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| COMMUNITIES |
| Heron's Glen - 245 Acres Land - 750 Resident Home Sites |
Mascotte, FL
Currently Flagship Land Group’s largest tract of land, Heron’s Glen consists of 245 acres. After contracting to purchase the property in the fall of 2004 with the Weber Family and closing the property in July 2006, we have been successfully taking the property through every stage of the entitlement process to its current fully entitled state. This property has been through annexation into the city of Mascotte, a large scale comprehensive plan change in 2006, and as of November 2007 final PUD Zoning approval allowing us to build up to 999-units on the property. Currently we are in a holding pattern on this project as the city of Mascotte finalizes their Sewer plant plans and begins its construction at an undetermined point in 2008. At the end of 2007 and early 2008 we were successful in our lawsuit with the Lake County Property Appraiser who was denying our agriculture exemption on the property even though the Weber’s are leasing the land back from us to continue their cattle operation until we begin development. According to our most recent appraisal, Flagship Land Group has added considerable value and appreciation to the Heron’s Glen project. Purchased for $2.9 Million it now has an “as is” undeveloped appraised value of $7.29 Million. We believe this to be a major positive given the market has been declining over the last 12 months. As the market begins to rebound the end of 2008 and early 2009 we believe Heron’s Glen will be well positioned as an entry level first time buyer community.
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