POSSUM KINGDOM – Patterson PK Land Partnership claimed making history Tuesday in announcing that the sale Brazos River Authority-owned lakefront property leases will transfer to the PPKLP on Sept. 15.
Mike Patterson, PPKLP managing partner, said finalization of the divestiture sale will “mark the successful conclusion of a year-long process and marks the first time a government-owned lake has sold the lake property leases to private investors,” he said.
“One year ago we promised the people of Possum Kingdom Lake that we would engage in the fairest and most effective process to help transition the lake front properties from government ownership to private owners,” said Patterson. “Now that the sale is approaching closing, we will continue to engage the homeowners and give them options ranging from buying their land to continuing to lease it. We will be good stewards of this project.”
Last year, the BRA accepted a $52 million bid from Patterson PK Land Partnership. Under the terms of the sale, 1,516 residential leaseholders and 19 business owners will be allowed to buy the land their property sits on, or re-lease it. The cost will be based on the land's 2008 assessed value.
Patterson said he believes other government entities should look at privatizing their real estate as well. “If this can be done at Possum Kingdom, it can be done anywhere,” he added. “This is a win-win for everyone – the leaseholders, the taxpayers and the local economy.”