Orlando, FL (PRWEB) June 11, 2013
At the 2013 Annual Meeting of Stockholders of CNL Development Properties, Inc. (the Business), held earlier right now, the Company temporarily adjourned the meeting to permit stockholders added time to vote. The meeting will reconvene at 9:00 a.m., Eastern Daylight Time, on Wednesday, June 26, 2013, at the Companys offices situated at CNL Center at City Commons, 450 South Orange Avenue, 12th Floor, Orlando, Florida 32801.

The presence, in particular person or by proxy, of the holders of 50 % of the outstanding shares of typical stock entitled to vote at the 2013 Annual Meeting is required for a quorum and the passage of every proposal relating to the amendment and restatement of the Companys charter (the Charter) demands the affirmative vote of a majority of all of the Companys frequent stock outstanding shares entitled to vote at the 2013 Annual Meeting. As of nowadays, 47.44 percent of the Company’s outstanding shares of common stock have been voted.

The Board of Directors (the Board) believes the proposed Charter amendments are essential to the Companys future and offer consistency with state law and other REITs. The proposals relating to the charter amendments consist of amendments to (i) conform the Charter to particular needs of the Statement of Policy With regards to True Estate Investment Trusts as revised and adopted by the membership of the North American Securities Administrators Association on May 7, 2007 (ii) give the Firm with a correct of 1st refusal to obtain shares from a tendering stockholder (as opposed to a appropriate to redeem shares acquired by an offeror) in a non-compliant tender offer (iii) revise the stockholder vote essential for the election of directors (iv) make particular adjustments relating to the Companys indemnification of its officers and members of its Board of Directors (v) make certain alterations to provisions relating to the amendment of the bylaws (vi) make certain modifications relating to extraordinary transactions and (vii) make particular ministerial modifications, all as a lot more completely described in the proxy statement.

For the duration of the period of the adjournment, the Firm will continue to solicit proxies from its stockholders. Stockholders who have already voted need to have not take any action, though they could change their vote by executing a new proxy, revoking a previously offered proxy, or attending the 2013 Annual Meeting when it reconvenes on June 26, 2013 and voting in person. Stockholders who have not yet voted or want to alter their votes, may vote by phone or by way of the Internet utilizing the directions provided in their voting instruction kind or proxy card. Stockholders may possibly also get in touch with Broadridge Investor Communications Solutions, Inc., the Companys proxy solicitor (Broadridge), toll free at (877) 757-5404 if they need help with voting.

The Company filed the proxy statement for its 2013 Annual Meeting with the Securities and Exchange Commission (the SEC) on April 29, 2013. Stockholders are urged to read the proxy statement and other relevant documents filed with the SEC.

CNL Growth Properties is advised by CNL Global Development Advisors, LLC, which is an affiliate of the REITs sponsor, CNL Monetary Group.

About CNL Development Properties, Inc.
CNL Development Properties, Inc. is a non-traded true estate investment trust (REIT) strategically developed for development. The REIT seeks commercial real estate investment possibilities in growth-oriented markets with a concentrate on multifamily improvement. For more details, pay a visit to http://www.CNLGrowthProperties.com.

About CNL Economic Group
CNL Economic Group (CNL) is a leading private investment management firm delivering global real estate and alternative investments. Given that inception in 1973, CNL and/or its affiliates have formed or acquired firms with much more than $ 26 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit http://www.cnl.com.

Caution Regarding Forward-Hunting Statements
Particular data above might constitute forward-searching statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-searching statements be subject to the protected harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-seeking statements are statements that do not relate strictly to historical or present information, but reflect management’s existing understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions concerning the future of the Company’s company and its efficiency, the economy, and other future conditions and forecasts of future events, and situations. The Companys forward-searching statements are not guarantees of future efficiency, and actual final results could differ materially from those set forth in the forward-hunting statements due to and a range of dangers, uncertainties and other elements, many of which are beyond the Companys potential to control or accurately predict. Offered these uncertainties, the Business cautions you not to spot undue reliance on such statements.

For further data concerning risks and uncertainties linked with the Companys enterprise, and crucial elements that could lead to the Company’s actual final results to vary materially from those expressed or implied in its forward-searching statements, please refer to the elements listed and described below Managements Discussion and Analysis of Economic Condition and Outcomes of Operations and the Risk Elements sections of the Companys documents filed from time to time with the U.S. Securities and Exchange Commission, such as, but not limited to, the Companys quarterly reports on Kind ten-Q, the Companys annual report on Form ten-K, copies of which might be obtained from the Companys web site at http://www.cnlgrowthproperties.com. Forward-looking statements speak only as of the date on which they are made the Organization undertakes no obligation to, and expressly disclaims any obligation to, update or revise its forward-seeking statements to reflect new info, changed assumptions, the occurrence of subsequent events, or changes to future operating benefits more than time unless otherwise required by law.