HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2011-20RESOLUTION NO. FWHFC-2011-20
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING A NATURAL GAS LEASE WITH CHESAPEAKE
EXPLORATION LLC FOR 2607 CLINTON AVENUE
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") owns an
unimproved lot totaling 0.20 acres, more or less, commonly known as 2607 Clinton Avenue (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 Property with Chesapealce Exploration, L.L.C., for a two year primary term that
includes, among other things, a bonus per acre amount of $3,000.00 and royalty of not less than
25%.
NOW, THEREFORE, 8E IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves a lease of the minerals underlying 0.20 acres of land, more or
less, owned by the Corporation commonly known as 2607 Clinton Avenue (the
"Property") with Chesapeake Exploration, L.L.C., for a primary term of two years with a
bonus per acre of $3,000.00 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.
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 from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 2, 2011.
FORT WORTH HOUSING FINANCE CORPORATION
By: �\C�i��l�'�i�� �(( ( ��
ICathleen Hicks, President