Pointe Vista Community MeetingSeptember 27, 2012

What is our Purpose Today?

Explain the Role of the Commissioners of the Land Office

To Provide Information About What the Key Elected Leaders of the State are Doing

Provide Information and tell you what we knowAnswer Questions that We Can Answer About

CLO’s Role and Take Back Questions That Can Be Answered by Other Agencies

How Did We Get Here ?• During 2003 to 2004, The State leadership made the decision not to

rebuild or redevelop the Texoma Park and Lodge at state expense. • Because of success CLO had on a major Oklahoma City land

development, it was asked to purchase and package the land and to identify a developer to redevelop the resort area at Lake Texoma

• This is an unusual role for CLO• Legislation was passed by the Oklahoma Legislature in 2004 to

permit CLO to purchase the land• CLO engaged a feasibility study in 2005 using Integra Realty

Resources• CLO sold the land to Pointe Vista pursuant to an RFP

What is Pointe Vista Development, L.L.C.

• Formed as a Limited Liability Company • Limited Partners forming Pointe Vista– Fisher Enterprises (Majority Ownership)• Mark Fischer

– Texoma Investments• Aubrey McClendon

– Scott Fischer (Individually)

What is the Pointe Vista Project?

• An • 2,500 to 3,000 acres in total• Conference Hotel• Golf Courses• Trails• Restaurants and Retail

Shops• Condominium and Single

Family Housing• Marina and Water

Recreation

Land Purchased From CLO

Engineer’s Survey of State Land Sold

Pointe Vista Land Purchases

• Since 2008 Pointe Vista has acquired, leased, or contracted for the land necessary for the development to proceed…– Purchased 1700 acres– Contracted for additional 1,000 of U.S.

Government Land– Acquired the Marina and Marina Mart Facilities

and Leased the Underlying Real Estate

Land Owned by Point Vista…2012

What Land Is Involved and Who Owns It?

• The total development was planned for approximately 2,500 acres1. CLO purchased 750 acres from US Army Corps of Engineers and Oklahoma State Department of Tourism in late 2005– 750 acres from CLO…

• 523 acres north of Highway 70 (Area A)• 227 acres south of Highway 70 (Area B)

– In November 2006 a request for proposals was sent to developers and the CLO selected Pointe Vista from responses received

What Land is Involved (Con’t) ?

• Pointe Vista has purchased about 1,000 additional acres of private land to expand the development beyond the land purchased from CLO.

What Land is Involved (Con’t) ?

• The Oklahoma Department of Tourism and the U.S. Government owns approximately 1,000 acres that Pointe Vista has under contract to purchase

What Agencies are Involved in the Land Transactions and what Role Do They Play?

• CLOA. Purchased land from Tourism and U.S.

Government for resale…B. Managing the process to select a developerC. Monitoring the progress of the developer

• Oklahoma Department of TourismA. Sold land to CLO for Resale to developersB. Owns additional land that Developers may

purchase

What Agencies are Involved and What Role Do They Play?

• U.S. Army Corps of Engineers…A. Sold land to CLO in 2004 and cooperated to

remove the reversionary interest of the US Government on part of Area B

B. Will be further involved if Pointe Vista decides to purchase additional land from the US Government

Pointe Vista’s Contractual Obligations

• Complete payments to CLO for land purchased (Total $14.6 Million)

• Start the project within two years of the closing (BY January 2010 )

• Remove the old lodge and cabins…clear the way for the new development

• Construct a Conference Hotel– To be substantially completed by May, 2014

Pointe Vista’s Contractual Obligations (Con’t)

• Construct Housing• Construct a Championship Golf Course• Develop a Nature Park• Build a restaurant and retail Shops• Develop an Aquatic Park

Developers Activities to Date• Purchased 750 acres from CLO in May 2008• Purchased nearly 1,000 acres of Private Land• Purchased the concessionaire rights to the Marina and leased the

land underlying the Marina from the Oklahoma Department of Tourism

• Assumed management of the Golf Courses• Developed the Tax Increment Financing District with Marshall County• Developed a Master Plan for a 2,500+ acre site• Contracted with the US Army Corps of Engineers and Tourism

Department to purchase additional land.• Employed 60 full and part-time employees in the various enterprises

of Pointe Vista

What Has Pointe Vista Spent to Date?

• Developers have paid $10.174 Million of $14.6 owed to the CLO for the 750 acres

• Private land • Marina Concession Rights and land Lease• Golf Courses• Development Plans• Pointe Vista has invested more than $40 Million into

the project to date ($35 Million in Land and Capital Assets and $5 Million in Planning and Soft Costs).

Payments to CLO

• Pointe Vista bought the 750 acres from CLO for $14.6 Million. – The contract provided a payment schedule that began

in 2009 and concludes in 2014 – Thus far they have made 4 payments– To date they have paid $10.176 million– Two more payments are owed: $2.2 Million in January

2013, and $2.2 Million in January 2014– To date each payment has been made promptly when

due

Deadlines

• Commence by January 2010• Complete payments in full for the 750 acres

purchased from CLO by January 2014…(On Schedule)

• Construct a hotel with substantial completion by May 2014

• Complete development on the land acquired from CLO in 2016

The Schedule Pointe Vista Developed

• Developers are in current compliance with the contract terms

• Pointe Vista is behind the development schedule they planned

• Slowed by the national economy and difficulty of borrowing money for resort developments

• Developers insist they plan to proceed with the development

CLO’s Intention: To Have a Project!

• To see that an excellent hotel is built• Monitor the deadlines and remind the developers of

their contractual development obligations• To hold them accountable to the contract terms• To enforce the state’s contract rights• Work as needed to help the developers to facilitate any

issues involving government agencies and regulations• Find alternatives if they run against problems

Next Steps the Developers Must Take

• Complete the plans and design of the hotel• Finalize the financing details for the hotel• Evaluate options for waste water treatment• Determine a proposed window for

groundbreaking

In Conclusion…

• The Pointe Vista partners have now made an investment exceeding $40 Million at this point

• The statewide political leadership…particularly Governor Fallin and Lt. Governor Lamb have been involved behind the scenes to ensure the development moves forward