OKLAHOMA CITY (AP) - Gov. Mary Fallin says an agreement between the Commissioners of the Land Office and a developer clears the way to sell 50 acres in southern Oklahoma for development of a hotel along Lake Texoma.
Fallin said Thursday other land that was under contract to would-be developer Pointe Vista Development will be redeveloped as a state park.
In 2006, Pointe Vista signed a deal to purchase 752 acres of park land at Lake Texoma for $14.6 million. Plans included a four-star hotel near where the former Lake Texoma Lodge once stood.
But the 2008 recession slowed development, and commissioners sued Pointe Vista in 2013. A settlement was reached in September 2015.
Fallin says the settlement agreement will allow the state to move forward and create jobs and revenue for southern Oklahoma.
Please read our comment policy before commenting.