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Greenbriar Sustainable Living Inc V.GRB

Alternate Symbol(s):  GEBRF

Greenbriar Sustainable Living Inc. is a developer of sustainable entry-level housing and renewable energy projects. The Company’s primary business is the acquisition, management, development, and possible sale of real estate and renewable energy projects. It operates through three segments: real estate development in the United States (Real Estate), solar energy projects in Puerto Rico (Solar Energy) and corporate headquarters located in Canada (Corporate). The Company is focused on building two large-scale projects, namely Sage Ranch in Tehachapi, California and Montalva in Guanica, Puerto Rico. Sage Ranch is a real estate community of over 995 entry-level homes in the Tehachapi Valley, a community located in southern California. Its Montalva property (1,747 acres) is a large utility-scale solar and battery storage building with an initial size of 80 MWac or 160 MWdc, located in the southwestern coastal area of Puerto Rico. Its Cordero Ranch property is located in Cedar City, Utah.


TSXV:GRB - Post by User

Comment by shnepson May 28, 2024 8:46am
70 Views
Post# 36059998

RE:RE:The soap opera continues, good grief

RE:RE:The soap opera continues, good griefJust for clarity and understanding, Blizzy your comment about "when the water rights are set to grow 1% per year." This perception indicates some of the misunderstanding as to water in the district. The "water rights" are not increasing 1% per year. In fact the amount of water rights available is exactly the same as when they were originally adjudicated back in the late sixties.

As for Sage Ranch having the water rights "available" that is definietly in question and is part of the what needs to be decided by the courts judgement. If you look at the attached City document you will note that in their bylaws they stipulate that each dwelling unit must have a minimum of 1/2AF supply.
Which equates to (498) AF for Sage Ranch. Each water right only has a pumping allowance of 67% each year which means Sage Ranch actually requires (662) AF of water rights.
As of March 1st 2023 (latest water report) Greenbriar only has 76AF of water rights registered. Jeff has 38AF, Paul Morris has 76AF and Ronnie Strasser has 115AF. That is 305 AF (all purchased from H-Star Investments) which is equal to 204 AF of actual pumpable water. The last NR says they only own 262.5AF, so some of those rights may already have been moved somewhere else.

In that same NR was thrown in this quote, "
The Greenbriar (US) LLC ownership portion was funded in 2020 by the Chairman of our Real Estate Advisory Board, Mr. Sullivan."
What?

Greenbriar hasn't had any water rights registered in its name until the latest report. Saying that Greenbriar holds these rights is quite deceptive and was one of the judges direct questions to the lawsuit parties -
"
Whether the EIR adequately evaluated the developer’s purported agreement to purchase groundwater rights from a third party and the purported commitment of those rights for the project, along with the significance that the fact of those documents materialized the month after the EIR was issued."

As of March 1st 2023 Greenbriar holds 76 AF or 51AF of pumping capacity. In my opinion this shows the lack of actual commitment to supplying of the water rights. This may have changed since March 1st 2023 but the last NR states they are stilling being held in an agreement that has not been registered in the company's filings. If issues arise with the project then Strasser and Morris still have their water rights. Keep in mind Ciachurski was paid already for those rights by the company, at a rate significantly higher then what the City purchases its rights for. Paul Morris currently holds title to GRB's 28.75 acres across the road from Sage and obviously will require water rights to develop those lands.


https://www.liveuptehachapi.com/DocumentCenter/View/5451/Water-Entitlement-Fee-Study-2020-PDF?bidId=
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