| 1942 |
"Camp sites" are leased with a minimum consideration of $12 annually per site. |
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| 1952 |
Annual camp site lease remains at $12 annually. A $10 transfer fee is implemented. |
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| 1960 |
BRA refers to leases as "cottage site" lease. The transfer fee is set at $20. |
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| 1962 |
Lease rate set at $50 with a maximum of $150. |
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| 1966 |
Board agrees to pay Palo Pinto County $300 per month toward the salary of one deputy sheriff. |
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| 1968 |
Board establishes a Commercial Lease rate to include adjustments each five years. Board also votes to begin charging a fee of $25 to restake the boundaries of cottage sites leases as requested. Average lease rate for leases expiring in 1969 is $97 per year. |
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| 1970 |
As the first group of 20 year leases come to an end, the Board of Directors (BOD) discusses the allowable length of lease. They establish a “standard” cottage site rental rate of $200 a year to be used as a “yardstick” against which all cottage site leases would be measured. The Board requested that the Lake Management Committee review this standard rate every two years and make recommendation to the Board regarding adjustment of the rate. |
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BOD votes to allow lease rate adjustments in the 2nd 10 year period of the 20 year lease. The adjustment will be no more than 150 percent of the rate of the first 10 years. The optional 10 year extension would not exceed 200 percent of the second 10 year rate. |
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| 1971 |
BOD agrees to pay Palo Pinto County $350 per month toward the salary of two deputy sheriff’s positions.
The Possum Kingdom Lake Association addresses the Board. |
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| 1980 |
Report to the Board showing there had been a cost of living increase of 110 percent since the last lease rate increase. Basic lease rate was raised from $200 to $220 per year. |
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| 1986 |
Board changes the standard lease rate to $300 with a minimum of $100. |
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| 1988 |
Board changes the standard lease rate to $350 with a minimum of $100. At this time the Board votes to change standard leases to indicate a rate change every five years. |
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| 1990 |
Solid waste disposal fee set at $120 annually for lessees. |
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| 1992 |
A standard rate of $400 is established reflecting an area of 100 feet of water front and suitable access. Other sites are measured against the standard. Larger sites will command a higher rental; smaller sites or those with poorer water frontage will be charged less. Sites accessible only by boat will pay lower rentals as will though at the extreme upper end of the lake where water is shallow. |
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| 1996 |
Rental of a standard cottage site is currently $550 per year. |
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| 1999 |
Board contracts Tennessee Valley Authority for an overall assessment of the lake, leasing policies and future development. |
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| 2001 |
Board of Directors discusses developing a methodology to guide the Lake Management Committee in the future. The six potential scenarios included lease rates moving to 6 percent of the appraised value not including improvements. |
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| 2001 |
BOD approved methodology using current available land assessments from the county tax offices. Implementation was postponed until January 1, 2003. A senior discount of 10 percent reduction of rental fees was implemented for all customers registered with the county as over 65 years of age and homestead property. |
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| January, 2003 |
Leases were billed using the approved methodology and the county assessed
values for 2002. |
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| April, 2003 |
Palo Pinto County assessed land values for 2003 with a significant increase over the previous year’s rate. |
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| August, 2003 |
BOD suspended the use of the current methodology (moratorium). |
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| October, 2003 |
Moratorium was released by BOD and the current methodology reinstated; however, instead of using the 2003 land values to base the calculation, the
2002 value would be used. This methodology using the 2002 land value would be used for billing throughout 2003 - 2007, including the 10 percent Senior Discount. |
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| July, 2006 |
BOD approved a new 50-year Residential Ground Lease with a new rate methodology based on the county’s current assessed land values and set to begin January 1, 2008.
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Those lessees who chose to convert their current leases prior to October 1, 2007 would receive a two percent start rate. Those rates would increase on five year intervals by one percent until a maximum of six percent was attained in 30 years. |
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| October, 2006 |
Lessees are mailed information the new 50-year lease and given a choice of converting early to receive discounted (1%) rate. |
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| 2006-2007 |
Lessees begin seeking political assistance via legislation to purchase their leased BRA property and voice their complaints against the new lease rate methodology. |
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| January, 2007 |
Legislature convenes, begins consideration of lessee driven divestiture legislation. |
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| March, 2007 |
BOD votes to stop issuing 50-year leases effective immediately. Lessees requiring a new lease for financing are issued an old 20-year term with a 10-year extension. |
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| May, 2007 |
Legislative session ends without passage of a divestiture bill. |
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| July, 2007 |
BOD votes to direct staff to develop a sale process for leased lots.
The BOD votes to replace 50-year lease term returning to the 20 years with an option for a 10-year extension. The lease form is modified to implement the now effective rate methodology. |
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The BOD also states that beginning January 1, 2010, the BRA will begin using market or appraised values for the basis of the lease rate rather than the county’s assessed value. The Senior Discount was discontinued pending an opinion from the Attorney Generals office regarding the legality of the rate. |
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| October, 2007 |
Staff presents BOD with draft divestiture policy and places draft policy on website for public review. |
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| April, 2008 |
Staff reports progress of draft divestiture policy to BOD and identifies several barriers to implementation of policy. |
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BOD directs staff to investigate possibility of divesting of all leased property to a third party via an all-inclusive sale, with the stipulation that protections must be guaranteed in the sale for the lessees.--Staff IS NOT directed to sell property, only to explore the all-inclusive option. |
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| May, 2008 |
BOD adopts lessee protections to be included in any possible all inclusive sale. The protections adopted include requirements placed on a third-party purchaser, such as: |
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- a third-party purchaser must acknowledge and accept the terms and conditions of all existing leases on lands that are part of the sale,
- a third-party purchaser must maintain the lease rate methodology adopted by the BRA Board in July of 2007 for eight (8) years. Rates may be based upon assessed rather than appraised values, at the option of the third party purchaser,
- a third party purchaser must provide each lessee a period of eight (8) years to purchase their leasehold property from the third party purchaser, or its successor
- a purchase price of any sale to the lessee will be for the value of the leased land only and will not include the value of improvements such as homes, docks and patios.
The cost of the land purchase will be for no more than the fair market value of the unencumbered fee simple estate, and
- a third-party purchaser will extend the term of any lease as necessary to allow each lessee the full eight-year (8) period of time to purchase their leased lot.
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BOD passes a resolution effective May 20, 2008 placing a temporary moratorium on new leases including those requested for financing purposes. Leases that expire are to be renewed for one-year extension agreements.
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| January 8, 2009 |
Request for Bids posted |
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| April 13, 2009 |
Bid awarded to Patterson PK Land, Inc. |
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| May 27, 2009 |
Texas Legislature passes HB 3031 allowing for the potential sale of leased property at PK to individual lessees should a 3rd party sale fall through.
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| July 27, 2009 |
Authority Board of Directors ratifies a contract with Patterson PK Properties, Inc. for sale of leased residential properties and some commercial properties.
A closing date is set for July 30, 2011.
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