Marshall Co. withdraws financial support of Pointe Vista development

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MARSHALL COUNTY, OK -- With the development of Point Vista at a standstill, commissioners in Marshall County decide to withdraw their financial help.

Commissioners say they've given Pointe Vista more than enough chances to prove the developer was serious about this deal, but the company has failed to begin building the hotel, convention center and lakefront homes they initially promised to have close to finished by May 2014.

Marshall County commissioners decided, in a meeting Monday morning, to rescind their TIF agreement with Pointe Vista.

Meanwhile, the developer remains locked in legal battle with the Commissioners of the Land Office.

Marshall County Commissioner Chris Duroy said, "this decision was to protect the county. we didn't want any funds being obligated to any bonds or anything like that. It was a good time to get out of it."

Duroy says Pointe Vista announced back in 2008 it would build an 1,800 acre development at Lake Texoma State Park.

The Commissioners of the Land office filed suit against Pointe Vista Development back in January for not meeting the terms of the agreement and in March, Pointe Vista filed a partial motion to dismiss and counter claims.

Now, the county is withdrawing its offer of financial help.

State Representative Tommy Hardin says, "well I think it's something that may have been long overdue. Pointe Vista had plenty of opportunity to use the TIF agreement."

Hardin explains, the TIF or Tax Increment Financing district, was set up to help pointe vista by allowing money collected from future taxes to back up bonds for Pointe Vista so they could sell those bonds and raise money to build infrastructure.

Justin Dailey, owner of Tycoon Motorsports in Kingston, said, "I just hope it doesn't slow it down more. The general opinion of the whole area is everyone has just become negative about it and everybody just wants to see something done. Something moving forward."

Dailey says at this point, he doesn't care who does it but somebody needs to start building.

Dailey added, "No matter who builds it, somebody needs to. It's, I know it's hurt the area. I know it's slowed down some of the business here."

Duroy said, "We want it done. This is affecting a lot of business owners and the economy of Marshall County."