The much vaunted new LTYA facility west of Bee cave in Lakeway has run into serious financial trouble at the earliest stages.
According to a report from City Manager Steve Jones on the Lakeway Mayor Joe Bain's personal blog HERE:
"I met with representatives from LTYA this week for an update on the new Field of Dreams. They are working with planners to design a new park facility for the property. It has become apparent that the cost of the project will exceed our original estimates. That means that development will be more challenging and take longer than expected. However, everyone is still optimistic about the project, and they are working hard to make it a success."
The City of Lakeway had committed to funding the land for the new facility while the old Field of Dreams is one source of building funds.
Here is more background:
From Lakeway City's web site November 5th 2014:
"Lakeway voters showed their support for the city’s $3.765 million bond proposition and all 12 charter amendments on Election Day and in early voting.
Fifty-six percent of ballots were in favor of Lakeway’s bond proposition to purchase 70 acres land that is expected to be developed into a sports complex on Bee Creek Road.
According to unofficial Travis County results, 2,709 voters approved the proposition and 2,062 voted against it.
Securing passage will allow the city to sell the bonds in 2015 to fund the purchase of the land. As the buyer, the city will retain ownership of the land regardless of the outcome of potential plans for the site.
The City of Lakeway and Lake Travis Youth Association recently entered into a memorandum of understanding (MOU) for a sports complex that the association would operate and maintain on the 70 acres. The city and LTYA are working with Travis County Commissioner Gerald Daugherty to secure funding for site improvements through a future county bond election.
LTYA officials said the association plans to use proceeds from the potential sale of their Field of Dreams property in Bee Cave to fund improvements on the future fields in Lakeway."
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