HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2011-15RESOLUTION NO. FWHFC-2011-15
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING A NATURAL GAS LEASE WITH VANTAGE FORT WORTH
ENERGY, LLC FOR 5420 WOOTEN DRIVE AND 5250 WONDER DRIVE
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation")
owns two unimproved tracts of land totaling 4.359 acres, more or less, coinmonly lcnown
5240 Wooten Drive and 5250 Wonder Drive (the "Properties");
WHEREAS, the Corporation has received a proposal for a lease of the minerals
underlying the Properties; and
WHEREAS, the Board of the Corporation desires to approve a lease of the
minerals underlying the Properties with Vantage Fort Worth Energy, LLC, for a two year
primary term that includes, among other things, a bonus per acre amount of $5,000.00
and royalty of not less than 25%.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves a lease of the minerals underlying 4.359 acres of land,
inore or less, owned by the Corporation commonly known as 5240 Wooten Drive
and 5250 Wonder Drive (the "Properties") with Vantage Fort Worth Energy,
LLC, for a primary term of two years with a bonus per acre of $5,000.00 and a
royalty of not 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.
3, THAT Tom Higgins, 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 amended from time to
time.
4. THAT this Resolution takes effect on the date of its adoption
RESOLUTION NO. FWHFC-2011-15
PAGE 2
AND IT IS SO RESOLVED.
Adopted June 7, 2011.
FORT WORTH HOUSING FINANCE CORPORATION
By: �� 1 PQ � `/�.
{athleen Hicks, President