNERSHIP

This partnership was formed to start the initial process of acquiring at least 70% (or 65 of the 94 lots) in the 1^st phase of development in the Monterey Hillside Development.  Our purpose is to purchase as many lots as possible.  For properties where owners want to develop the lot themselves, then have an agreement wherby those owners share in the costs for streets, sewers, grading and other street improvement costs associated with the transformation of the raw land into build able lots. 

Our initial funds will be used the acquisition of lots, the preparation of plans, renderings, environmental studies, soils tests, geological studies and any other documents necessary to obtain city approval.  It is estimated this process can take anywhere from 2 thru 5 years before we can begin any construction.   

The total undeveloped land on the hillside is approximately 70 acres which is currently divided into 400 lots and owned by 250 different owners.  Some families have owned land over 50 years and have passed it down from generation to generation.  The 1^st phase as projected will consist of approximately 16 acres and have approximately 94 lots.  It will be the east hillside off Pueblo Street.  It’s probably the best suited location because of the minimum street improvements and the accessible sewer connections. 

In summary, this partnership will take on the initial risks, but if all goes well, the potential profits will be worth it.