MPERS-backed resort reports first home sales – TX
The Texas golf resort for which a Louisiana police retirement system borrowed millions made its first sales: Two home sites and five club memberships.
That leaves 60 homes and 295 memberships still up for grabs.
The announcement Tuesday comes months after Boot Ranch — a 2,200-acre luxury development in Fredericksburg, Texas, — missed two mandatory sales deadlines.
The project was supposed to make $9 million by December and $18 million by June to prevent the Louisiana Municipal Employees’ Retirement System — or MPERS — from yanking a $30 million loan it guaranteed
Link: 2theadvocate.com: News – MPERS-backed resort reports first home sales 07/13/05.