Pointe Vista developer issues statement after making final payme - KTEN.com - No One Gets You Closer

Pointe Vista developer issues statement after making final payment to CLO

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MARSHALL COUNTY -- Pointe Vista issued the following statement Monday after making final payment to the CLO:

"Pointe Vista Development, LLC (PVD) made the final payment of $2.2 million to the Commissioners of Land Office (CLO) in Oklahoma this past Thursday in accordance with  terms outlined in the Lake Texoma Land Purchase Contract.

PVD has paid $14.6 million for the 750 acres acquired under a contract entered into in early 2008 at the peak of land values prior to the economic recession from 2008 through 2011. 

"Making the final payment represents our commitment to continue forward with the project.    With the financial commitment for the land completed, coupled with a strengthening residential and hospitality market,  we can focus our efforts on the Lake Texoma Development," the company said in a statement.

PVD has contracted with Wynne/Jackson, a Dallas based development firm, and Jacobs Engineering Group with offices in Oklahoma City to initiate phase 1 civil engineering design plans for a 109 unit residential development.   The development will consist of 57 large homes and 52 townhomes, which will be part of a rental pool on the north side of Hwy 70. 

"This project will build needed momentum to advance additional commercial elements of the development," the company said."