| Royalwood Your Community Grandin Park Development Ltd. 200-40 Lakewood Boulevard, Winnipeg, Manitoba R2J 2M6 TELEPHONE (204) 982-5900 FAX (204) 255-3652 Ladco Company Limited is distributing this news release on behalf of the Grandin Park Joint Venture. June 18/ 02 News Release Soil Delivery The Royalwood joint venture between the Manitoba Housing & Renewal Corporation and Ladco Company Limited to introduce a new concept for the City�s retention ponds. In 1989, the MHRC and Ladco established the Grandin Park Joint Venture to develop Royalwood. The MHRC and Ladco each contributed 180 and 305 acres respectively. Development began in 1992 and the first phase will be substantially completed next year. When both phases have been completed, Royalwood will be one of the most beautiful and spectacular subdivisions in the City of Winnipeg or in any other city for that matter. It will certainly be the most ecologically sensitive housing development in the Province. We have worked with the City Naturalist, Native Plant Solutions � a division of Ducks Unlimited, Scatliff Landscape Architects, Wardrop Engineering, Pollock and Wright Land Surveyors, and various Departments in the City to develop a truly unique plan. The second Phase of Royalwood will be based upon two very innovative concepts. First, the subdivision has been designed to preserve approximately 88 of the 89 acres of natural forest area. In addition to the 50 acres that the City would acquire in the ordinary course, we have offered to transfer 38 acres to the City for a total of 88 acres- - a vast urban forest in the City of Winnipeg. For over a decade, Ladco has fought to preserve the treestand area. In 1990 and 1991, we opposed plans that would have pushed local collector roads through either Nova Vista Drive or Woodydell Avenue - in other words, right through he heart of the forest. Negotiations with the City are continuing and we are hopeful that we will ultimately be -2- able to preserve the entire 88 acres. We first asked the City to identify it intentions with respect to the treestand area back in August of 1999. Second, we will build upon the lake system that Ladco pioneered in the 1960�s by �naturalizing� the shorelines of the two lakes with indigenous vegetation and by installing a nutrient interceptor/buffer strip of native grass and forbs around each lake. In addition to the obvious benefits for water fowl and other wildlife, the natural vegetation will absorb, store and metabolize any phosphates, nitrates and other pollutants that may enter the land drainage system and that would otherwise find their way into the Seine River. The wetlands and native grass buffer strip were designed by Brent Wark and Larry Leavens of Native Plants Solutions, working with the City Naturalist, Scatliff Landscape Architects, Wardrop Engineering, and various departments of the City of Winnipeg. During the next several weeks we will arrange for the delivery of top soil to the site. After the top soil has undergone a diligent weed control regime and once the lakes have been excavated, a diverse array of native grass, forb and wetland species will be established in the shoreline and buffer and �wetland� areas. The entire process will take over one year to ensure that the native plants can thrive without competition from weeds and other non-desirable plant populations. In the meantime, we are proceeding with our plans for this subdivision which will comprise 485 acres (305 acres in Phase II) and will be home to over 1,470 families (over 800 in phase II). We are optimistic that our plan will ultimately be approved: the land carries a �Neighbourhood� designation under Plan Winnipeg; municipal services are readily available; the subdivision will be adjacent to existing development; the Administration of the City of Winnipeg supports our plan; the first phase of Royalwood was very successful and will be sold out by the end of 2003; and a number of other major subdivisions in the City will be completed and entirely built out over the next couple of years - - indeed, a number of industry representatives and politicians have predicted a severe shortage of serviced building lots that would ultimately be disastrous for the house building industry in this City. In these circumstances, we are proceeding with our exciting and innovative concept for our lakes. Our decision to proceed is based upon the long lead time required for the conditioning process and our concern for our customers and their employees, trades and suppliers. Upon completion, Royalwood will have sparked over $300�million of construction activity ($174-million in phase II) and will generate $7.0-million of annual property taxes ($4.1-million in phase II). Obviously, Royalwood will have a huge multiplier effect for the -3- City and Province. A report prepared for the Canadian Home Builders Association states that each housing start generates 2.8 person years of employment. In other words, Royalwood phase II will create approximately 200 jobs per year for 10 years. Our plan to �naturalize� the lake system and preserve 88 of 89 acres of natural forest area is unprecedented in our City and Province. Royalwood will be a unique and ecologically sensitive development. |