SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2005
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FALCON RIDGE DEVELOPMENT, INC.
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(Exact name of registrant as specified in its charter)
NEVADA 0-28789 84-1461919
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
5111 Juan Tabo Boulevard N.E.
Albuquerque, New Mexico 87111
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(Address of principal executive offices) (Zip Code)
505.856.6043
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Registrant's telephone number, including area code
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
___ Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
___ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
___ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
___ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item 1.01 Entry into a Material Definitive Agreement 3
Signature 4
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ITEM 1.01 ENTRY INTO A DEFINITIVE AGREEMENT
Effective October 21, 2005, Spanish Trails LLC ("Spanish Trails"), a New
Mexico limited liability company, and wholly owned subsidiary of Falcon Ridge
Development, Inc., entered into a Purchase Agreement (the "Agreement") with D.R.
Horton, Inc. ("DR") a Delaware corporation, (collectively, the "Parties"). The
Parties did not have a material relationship prior to the Agreement.
The Agreement relates to the sale of certain parcels of land in the
Enchanted Mesa Subdivision, located in Belen, New Mexico which is owned by
Spanish Trails. The Agreement gives DR the right to purchase approximately 150
fully developed single-family lots from Spanish Trails. In consideration of the
right to purchase the lots, DR will deposit $135,000 in earnest money. The
approximate value of the contract is $3,000,000, payable in cash, which will be
adjusted if the number of lots fluctuates. The purchase price includes the price
of the land and the cost to develop the lots as single family residential lots
to the point of being eligible for issuance of building permits. The closing of
the purchase and sale of all or a portion of the lots will take place on a date
mutually agreeable to Spanish Trails and DR that is no later than August 15,
2006. Within 10 days from the full execution of the Agreement, Spanish Trails
will furnish DR with a satisfactory commitment from a title insurance company
with standard exceptions in an amount equal to the purchase price. Spanish
Trails is required to complete a replatting process relating to the lots with
the Valencia County, New Mexico authorities. In total (including the 150 lots),
Spanish Trails owns approximately 200 acres where the D R Horton lots will be
constructed and has a total of approximately 2,200 acres in Belen, NM under
purchase contracts.
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SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FALCON RIDGE DEVELOPMENT, INC
By: /s/ Fred M. Montano
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Fred M. Montano, President
Date: October 25, 2005
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