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The Billingsley Company, a Texas land developer, purchased land south of the lake in 2004. Lucy Billingsley, daughter of Trammell Crow, announced her intention to build up to 10,000 living units on the land. The area is officially in the city of Dallas but is part of the Coppell Independent School District. Officials in Coppell, Texas and Irving, Texas strongly opposed the plan due to increased automobile traffic and the costs of building and maintaining new schools. After three years of litigation, the parties reached a settlement in 2008 that will allow development on the land. Coppell residents approved a bond measure in 2007, part of which would be used to fund the construction of new schools. The Subprime mortgage crisis will likely postpone Billingsley's plans to develop the land until 2013. The lake is slowly being drained to about 13 feet deep, and the lake will be dredged as well as altered to meet the plan requirements if it is approved. Currently, the trees around the lake are being cut down.