- Associated Press - Thursday, May 19, 2016

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.

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