ROWLETT, Texas (CBSDFW.COM) - Late Monday afternoon, the Rowlett City Council voted 7-0 to extend the closing date for the project from Monday, July 8 until July 31 to give all sides more time to sign off on this complex deal.
Bayside, a project which features a Crystal Lagoon, a beach and show fountain, has been in legal limbo and Monday, that ended.
Under the proposal, the city would buy from the original developers the land along Lake Ray Hubbard at Dal Rock Road, south of I-30, and the licensing rights for the Lagoon for $37 million.
The city would then sell that to the new developer, who isn't being identified just yet.
This area, south of I-30 will no longer be considered part of the Bayside project and would be renamed.
The area north of I-30 will keep the Bayside name.
It features apartments, condos and single-family homes.
As part of the agreement, the City would drop its lawsuit against the original developers who said building the Lagoon and fountain were no longer feasible.
City Manager Brian Funderburk says some minor details of Monday's vote will be announced Tuesday.
He believes the July 31 deadline will give all sides plenty of time to work all of this out.
"We want the recreational amenities. We want the world class facility," said Funderburk. "That has been our vision from the get-go and we have not backed off of that.
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