Planned Community Developers, Ltd. (“PCD”) is a Texas limited partnership, formed in 1997 by the executive officers of Sugarland Properties Incorporated (“SPI”) for purposes of pursuing the acquisition and development of planned communities, shopping centers and suburban offices. PCD continues to manage the remaining development of the 9,700-acre First Colony, which is near substantial buildout. The four principals of PCD, having an average tenure of over 20 years with SPI, have developed and sold over 6,000 residential lots with attendant amenities and hundreds of acres of both commercial and industrial sites. This team has developed and managed over 2.5 million square feet of retail shopping centers and nearly 500,000 square feet of industrial and office spaces. PCD’s projects have been characterized by innovative and architectural designs and quality construction and have had a positive impact on the communities in which they have been built.