HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2013-06RESOLUTION NO. FWHFC-2013-06
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
RATIFYING A NATURAL GAS LEASE WITH VANTAGE FORT
WORTH ENERGY, LLC FOR 1820 S. CRAVENS ROAD
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") owns an
improved tract of land totaling .512 acres, more or less, commonly known as 1820 S. Cravens
Road (the "Property");
WHEREAS, the Corporation received an Offer to Voluntarily Pool and Participate and a
proposal for a lease of the minerals underlying the Property;
WHEREAS, it was in the best interest of the Corporation to enter into the lease prior to a
scheduled Board meeting due to a hearing scheduled by the Texas Railroad Commission under
the Mineral Interest Pooling Act which would have included this parcel; and
WHEREAS, the Board of the Corporation desires to ratify and affirm a lease of the
minerals underlying the Property with Vantage Fort Worth Energy, LLC, 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, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board ratifies and affirms a lease of the minerals underlying .512 acres of
land, more or less, owned by the Corporation commonly known as 1820 S. Cravens Road
(the "Property") with Vantage Fort Worth Energy, LLC, 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 ratifies the execution and delivery of the Lease along with any other
documents necessary to effectuate the transaction and any other actions taken by the
Corporation in connection with the Lease are hereby ratified and confirmed as valid
actions of the Corporation effective as of the date such actions were taken.
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 any related
documents necessary to complete the transaction for and on behalf of the Corporation,
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 tiine.
4. THAT this Resolution takes effect on the date of its adoption.
RESOLUTION NO. FWHFC-2013-06
PAGE 2
AND IT IS SO RESOLVED.
Adopted November 5, 2013.
FORT WORTH HOUSING FINANCE CORPORATION
By:
Sa vador Espino, Presi nt