Gregory Canyon

While Gregory Canyon Ltd. obtained approval for a solid waste permit for the Gregory Canyon landfill on December 14, 2004, from the California Integrated Waste Management Board, it has been learned that the company is three months behind on their loan payment to La Jolla Loans.

In speaking with Jeff Lepore, a loan officer for La Jolla Loans, it was confirmed that if the company does default on the loan, the finance company would repossess the land.

“We’re not worried,” Lepore said. “There’s a lot of equity out there.” Lepore said he was under the impression that the canyon owners were in the process of arranging for an influx of money to the project.

Greg Maloni, vice president of Public Affairs for Gregory Canyon, said, “Gregory Canyon Ltd. will continue to meet all financial obligations as it has for the last decade. Since voter approval in 1994, Gregory Canyon Ltd. has spent approximately $20 million on development of the landfill and been subject to 10 years of extensive environmental review. The project is on schedule to begin construction in 2005 and the landfill could be operating early in 2006.”

To begin operations on Gregory Canyon Dump — if/when financial matters are resolved — the company still needs to obtain approval and necessary permits from agencies that regular air pollution and water quality.