In response to the announcement made late last Wednesday, Ron Mitchell, Vice Chairman and President of Horseshoe Bay Resort filled in City Council regarding the sale of the HSB Resort.
After almost 20 years, the HSB Resort has been put up for sale; the Jaffe Group announced that is was time for another owner to come and ‘take it to the next level’. Mitchell informed the Council that the leadership of the Resort, including himself, felt good about the sale, and said that there has been interest from several highly qualified potential buyers.
Currently, the Resort is in what Mitchell said was the Production Phase; gathering necessary documents and other materials requested by Holiday, Fegolo Fowler, and LP and HFF Securities LP, the firms retained by the group to market and sell the resort facility. Completing the Production Phase will take around 45-60 days, and any inquiries regarding purchase of the properties will be directed to HFF.
Property that will be put up for sale include, but are not limited to, the 1500 acre Summit Rock development, four golf courses, lots adjacent to the airport and the Resort’s executive building.
In a letter to members of the Resort, Mitchell states, “Be assured that it is our goal that potential purchasers are committed to not only the purchase of the resort, but to grow the resort to its full potential, as well as represent a history of astute management and sensitivity to member and community relationships as a commitment to value this great legacy that has been built here.”
Council also considered entering into a contract with Willis Engineering for a study to determine whether or not the recently mandated FEMA floodplain maps are accurate and true. The issue was brought to the Council’s attention in November 2012 by newly elected councilman Steve Jordan, who was concerned that properties that were added to the floodplain maps might not actually be in the floodplain.
The maps were drawn up by FEMA, and resulted in 985 properties being added to the list as being in the floodplain. Once included, those properties become subject to regulations enforced by FEMA regarding construction, whether new or improvements, as well as land use, etc.
Pecan Creek POA and Escondido Management had already begun the process with Willis Management, but will now be included in the City’s study.
The study would include hydraulic and hydrologic studies that will determine the accuracy of the FEMA maps.
Mayor Bob Lambert, City Manager Stan Farmer and Councilman Steve Jordan will meet with Melinda Luna, who is the Team Lead on the National Flood Insurance Program – Mapping Services with the Texas Water Development Board on Wednesday, January 23. After meeting with Ms. Luna, it will be determined whether commissioning the study will be in the best interest of the City.
Due to the nature of the issue, and the ramifications of the new FEMA maps on property owners, the Council was in agreement that this action seems to be the best course. They approved granting permission for Farmer to sign a contract with Willis Engineering following the outcome of the meeting, for up to $125,000. The funds will be taken from the City’s Contingency Fund, which is typically set at $250,000 each year.