We are proud to report that we have now agreed on the general terms for the acquisition of the 4,550 acre tract spanning over 2.4 miles of ocean front land with the owner. The due diligence process will now begin which will require some investigation.
The due diligence process includes not only ensuring a clean and valid title, but we will conduct further examination of technical development requirements, as well as possible federal and state subsidies, soft development loans and other benefits that may be available. This will require discussions with authorities on a higher level than just the local government, and will include meeting with various officials in Mexico City. We don’t expect this process to take more than 60 days in order to reach the point where we feel comfortable to move forward and close on the acquisition.
The economic impact that a development of this size and scope will have on the local community, will be dramatic, creating large-scale employment opportunities in the area. It has the potential to transform the profile of ProGreen as an important player in the economic development of Baja California.
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