Mayor Tammy Dana-Bashian’s Statement Regarding Last Week’s Bayside Executive Session:
“After nearly two months of negotiation, the City of Rowlett has reached an agreement with Bayside to acquire the property south of IH-30, including the marina, to enable its development with a future partner.
Our goal, first and foremost, has been to facilitate development of the land in a manner that optimizes its value to the citizens of Rowlett. This agreement gets us back on track toward this goal.
The agreement enables the City, in partnership with a future development partner, to acquire all of the land south of IH-30, separating it from the development on the north side. This provides a path to achieve the City’s vision, including a destination entertainment district, a world-class marina, a resort and conference center and public amenities such as the Crystal Lagoon and show fountain.
The agreement includes the acquisition of the 119-acre tract south of IH-30; assignment of the Crystal Lagoon license previously purchased by Bayside; and a transfer of the marina including rights to 1,005 boat slips. Over the next 120-days, multiple documents between the City and Bayside as well as between the City and a new development partner must be negotiated, formulated and/or amended. I want to be clear that this agreement is a crucial first step. It will take several months of work before we can close on the land. Some of the documents that need to be negotiated or amended include the tax increment reinvestment zone to split out the north and south tracts, an agreement with a new development partner, and a hotel/conference center agreement to optimize the ten-year state tax rebate program, not to mention approving a myriad of engineering design and construction plans.
We want the public to know that the City of Rowlett will not and does not intend to own nor develop the south tract or the marina. During this 120-day process the City will negotiate agreements with a new development partner who shares the City’s vision of an entertainment district with world-class amenities. Funding for this acquisition, including the earnest money, will be paid by that partner. The agreement provides the City a due diligence period prior to closing, and anything can happen during this time. The pending lawsuit between the City and Bayside will only be dismissed if the closing occurs.
We have been steadfast in upholding our community’s vision for this development. This is a one-of-a-kind property and we must get it right. We are excited to be moving forward in our commitment to develop the unique destination that our citizens deserve.
The City will hold a Town Hall meeting at 6:30 pm on Monday, March 18 at the Rowlett Community Centre to inform the public about the agreement and next steps.”