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respective sellers to petitioner were recorded within 180 days
after May 16, 1989.
Development of Exchange Property by Elkhorn
Around March/April 1989, Gold Coast approached Elkhorn
Development Company (Elkhorn) and proposed that they jointly
build 48 houses on the Exchange Property. Elkhorn was not
interested in a joint venture. Subsequently, Gold Coast offered
to sell the Exchange Property to Elkhorn.
In regard to the Exchange Property, Elkhorn discussed with
Robert Bounds, the city manager for Beaumont, topics such as the
water connections, sewer connections, the city conditions, and
the market. Elkhorn knew that the city had a limited number of
sewer permits. Elkhorn also discussed with Mr. Garner,
petitioner's engineer, the tentative map conditions and easements
on the Exchange Property. Deciding it would be profitable to
purchase the Exchange Property, on April 13, 1989, Elkhorn agreed
to purchase the Exchange Property from Gold Coast/Amerasian. On
May 16, 1989, Elkhorn purchased the Exchange Property from
Amerasian for $776,000.
In Resolution No. 1989-21, dated April 24, 1989, the city of
Beaumont authorized and consented to the filing of the Final Map
for Tract No. 22332. On May 16, 1989, Elkhorn recorded the final
subdivision map for Tract No. 22332, creating 48 lots in the
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