POSSUM KINGDOM LAKE ASSOCIATION OCTOBER NEWSLETTER (Edited for posting)

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

 

Important Date   October 26th

 

BRA board of directors should meet in Waco for their quarterly meeting on Monday, October 26, 2009.   The agenda will be released by BRA 72 hours before the meeting. A reminder for the meeting and Possum Kingdom agenda items identified will be sent by e-mail alert.

 

Please remember that October 26, 2009 is the deadline to notify Patterson of your desire for simultaneous closing (contemporaneous closing). This is a required by HB 3031. You are required to send a “Notice” if you intend on closing your lease purchase at the same time Patterson purchases from the BRA. (Projected date August, 2010)  Address that can be used for mailing a signed copy of the notification is  shown below.

 

                    Patterson PK Land Partnership

                                  2310 West Interstate 20, Suite 100

                                          Arlington, Texas 76017

For detailed information on submitting the contemporaneous closing form go the Patterson web site >>> www.pklandpartnership.com

Scroll down to the "FREQUENTLY ASKED QUESTIONS" and review questions 15 and 16.  Also check  the "NEWS" section for the latest information.




Clarification on the 2006 Tax Lawsuit

 

While the PK Lake Association is not a party to the pending appeal of a lawsuit filed in 2006 regarding the taxable value of property around the lake, our board members have received several questions about the lawsuit from PKLA members and other leaseholders around the lake.  Therefore, the board thought it would be helpful to clarify some of the issues that have been raised in our PKLA newsletter.

 

In 2006, four individual cases were brought against the Palo Pinto County Appraisal District challenging the methodology adopted by the Appraisal District to set taxable values of certain leased properties.  The cases were brought and were of public record long before any bulk bids were made on the lease portfolio at Possum Kingdom Lake and long before the introduction and eventual passage of House Bill 3031, affecting the divestiture of lake property.

 

Judge Ray in state district court heard the tax case and ruled in favor of the Appraisal District in May 2008. In September 2008, the cases were appealed to the 11th Court of Appeals, where they are currently pending. 

    

Please understand that, even if one plaintiff dropped their appeal, there are 3 other individuals that could continue this appeal request.  Additionally, even within the last four or five months, at least five other cases were filed by PK leaseholders in district court questioning leased property values.  Basically, all these cases are requesting that the Appraisal District comply with tax law. 

 

Throughout the legislative process, in which all affected parties(PKLA board and members, including Patterson, and staff of the Brazos River Authority) were actively involved, the price set in House Bill 3031 was tied to the 2008 land only assessed value of the property.  Recently Representative Keffer has written a letter of intent (Go To > http://www.pklakeassn.org/pdfs/HB3031IntentLetter-Final.pdf) in an effort to clarify the legislative intent.  However, there was then and still is no substantive tie between the prices set in House Bill 3031 and the issues raised in the individual leaseholders' lawsuit regarding 2006 assessed values. 

 

Hopefully, this answers any outstanding questions you may have had regarding the pending appeal of the 2006 lawsuits against the Appraisal District and their relationship to the divestiture of property around the lake.  Again, there is no intent that the two issues be anything other than independent matters, one bearing no impact on the other.