HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2012-01RESOLUTION CCLGC-2012-01
OF THE BOARD OF TRUSTEES
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
AUTHORIZING A LEASE OF PROPERTY AT
1201 ALSTON A VENUE TO XTO ENERGY, INC.
WHEREAS, the Central City Local Government Corporation (the "Corporation") owns
approximately 1.227 acres of real property, being Lot 5, Block 1, Magnolia Green Addition, in
the vicinity of 1201 Alston Avenue (the "Property"); and
WHEREAS, the Corporation received a revised offer from XTO Energy, Inc. ("XTO")
dated October 7, 2011 to voluntarily pool such Property into the proposed Westco Al Unit 1OH;
and
WHEREAS, after considering all the options for harvesting the minerals under the
Property, including participating as a Working Interest Owner or through a Farmout Agreement,
staff believes it is in the Corporation's best interests to voluntarily enter into a lease of the
minerals underlying the Property with XTO, which includes, among other things, a bonus of not
less than four thousand dollars ($4,000) per acre and a royalty of not less than twenty-five
percent (25%).
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes
staff to negotiate and finalize a lease for the minerals underlying the Property that include,
among other things, a bonus of not less than four thousand dollars ($4,000) per acre and a royalty
of not less than twenty-five percent (25%); and
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; and
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 61h day of March, 2012.
? Vl(. JJ 4 ?( C ov )
Name: Kathleen Hicks
Title: President