Pope Resources Announces Completion of Gig Harbor Development Agreement

Press Release: POULSBO, Wash., Nov 15, 2010 (BUSINESS WIRE) —

Pope Resources (NASDAQ:POPE) announced Tuesday that its subsidiary, OPG Properties LLC, has entered into a Development Agreement with the City of Gig Harbor relating to its application for a Planned Residential Development/Preliminary Plat on a portion of its Harbor Hill project (www.harbor-hill.com). The agreement lays the foundation for approval of a project design and layout which is expected following a planned mid-December hearing. Key agreement provisions include extending the project approval period from 7 to 20 years and reserving on behalf of the project’s 824 residential units a sufficient capacity for needed domestic water supply, sanitary sewer, and traffic trips. Additionally, in exchange for the dedication of a 7-acre parcel of land for City park purposes, park impact fees will be waived for all residential units. “This is a key milestone for an exceptional project,” said David L. Nunes, President and CEO of Pope Resources. “All through the economic downturn Harbor Hill has continued to attract strong interest from a number of merchant builders and we look forward to realizing the exceptional opportunities offered by this project.”

Source: Pope Resources