Commissioners Pull TIF Funding From Point Vista Development - KTEN.com - No One Gets You Closer

Commissioners Pull TIF Funding From Point Vista Development

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MARSHALL COUNTY, OK -- Another setback in the continuing saga of the Pointe Vista development in Kingston.

The Marshall County Commissioners voted this morning to rescind and dissolve the Pointe Vista Development Tax Increment Financing (TIF) District which was originally approved on July 24, 2009.  "The TIF is gone," said commissioner Chris Duroy who represents the town of Kingston.    
 
The TIF district was "comprised of approximately 2,655 acres more or less and located in the eastern part of Marshall County, Oklahoma."  It bordered Lake Texoma from Little Glasses Bay to the Burlington Northern Santa Fe Railroad tracks south of Lake Texoma State Park.  It was designed to provide for certain tax incentives and tax rebates to stimulate development of the Pointe Vista proposal.  
 
Mark Fischer, CEO and founder of Chaparral Energy, and Aubrey McClendon, founder and former CEO of Chesapeake Energy, are the primary owners of Pointe Vista Development, LLC.  Pointe Vista is currently being sued by the state Commissioners of the Land Office (CLO) in Oklahoma County District Court, for breach of contract.
 
Since the Environmental Impact Study for Area C, an additional 1,022 acres sought by Pointe Vista from the Corps of Engineers, was not funded or begun, that land was excluded from their TIF District on December 16, 2013.  Area C included all of the campgrounds at Lake Texoma State Park's Catfish Bay, including "the boot" and the Rooster Creek campgrounds south of the Catfish Bay Marina. It also included pristine shoreline wild lands which formed the riparian buffer south of Lake Texoma State Park.
 
The original 758 acres sold to Pointe Vista Development in 2008, known as Areas A & B, was all that remained of their TIF District since last December.  Marshall County commissioner Chris Duroy was one of the plans original supporters in 2009.  He introduced the resolution this morning calling. The main reasons for his action are described as:
 
"Whereas, the developers of Pointe Vista contractually agreed to a certain development time guidelines for construction of improvements on land within the TIF District, including constructing a 4 star hotel of 250 rooms to the Commissioners, construction of walking trails, and of street and infrastructure improvements for 150 homes and one or more 25 unit condominium  complex(es).
 
Whereas, the Pointe Vista developers have, after 5 years, failed to begin construction of any such improvements, and
 
Whereas, lack of construction progress jeopardized the taxing base and economic growth of Marshall County, and
 
Whereas, a reasonable time has passed by which date great progress should have been made toward the construction of facilities in the TIF District, and
 
Whereas, Pointe Vista developers have not provided evidence, plans or timetables of their intent to proceed to develop the above obligations to the project, and
 
Whereas, no bonds have been issued to finance improvements within the TIF District, and
 
Whereas, this Board has the responsibility and duty to assure that the Project Plan is implemented,
 
Now, therefore, in an attempt to force greater accountability, pursuant to their authority under 62 O.S. Section 856 (c), be it resolved by the Marshall County Commissioners, assembled the 2nd day of June, 2014 that the resolution establishing "Increment District No. 1, Marshall County" first adopted July 24, 2009, be rescinded/dissolved:
 
Now, therefore, all monies held in Marshall County Economic Development Authority, First United Bank account number 2928299 be distributed to proper county entities."
 
The resolution approved was signed by Ann Hartin, County Clerk and commissioners Erin Lemons, Don R. Melton and Chris Duroy.