Thursday, May 19, 2016
OKLAHOMA CITY – Governor Mary Fallin said today the settlement negotiated by Commissioners of the Land Office (CLO) with Pointe Vista Development LLC clears the way to sell 50 premier acres overlooking the historic Roosevelt Bridge spanning Lake Texoma for development of a hotel.
Some land held by the Oklahoma Department of Tourism that was under contract to would-be developer Pointe Vista Development, of Oklahoma City, will remain in the hands of the state to be redeveloped as a state park.
“The settlement negotiated by the Commissioners of the Land Office represents a significant step forward in achieving our goal to secure a second developer with hotel development and operational experience to create jobs and revenue for southern Oklahoma, along with building on this beautiful piece of property once home to the popular Lake Texoma Lodge. As a result of this settlement, we are now free to move forward to bring positive economic activity to the area while maintaining the beauty of the site,” said Fallin. “I am very pleased we have reset the opportunity and am optimistic that a development beneficial to the area’s economy, residents and tourists can be built sooner rather than later.”
Pointe Vista signed a deal with the Commissioners of the Land Office in 2006 to purchase 752 acres of park land at Lake Texoma for $14.6 million. The company purchased the land in accordance with the agreement.
Original plans included a four-star hotel located near where the original state lodge once stood. An economic recession in 2008 adversely impacted the timing of development plans. In late 2013, the CLO filed a lawsuit against Pointe Vista Development over the lack of progress on the project.
A settlement was reached in September 2015. It includes the following key provisions:
• CLO has purchased back from Pointe Vista 50 prime acres in what is known as Area B – which consists of about 225 acres on the south side of U.S. 70 and includes the site of the old state park lodge – for the construction of a hotel and entertainment facilities. CLO plans to resell the 50-acre tract to a third party buyer.
• Pointe Vista will be released from development requirements in Area A – about 525 acres north of U.S. 70 and includes the Chickasaw Pointe Golf Course – and Area B.
• The settlement removes restrictions against the use of the 50 acres purchased.
• CLO has dismissed its lawsuit against Pointe Vista, and Pointe Vista has dismissed its counterclaims against CLO and released the Tourism Department from any possible liability.
• The Tourism Department has assigned its rights to sell land in Area C to the CLO. Area C contains an additional 1,022 acres at Lake Texoma that the Tourism Department previously offered to sell pursuant to an option agreement with Pointe Vista. Pointe Vista will continue to have an option to purchase the Area C land, subject to completion of an environmental impact study.
• In exchange for an extension in the marina and concessions lease with the Tourism Department, Pointe Vista will pay an increased royalty from 5 percent to 8 percent on qualifying marina sales.
• Pointe Vista will continue to be a party to certain concessionaire contracts on Area C.
“We are glad the parties to this settlement were able to reach a mutually agreeable and amicable resolution. This resolution allows us to shift our focus on operating the golf course and marina as well as consider future development opportunities for our substantial real estate position at Texoma,” said Scott Fischer, chief operating officer of Pointe Vista Development.
CLO Secretary Harry Birdwell said active negotiations are well underway to sell or exchange the land to a buyer who will construct a hotel on the 50-acre site.
“We have worked tirelessly with the Oklahoma Tourism Department, Pointe Vista Development, and the Army Corps of Engineers to reach an agreement that will create the opportunity to improve the tourist-based economic activity at one of Oklahoma’s most scenic locations,” he said. “Preparation and finalization of settlement documents took an extended length of time due to tedious negotiation of numerous complex agreements and contracts.”