MADILL — Frustrated with a lack of progress on the large-scale Pointe Vista development planned for Lake Texoma, Marshall County officials have moved to dissolve a tax increment finance (TIF) district that could have provided an estimated $200 million in development assistance for the project.
The three-member Board of Marshall County Commissioners voted unanimously Monday to dissolve the TIF district.
The project has lost the support of county officials, particularly after the Commissioners of the Land Office moved to sue Oklahoma City-based Pointe Vista Development LLC in January over a lack of progress on construction of a four-star hotel that was to be a focal point of the development, said Chris Duroy, Marshall County commissioner for District 3, which includes the town of Kingston, near the planned development.
Taking big step back
“Basically, they didn’t do what they said they were going to do and with the lawsuit, we thought it would be better to just take a big step back and get away from it,” Duroy said.
A representative for developer Pointe Vista Development did not attend the meeting, Duroy said.
Pointe Vista declined to comment Monday on the commissioners’ vote.
The development group’s partners include Chaparral Energy CEO Mark Fischer and Aubrey McClendon, founder of American Energy Partners LP.
New tax revenue generated from the Pointe Vista development in the TIF district would have been used to pay for infrastructure improvements for the tourism development, including water and sewer lines, trails, boat ramps and parks. Plans for Pointe Vista include a hotel, housing, shops, restaurants and a water park on land that was once part of Lake Texoma State Park.
As part of its deal with the Commissioners of the Land Office to develop the area, Pointe Vista was required to have construction on a hotel at Lake Texoma substantially underway last month, but preliminary work at the site has yet to begin.
Marshall County created the 2,000-acre TIF district in 2009. At the time, it was estimated that the Pointe Vista development would generate more than $500 million in new tax revenue for the county over 25 years.
Duroy estimates Pointe Vista could offset as much as $200 million in development costs from the TIF district.