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Pointe Vista Development makes final payment

By: News 12 Staff
By: News 12 Staff

KINGSTON, OK -- Pointe Vista Development said on January 30 they made their final payment to the Commissioners of the Land Office for Areas A and B of Lake Texoma State Park where they promised to build a hotel, golf course and condos back in 2008. But no construction has started.

The company said in a statement, "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.".

Pointe Vista has now paid $14.6 million for the 750 acres. Representative Tommy Hardin says while he supports the lawsuit against Pointe Vista, they owned the land when they signed the original contract.

'This payment is just a fulfillment of that guarantee of payment," said Hardin. "So I believe Pointe Vista has had the land ever since they signed the deal."

The Commissioners of the Land Office filed suit against Pointe vista for breach of contract last month. They told us in previous interviews that they sued because they believe Pointe Vista has not complied with the contract. and ownership of the land is contingent on the developer's compliance with the contract.

The CLO has also said the last payment does not affect the litigation, and the company's obligations to the project are not over.

Restore Lake Texoma State park said the CLO should not have accepted the money from Pointe Vista.

"Why are they accepting a payment on a deal they're clearly not satisfied with?" said Stephen Willis, director of the group. "Or they wouldn't have gone into the courts."

Pointe Vista also said that they've contracted with a development firm and an engineering group to start civil engineering design plans for a residential development on the north side of Highway 70.


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