Terry Scott, owner of Don's Port Marina confirmed this morning that he has reached an agreement with " the Bank" to execute loan modification agreements allowing him to reopen the marina. Mr. Scott was in constant communication with the bank on a weekly basis during the winter hammering out an agreement that would allow him to successfully move forward with marina operations. Neither Mr. Scott, nor the bank was interested in "kicking the can down the road" so they worked together to create a solution to recapitalize the marina using debt from a private investor who is a significant customer of Don's Port. The negotiated debt modification and recapitalization allowed Mr. Scott to maintain 100% ownership.
According to Mr. Scott, "We are opening up all operations quickly. The gas pumps will be open this weekend - on April 20. The service department is open with Jim Vermeule back as our service manager, and Anthony Coble back as Jim's right-hand man, and the slips will be available for immediate occupancy. We're buying some boats for the rental fleet and will have those on our web page soon, and we're working to open both the store, and The Tiki Hut as quickly as we can. The target date for opening the Tiki Hut is the weekend of May 5th."
As recently as March 12, 2012 it was reported that Don's Port would not be reopening anytime soon. Mr. Scott said, "Rumors of Don's Port's foreclosure, bankruptcy, permanent closure and untimely death were greatly exaggerated."
Realtors, builders and developers surveyed have commented that the reopening of Don's Port is another sign of the positive momentum that the Cedar Creek Lake market is experiencing. According to Realtor, Steve Gregory "showings are WAY up and investment activity is high".
Since most of Cedar Creek Lake's shoreline is privately owned, Don's Port represents an important public destination for boaters, personal watercraft riders and property owners who enjoy a nice place to stop for gas and refreshments. Since it's a full service marina it is a necessary resource that would have been missed.
The marina is located at 1937 Island Circle Tool, TX 75143.
Additional details will be released on Don's Port's website www.donsportmarina.com as they become available or you may call the fully staffed marina at 903.432.2268.