The Land Report

Spring 2015

The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.

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A ccording to Texas Parks and Wildlife, the lion's share of the funding came from the National Fish and Wildlife Foundation's Gulf Environmental Benefit Fund, which was established when a U.S. District Court approved plea agreements resolving criminal cases against BP and Transocean that arose from the Deepwater Horizon explosion and oil spill in 2010. The agreements direct $2.544 billion to the National Fish and Wildlife Foundation (NFWF) to fund projects benefiting natural resources of the Gulf Coast impacted by the spill. To date, the Gulf Environmental Benefit Fund has supported 50 projects worth nearly $390 million. The $34.5 million that NFWF committed to fund the Powderhorn purchase is the largest land acquisition to date. The Conservation Fund and The Nature Conser- vancy of Texas each provided $10 million in interim funding and were instrumental in pulling the deal together. The Texas Parks and Wildlife Foundation will take title in 2016 and ultimately turn it over to the state. "It's also illustrative, too, of the proverbial lemonade that can be made out of lemons," Smith says. "Deepwater Horizon was an inci- dent that nobody wanted to see happen, and everybody wished could be taken back. But at the end of the day, as fiduciaries of the Gulf Coast, we have a responsibility to put the dollars coming out of the settlements from that incident to the best conservation use and application. The Powderhorn is by far one of the most iconic. Just as important, it is going to be one of the signature achievements of all of the important conservation that's going to emanate from that incident." 76 The LandReport | S P R I N G 2 0 1 5 LANDREPORT.COM "The Powderhorn is a treasure. It's one of those monumental deals that's been in the works on and off for almost four decades ... " — Carter Smith, Texas Parks & Wildlife Department Powderhorn Ranch features more than 11 miles of tidal bayfront on Matagorda Bay.

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