A settlement has been reached between the state of Oklahoma and the Pointe Vista Development over the stalled Lake Texoma Development. Governor Fallin made the announcement on Wednesday saying that the Commissioners of the Land Office (CLO) voted to approve the settlement.
“This settlement provides a clean and realistic development plan for Lake Texoma and ensures local communities and the state of Oklahoma can benefit from this great natural resource,” said Fallin. “This is a victory for the Texoma community, which has been waiting for years for an agreement and a path forward.”
The deal results in both the Commission and Pointe Vista Development to drop the lawsuits against each other. It was nearly ten years ago when Point Vista and the Commission struck up the deal for the purchase and redevelopment of the former Lake Texoma State Park.
“We are pleased this matter was resolved in a constructive manner through mediation rather than litigation,” said Pointe Vista Development Chief Operating Officer Scott Fischer. “The settlement opens the door for development by multiple parties, which we believe will benefit the area in the long run. Additionally, the cooperative settlement will enable the parties involved to turn their attention to productive development and business pursuits in the area.”
The CLO independent counsel had a solid legal case against Pointe Vista for breach of contract. Pointe Vista failed to deliver the promised hotel and convention center by May, 2014. Their land purchases were based on contractual agreements to develop a four star hotel and convention center.
Therefore, CLO attorneys argued to rescind the 2008 land deals and take back all 758 acres of Lake Texoma State Park sold to Pointe Vista in 2008.
Pointe Vista argued that the state’s only remedy was “specific performance.” They claimed they could be ordered to go forward within a reasonable time frame, but that is all.
The CLO settlement eliminates Pointe Vista’s contractual development requirements upon which the land sales were based. It also leaves Pointe Vista in possession of over 700 of the 758 acres purchased in 2008.
Not only did the state land commission abandon their claim for the Lake Texoma State Park land plus court costs, they abandoned their right to specific performance when they released Pointe Vista from their development requirements. Does this sound like a good deal to you??
“Governor Fallin and the land commission were clearly not interested in trying the case because they might have actually won. Then they would have had to restore the park to public ownership. They deliberately sabotaged their own independent legal team with a bogus settlement that is a complete betrayal of the public trust.”
The CLO, as “trustees” of Oklahoma’s public lands, have a “fiduciary duty” to maximize the return on investment and protect those investments on behalf of the beneficiaries, our public schools.
“They spent hundreds of thousands on one of the best law firms in the country to sue Pointe Vista. When they abandoned that investment in restoring The Park, and every other legal remedy they sought, they violated their fiduciary duty.”
Fallin and the CLO should be investigated for fraud and professional misconduct. Their settlement should be appealed and overturned in the federal courts. This deal smells and that would be one way to clear the air.
In regard to the recent settlement at Lake Texoma there will always be those folks with their head down, kicking the dirt, whining, looking backward and potentially impeding future progress. The deal is done folks! Let these complainers have their say and then “kick em to the curb” because there are plenty of local business owners, new entrepreneurs and residents that have waited way too long for this. It’s time for our local small business owners and residents to ask, “I’m looking forward, what can I do to help?”
Phil, You have absolutely no idea what you are talking about. It is unprincipled realtors like former State Senator Jay Paul Gumm, and developers like Pointe Vista who line up like vultures to cannibalize our state parks.
The CLO sponsored it as the “revitalization” of the park, when their intention all along has been to convert it to private commercial development. This is the problem with so-called “public-private partnerships,” when the public interest is completely excluded. This is OUR park land you and your real estate peers covet. How would you like your nearest park to be subdivided into cute 2-5 acre ranchettes for people from New York and California? This is all about rural gentrification in areas where you have some of the lowest household average incomes, by people like you from Edmond. YOU and your pals should stick to developing private real estate and keep your hands off our public parks!
Lake Texoma State Park is federally-protected. Now that the court has approved the state’s abandonment of over 700 acres of the park land, this precludes their bringing the park back into compliance with the Land and Water Conservation Fund (LWCF) Act and NEPA. Next stop Federal Court. http://defend-lake-texoma-state-park.org/
Correction: The Oklahoma County District Court has NOT approved the state’s proposed “Pointe Vista Settlement Agreement.” That settlement announced in the press almost seven months ago, is stalled. It was never completed and submitted to the judge in the case.
Where are all of the so-called “conservatives” when it comes to opposing illegal privatization of public assets and services? Developer interests quietly targeting our best public parks for privatization. This one looks like an inside job beginning with former Governor Frank Keating and Lt. Gov. Mary Fallin almost twenty years ago. Defend-lake-texoma-state-park.org