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(4) Securing 48 sewer permits for the project from existing
treatment plant's capacity; and
(5) Securing 48 water connections.
Pursuant to the exchange agreement, Empire agreed to acquire
and convey to petitioner one or more parcels of property to be
designated by petitioner. On May 16, 1989, Empire arranged for
the sale of the Exchange Property to Ameriasian (successor in
interest to Gold Coast) for $674,000. A grant deed conveying the
Exchange Property from petitioner to Ameriasian was recorded the
same day. Petitioner did not receive any proceeds from the sale
of the Exchange Property. Petitioner received a $584,800
exchange credit with Empire for acquiring property yet to be
designated.
Pursuant to the exchange agreement, petitioner designated
the following four properties to Empire, within 45 days after May
16, 1989: (1) An undivided 7.87-percent interest in a parcel of
vacant land located along Phelan Road in Phelan, California; (2)
four lots with a house located along Mentone Boulevard in
Mentone, California; (3) three lots with a fast-food store
located along Mount Vernon in Colton, California; and (4) parcels
of vacant land located along Palm Avenue in Highland, California.
All four properties were commercial properties suitable for
constructing fast-food stores. Empire purchased the four
designated properties within 180 days after May 16, 1989. Grant
deeds conveying the four designated properties from the
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