Local News
PK Lake lessee writes large check as interest in purchasing properties
Authority returns note as being too early in the process
By Libby Cluett
lcluett@mineralwellsindex.com
POSSUM KINGDOM - When he heard Brazos River Authority directors wanted staff to research the idea of an all-inclusive leased properties sale, Michael Patterson said that - combined with receiving his tax notice - was “the one-two punch that woke me up.”
Lessee Patterson, an attorney with Arlington-based PeirsonPatterson LLP, which specializes in preparing residential real estate documents, drafted a proposal and sent a $100,000 check to the BRA on June 2. He wrote that the check was, “evidence my intent, effort and confidence of organizing such an entity and to raise the necessary funds to organize, evaluate and bid on the BRA properties.”
Accompanying the check was an offer of $75 million “on behalf of a 'to be formed' BRA PK lessee-owned entity.”
The Staubach Report, a study presented to the BRA in April 2006, estimated the value of 2,802 leased acres and unencumbered land at $158 million to $200 million. However, they also identified that selling this in a lump sum to a third party might generate $60 million to $75 million.
Patterson's check was returned with a letter from Government and Customer Relations Manager Matt Phillips explaining, “Per board direction, staff is currently in the process of working to obtain real estate expertise to assist us in developing a global sale option package for the board's consideration. We are not currently in a position to accept bids or offers for BRA property; therefore we cannot act on your request at this time. However, we are certainly pleased with your interest and are encouraged to see a proposal that might be amenable to the lessees.”
“Some people have interpreted that the check was returned to me because there was no interest,” said Patterson, “but the attitude seems like everybody is heading in the same direction on this. I took the BRA response as positive. I'm getting a lot of cooperation from the BRA and Palo Pinto County Appraisal District.”
On Friday, Patterson sent a 15-page letter and packet of information to the 1,567 BRA lessees. In it he said, “I certainly do not want to wake up one day to find myself dealing with a hedge fund or some other distant third party regarding my lake house and its future.
“If there is a another realistic solution out there working, I will gladly step aside and assist with the effort, but until then, as an interim measure … I would like to explore the possibility of putting together a 'lender group' and an 'equity group' to become a bidder for the all the properties the BRA is putting up for sale, including those BRA assets that are subject to the BRA leases,” he said.
Patterson set up a Web site “to accommodate and encourage discussion (the good and the bad)” at www.heritagerockbuilding.com/pk.aspx. “There's a blog in there too,” he said, adding that he hopes people will show their interest by returning a survey he included in the mailing.
“I'd like everybody to look at the survey and questionnaire attached to the letter and kick the tires on it and see if it works,” he said. “I'm trying to see what people want.”
“I wish none of this was happening,” he added. “Since the BRA is apparently intent on selling the properties, it's my hope we can organize and be the purchaser.”
- Local News
-
-
Man, woman arrested in drug bust at local bar
Gary Ross Nickols, 56, of Mineral Wells, and Elise Nichole Dalton, 25, of Millsap, were arrested Tuesday around 2:30 p.m. at a bar in the 1600 block of South Oak after Mineral Wells police assisted the City-County Narcotics Unit, reportedly acting on information obtained by CCNU.
-
Thursday Blotter - September 2, 2010
The following people were processed through the Palo Pinto County Jail.
-
Mineral Wells ISD trustees set 2011 budget, tax rate
Before Mineral Wells ISD's trustees were ready to vote Tuesday on the district's 2011 budget and tax rate, Board President Joe Ruelas repeatedly asked a room full of mostly empty chairs, “Does anybody in the public have any questions ... anyone?”
-
Womans Club's first fall meeting this Wednesday
The Womans Club of Mineral Wells will have its first fall meeting Wednesday at the Womans Club Building (old post office) starting at 11:30 a.m.
-
Input sought at NRCS conservation meeting
The USDA Natural Resources Conservation Service and the Palo Pinto County Soil and Water Conservation District invite the public and any agencies with an interest in conservation issues to participate in a local work group meeting Wednesday.
-
County Records
Aug. 23-30
County Clerk, Bobbie Smith -
Man involved in bar fight ends up at hospital
A man was transported to the hospital after a fight at a bar in the 2800 block of U.S. Highway 281 South around midnight Sunday, according to police, who provided backup to the Palo Pinto County Sheriff's Office on the call.
-
Vietnam War Museum
The annual Friends of the National Vietnam War Museum spring fundraiser this year will be a fall fundraiser.
-
Ram Band
The Mineral Wells Ram Band Fan Club is pleased to offer the opportunity to sponsor the 2010 Rams football program.
-
Helping sell baked goodies
Lorean Weldon and Betty Keller help sell baked goodies Friday afternoon at Palo Pinto Nursing and Rehab.
- More Local News Headlines
-
Man, woman arrested in drug bust at local bar
