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IIn October 2003 and May 2004, the Company entered into its first two major water service agreements with the Sky Ranch and the Hills at Sky Ranch master planned communities. The communities are located in unincorporated Arapahoe County along Interstate 70 about three miles east of the E-470 beltway. Development plans provide for up to 4,850 residential units and 1,500,000 square feet of retail, commercial and llight industrial space.

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