A Texas limited partnership has bought the Feather Bay golf course, undeveloped land and unsold lots and paid off some of the development’s back taxes and outstanding TexasBank debts, court documents state.
An entity called Feather Bay Land Development Company, L.P. bought the property from Feather Bay Partners, according to deeds of trust and other documents filed Thursday in Brown County Clerk Margaret Wood’s office.
The deeds of trust are for the sale of the 208-acre, nine-hole golf course, a 659-acre tract of undeveloped land and more than 200 platted, unsold lots in four subdivisions.
The new owners paid nearly $240,000 in current and back taxes on the platted lots, and asked for 90 days to pay another $145,000 in current and back taxes on the golf course and undeveloped land, Brown County Chief Appraiser Doran Lemke said.
Penalties and interest will continue to accrue until all of the back taxes are paid, Lemke said. He said because of the new development, the appraisal district has dismissed a 2003 suit against Feather Bay Partners seeking $243,000 in back taxes.
“I think it’s good news for everybody,” Lemke said of the sale and payment of taxes. “I think it’s good news for the whole area.”
The amount of the TexasBank debt was unclear in court documents. The bank filed a suit in 2003 claiming Feather Bay Partners was in default on short term loans of $960,000.
Feather Bay Partners General Partner Jay Savage deferred comment to representatives of Feather Bay Land Development, who were unavailable for comment Thursday.
Savage would not comment on what role, if any, hotel developer Hawthorn Suites Golf Resorts now plays in the Feather Bay development. That entity issued a letter of intent in March 2005 to buy the Feather Bay Golf and Lake Resort.
Developers at Feather Bay had earlier completed a nine-hole golf course, developed a site master plan for 1,000 acres, planned the construction of the 72-bed Hawthorn Suites Golf Resort and Conference Center, and planned the construction of 12 privately owned villas, a restaurant, another nine holes on the golf course and a 40-slip marina, according to documents in 35th District Court.
The Early Public Facility Corp. unsuccessfully applied for a $6.65 million loan guarantee in August 2002 under the USDA's Rural Development Program to purchase and complete the golf course. That entity disbanded recently.
Backers of the project have said the it will bring jobs and economic development to the area.