Sunday, May 01, 2005

Sutton Puts His Money Where His Development Is

Our post below about the latest shenanigans by the developer of the TPC project in San Antonio, and the politicians in its pocket, highlights a developer who is unwilling to actually earn profits. That developer, Lumbermen's Investment Corp., wants profits handed to it on a silver platter.

Hal Sutton surely wouldn't turn down such a sweetheart deal were it offered to him, but he's apparently willing to put his own money into a project when things aren't going as well as hoped. We've written before about the Boot Ranch project near Fredericksburg (here and here): Sutton's company is developing the ultra-exclusive neighborhood and golf course for the rich.

But the project ran into trouble with a major investor - the Municipal Police Employees' Retirement System, a Louisiana pension organization - threatening to pull out of the project. The MPERS was concerned when it learned that Boot Ranch had burned through a $30 million line of credit without actually recording any home sales or golf club memberships. And the development was seeking more money to devote to selling the project to potential club members and residents.

The Shreveport Times reports that Sutton - a Louisiana native who has a ranch near Junction - has personally stepped in, securing a $34 million loan that will keep MPERS from withdrawing from Boot Ranch. "Sutton will use Boot Ranch and his personal guarantee to get a $34 million line of credit from First United Bank in Texas to finish the 2,200-acre luxury development" the newspaper reported.

The paper goes on to report:

Plans for the controversial Boot Ranch call for an 18-hole golf course, driving range, practice greens, clubhouse village offering fine dining and other amenities and 62 executive homes in the heart of Texas Hill Country. Developers have not completed any sales because Gillespie County commissioners would not record the plat until Boot Ranch paid $2 million to $3 million to ensure proper road construction by builders.

The additional $34 million investment is needed because some of Boot Ranch's potential clients "want tangible evidence the entire project will be built" before buying the pricey homes or golf club memberships, according to retirement system lawyer Randy Zinna.

A news release made public Wednesday by Sutton agent Gilbert Little and printed on the system's letterhead assures that construction "is moving along smoothly."
See the full article here.

10 comments:

  1. http://www.pregnancy.net.in

    the most popular sit Driven all over the world and for a world of different reasons,
    Harleys are sure to bring pleasure to any who. "swings a leg.Click here to feel
    the manufacturing vibe!people use pregnancy for a wide range of events
    and functions that.

    ReplyDelete
  2. http://www.flowers-shop.org

    In modern times, people have sought ways to cultivate, buy, wear, or just be around
    flowers and blooming plants, partly because of their agreeable smell. Around the world,
    people use flowers for a wide range of events and functions that, cumulatively,
    encompass one's lifetime.

    ReplyDelete
  3. http://www.women1.org/

    a woman, or the feminine in men and women, seeks to share deep awareness of the world
    in a sacralized communion. the presence of soft candle light, wild flowers, and the
    rituals of dressing for the occasion are simply metaphors acknowledged and “lived out”
    in honor of the moment. in honor of life. in honor of shared awareness of the infinite
    in a momen.

    ReplyDelete
  4. best site
    http://www.furnitures.org.in/

    a Furniture,in ashley-furniture.php'Ashley Furniturs the presence of soft candle world
    ashley furniture storeashley home furnituresfurniture home store ashley good by best
    furniture home store austin tx ashley millenniumashley-furniture-store.Ashley Furniture
    Store site.

    ReplyDelete
  5. best site
    http://www.horsesfors.org/

    ReplyDelete
  6. good site
    http://www.jessicaalbapics.org/

    ReplyDelete
  7. nice site
    http://www.moreaboutdogs.org/

    ReplyDelete
  8. very best site
    http://www.newagecars.org/

    ReplyDelete
  9. best cool site
    http://www.obesity-info.org/

    ReplyDelete
  10. very best good site
    http://www.poetry.org/

    ReplyDelete

Please refrain from using profanity or insulting other commenters your comments. Use common sense; in other words: Play nice! Thanks.