Possum Kingdom Lake Association Newsletter Mid-April

P.O. Box 492 Graford, Texas 76449 www.pklakeassn.org

HB 3031 is voted out of committee

On Tuesday, April 7, 2009, the Natural Resource committee heard testimony regarding HB 3031. Representative Keffer outlined the bill to the Natural Resource committee. Monte Land and Jim Lattimore testified for Bill. No questions were asked by the committee. On April 9, 2009 the Natural Resource committee passed HB 3031. The bill moves back to Legal Council for analysis. After the analysis, the bill will go to the Calendars committee for this committee to schedule it for a vote on the House Floor. Changes to HB 3031 can occur at each step in the legislative process. The status and a copy of HB 3031 can be found at www.capiol.state.tx.us. You will see Search Legislation. Click on Bill number and type in HB 3031.

This summary of HB 3031 was provided to members of the Natural Resource committee.

· HB 3031written by BRA is an agreed to compromise between the BRA and PK Lake Association

· HB 3031 authorizes BRA to seek bids for purchase of a certain portion of its leased land in one bulk sale.

· BRA has until the end of 2010 to close with a Purchaser.

· Lessees have option to close with Purchaser on the same day the Purchaser closes with BRA.

· Lessees have until end of 2012 to make a decision on whether to purchase or extend their lease. They can:

1. buy in cash or through lender financing for 90% of 08’ county land-only assessed value

2. buy through seller financing for 90% of 08’ county land-only assessed value

3. sign a 99-year lease for 6% of 08’county land-only assessed value (with CPI increases or decreases) with option to purchase at 100% of current county land-only assessed value.

4. Over 65-year-old homesteaders (as of Jan.1, 2009) can sign a 20-year lease fixed at rates currently offered by BRA with an option to purchase for 100% of a current county land-only assessed value.

· If lessee fail to elect to one of these options than by deadline (December 31, 2012), the Purchaser must ratify the existing lease at current BRA rates for 8 years with the option to purchase for 100% of current county land-only assessed value.

· If the lessee decides to purchase their property under any of the above options, the lessee is responsible for surveying and closing costs.

· If the BRA is unable to close with a bulk Purchaser by the end of 2010, the BRA must offer to sell directly to the lessees on a lot-by-lot basis.

1. Purchase price is for 90% of assessed land-only value

2. Interested lessees must complete application by the end of 2012.

· After June 2013, BRA can sell any remaining property as it sees fit.

Co Author of HB 3031 is Jim Jackson and Paula Pierson. Representative Jackson represents District 115 which includes Coppell, Farmers Branch, Addison, Carrolton, and part of Dallas. Representative Pierson represents District 93 which includes parts of Arlington, Grand Prairie, and Mansfield. We want to thank them and their staff for support of HB 3031. Please write Representative Keffer, Jackson and Pierson a Thank you note for their support.

How you can help

Who represents Me? www.capitol.state.tx.us (bottom, right corner)

Once the HB 3031 reaches the House floor we need every Representative support. Please write your Representative and ask them to support HB 3031. Simply tell them you have a place a Possum Kingdom Lake and you want to purchase the leased land. Be sure to include you address. Representative mailing address is:

State Representative ___________________

P.O. Box 2910

Austin, Texas 78768

Two bids were received by BRA.1 Pierson Patterson, Arlington 2 Provident Realty Advisors, Dallas

Bids will be opened Monday, April 13^th. Information from this meeting can be found at www.brazos.org.

BRA Board meeting to consider bids will be April 27^th in Waco.