Pricey Lake Property - Newschannel 6 Now | Wichita Falls, TX

Pricey Lake Property

Annual lease amounts will increase by 20% for property owners on Lake Arrowhead and Lake Kickapoo when leases expire this year.

Tuesday morning the Wichita Falls City Council approved a resolution authorizing that increase. Lake Lot Administrator Pat Hofferman said, 245 leases will be affected with a 20% increase.

"Those leases will go up from $690 to $828," said Hofferman.
 
Market analysis done on the property located at both lakes show the "true value" to be over $12,000. Hofferman told Newschannel 6, she feels the city officials are being frugal with this lease increase. The City actually had the option to go up 30%.

"We're still behind the fair market value, we still have not gotten to the point where we are getting fair market rents for our lease lots," said Hofferman.

Either way these lease lots are located on a slowly shrinking lake.

Jack Carney Newschannel 6

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