Texas Legislature Passes Bill Authorizing BRA Divestiture
Austin — Texas Legislature passed House Bill 3031 by State Representative Jim Keffer (R-Eastland) and sponsored by State Senator Craig Estes (R-Wichita Falls) to authorize the Brazos River Authority to offer for sale the leased residential properties at Possum Kingdom Lake to a third-party purchaser.
"I want to thank Representative Keffer for this legislation, as we have worked together for several years on this effort to allow residential leaseholders to finally own the land they are leasing from the BRA," said Estes.
House Bill 3031 puts in statute the authority of the Brazos River Authority to seek and accept bids by third parties for a single bulk sale of the leased property around Possum Kingdom Lake.
Estes said he supports the decision by the BRA to sell the combined leased properties to the Patterson Group.
House Bill 3031 also requires the third-party purchaser to offer individual lots for sale to a leaseholder, or to allow current leaseholders to continue their leases with the new property owner.
The legislation also contains a fail safe provision to require the BRA to offer to sell the leased properties directly to the leaseholders for a period of two years if the BRA does not sell the property to a bulk purchaser by the end of 2010.
"While the BRA has accepted a bid for a third-party sale, HB 3031 contains a provision to require the sale of individual lots to individual leaseholders, in case the third-party sale is not finalized for whatever reason," said Estes.
Senator Estes is Chairman of the Senate Committee on Agriculture and Rural Affairs, and represents Senate District 30 covering Archer, Baylor, Clay, Collin (part), Cooke, Denton (part), Grayson, Jack, Montague, Parker, Palo Pinto, Shackelford, Stephens, Throckmorton, Wichita, Wilbarger, Wise, and Young counties.