-Press Release-
FOR IMMEDIATE RELEASE
May 9, 2007
Christopher Chung
Phone: (626) 939-8417

WEST COVINA WELCOMES CGM DEVELOPMENT,INC.
WEST COVINA, CA - The City of West Covina and the West Covina Community Development Commission (CDC) are pleased to announce a Groundbreaking Ceremony for Nogales Medical Plaza, being hosted by CGM Development, Inc. The Nogales Medical Plaza is located at the northeast corner of Valley and Nogales Street on a 4.5-acre site.

The CDC Board approved an Agreement on January 16, 2007 to facilitate the resale of the property from Alameda Corridor East Construction Authority to CGM Development, Inc. for the development of a 45-unit, 73,000 square feet first-class medical office condominium.

Nogales Medical Plaza was developed through the collaborative efforts of the City of West Covina, the West Covina Community Development Commission, Alameda Corridor East Construction Authority and CGM Development, Inc.

Nogales Medical Plaza is one of several successful CGM Development, Inc. projects. In the past CGM Development Inc. has completed 13 R&D buildings totaling 800,000 square feet, three luxury customary homes, and recently completed the C.G.M. the Golden Palms Plaza (located in the City of Chino), a 14-acre mixed use development which includes a medical office building, retail components and a 107-unit senior condominiums.

CGM Development Inc. has been in the development business for 11 years and has a proven track record for success. CGM Development Inc. projects this estimate $35 million project will be completed in Spring 2008 and will create approximately 168 new full and part-time jobs, and generate approximately $3,331 in annual sales tax and approximately $105,000 in annual tax increment revenues.

"CGM Development Inc. has been in the development business for over 11 years and have established a reputation of building quality, first-class projects. On behalf of the City of West Covina I wish to welcome CGM Development, Inc. to our community." - Mayor Michael Touhey.

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