HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2013-06RESOLUTION NO. FWLDC-2013-06
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Execution of a Natural Gas Lease with Vantage Fort Worth
Energy, LLC, for Property at 5425 E. Berry Street
WHEREAS, the Fort Worth Local Development Corporation (the "Corporation") owns
approximately 0.4304 mineral acres of real property at 5425 E. Berry Street (the "Property"); and
WHEREAS, the Corporation has received a proposal from Vantage Fort Worth Energy,
LLC for a lease of the minerals underlying the Property; and
WHEREAS, after reviewing the proposal the Corporation wishes to enter into a lease of
the minerals underlying the Property with Vantage Fort Worth Energy, LLC that includes,
among other things, a bonus of not less than $3,000.00 per acre and a royalty of not less than
25%;
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes the
staff to negotiate and finalize a lease of the minerals underlying the Property with Vantage Fort
Worth Energy, LLC that includes, among other things, a bonus of not less than $3,000.00 per
acre and a royalty of not less than 25%;
FURTHER RESOLVED, that the President of the Corporation is hereby authorized to
execute such lease and any other documents necessary to effectuate such lease, as approved by
staff and the Corporation's legal counsel;
FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the
Corporation is hereby authorized and directed to certify the adoption of this Resolution.
Adopted this 5th day of November, 2013:
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B Dennis mgletort'
Secretary . a