The City of Houston began the process of buying the Inwood Forest golf course property on Thursday, March 24th when they transferred the funds to purchase the property to an escrow account. That began a series of steps that will lead to the closing on the sale of the property.
One of the steps is the execution of a settlement agreement between Inwood Forest Partners (IFP), the current owners of the golf course property, and IFCIA. In general terms, the settlement agreement calls for IFP to file a motion with the appeals court asking them to dismiss IFP’s motion for appeal and remand (send back) IFCIA/IFP’s case to the trial court, Judge Randy Wilson. Judge Wilson will then be asked to sign off an agreement between IFP and IFCIA that will vacate (take back) the jury’s December 2009 verdict which placed a “golf course only” restriction on the property. That restriction will then be immediately replaced with a Declaration of Restrictive Covenants that states:
The Restricted Property (golf course property) may only be used for non-profit recreational purposes, including, without limitation, a golf course or other sports facilities, community center, bicycle trails, pedestrian trails, parks and natural open space, as well as for drainage of adjacent property and storm detention, and for no other purpose.”
IFP and IFCIA have signed this settlement agreement and IFP has filed a motion for dismissal with the appeals court. Our attorney’s have told us that everything appears to be on track for IFP and the city to proceed to closing.
As part of the terms of the sale, the city has required IFP to clean up the debris piles on the golf course and to take down and remove approximately 250 – 300 dead trees. The removal of the debris piles began on Wednesday and crews began to remove dead trees on Thursday.