Retirement News : Seniors : Retirement system says no to more credit for Texas development

Retirement system says no to more credit for Texas development

Date Added: 26-04-2005

Planned sales of pricey homes at a Texas golf resort in which a Louisiana police retirement system has invested apparently aren't on pace with expectations, and the resort's developers say they need more money to complete expected sales.

The residential and golf development near Fredricksburg, Texas, is called Boot Ranch. The Municipal Police Employees' Retirement System has a contract that called for proof of $9 million in sales five months ago and $18 million by June 1, but the system board has yet to see evidence of any sales.

MPERS chairman Henry Dean said the board has been informed by the developer, Hal Sutton Management, that more money is needed to meet sales expectations. Nearly all of a $27 million credit line from the retirement system has been spent.

Dean said the system will not guarantee additional loans and is negotiating with a third investor he refused to identify.

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