HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2011-03RESOLUTION NO. FWHFC-2011-03
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING A NATURAL GAS LEASE WITH CHESAPEAKE
EXPLORATION L.L.C. FOR 2710 AVENUE C
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") owns a
0.502 acre tract of unimproved land commonly known as 2710 Avenue C(the "Property");
WHEREAS, the Corporation has received a proposal for a lease of the minerals
underlying the Property; and
WHEREAS, the Board of the Corporation desires to approve a lease of the minerals
underlying the Propei�ty with Chesapeake Exploration, L.L.C., for a two year primary term that
includes, ainong other things, a bonus per acre amount of $3,000.00 and royalty of not less than
25 %.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves a lease of the ininerals underlying 0.502 acres of land owned
by the Corporation commonly lcnown as 2710 Avenue C(the "Property") with
Chesapeake Exploration, L.L.C., for a priinary tei7n of two (2) years with a bonus per
acre of $3,000.00 and a royalty of riot less than 25% (the "Lease").
2. THAT the Board approves the execution and delivery of the Lease along with any other
documents necessary to effectuate the transaction.
THAT the General Manager of the Corporation, or Jesus J. Chapa, Assistant General
Manager of the Corporation, are authorized to execute and deliver the Lease for and on
behalf of the Corporation along with any related documents necessary to complete the
transaction, and each is authorized to extend, modify and amend the Lease, provided that
any such extensions, modifications or amendments are in compliance with applicable
laws and the policies, goals and purposes of the Corporation as those are ainended froln
time to time.
4. THAT this Resolution takes effect fi•om the date of its adoption.
AND IT IS SO RESOLVED.
Adopted January 4, 2011.
FORT WORTH HOUSING FINANCE CORPORATION
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By: � , �, � v� �.� �; �'�'
I thleen Hicics, President �