Fernley Horizons Residential Development

Introduction

The Park is the only parcel of GRID property presently slated for residential development. GRID has refrained from designating any specific plans for development of the Park as its intention is to sell the Park to a residential developer and allow the developer/purchaser to make design and development decisions regarding matters such as density and layout.

Location and Features

The Residential Park is located just East of the point where Farm District Road intersects Highway 50 about six miles East of Fernley. The Park is the last parcel of land on the South side of the Highway in Lyon County. The Park's land consists of an elevated plateau which commands superb vistas of the surrounding area. To the North the Park benefits from frontage on and access to Highway 50. To the South and West is government land which will probably remain undeveloped and lower and to the East is the Churchill Gateway Commerce Park. Just to the West towards Fernley, a new elementary school for grades 1 - 6 will open in the Fall of 2006.

Zoning and Permitting

The Park's 220 acres are in Lyon County and within the unincorporated limits of the City of Fernley. The City's current master plan designation for residential development of the property is one home per acre. However, just to the West of the Park, a developer with 60 acres in the same master plan designation, has requested the City for densities as low as one home per 9,000 sq. ft.. In order to initiate such a request with the City, the Park's 220 acres would need to be annexed into the City, a process which Paramont has recently completed and which GRID undertook with the Dark Horse Geo Center in 2005.

Highway Access

The Park's primary point of ingress and egress to the new four lane, controlled access highway currently being constructed will be through the adjacent Churchill Gateway Commerce Park to Jersey Lane and the new High T which has been constructed as a part of Highway 50 improvements. The Commerce Park is designed so that its Resource Drive and Renewable Way will both extend into the Residential Park providing its residents with a choice of two routes to and through the Commerce Park to Jersey Lane.

Utilities

GRID is working with Sierra Pacific, Southwest Gas and SBC communications regarding the extension of services to the Park. These extensions will be facilitated by the fact that Sierra Pacific's and Southwest Gas's services need to be extended from Fernley through the Park to access other developments further to the East.

Geothermal

GRID has undertaken preliminary geothermal exploration within the Park's 220 acres and expects that the resource underlying the Park will at a minimum be of sufficient temperature to heat homes and other residential amenities such a pools, spas and greenhouses. Application of the resource for these purposes would take a coordinated effort with the Park's developer. However, the appeal of geothermal service to potential residents would provide a powerful marketing took for the developer and is worth careful consideration.

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