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North Richland Hills TX to Lease Park Land to Chesapeake

by Kenneth E. DuBose on August 13, 2010

North Richland Hills TX agrees to mineral rights lease of park land to Chesapeake Energy:

The City Council agreed this week to lease the mineral rights on 143 acres of parkland to Chesapeake Energy, although much of the property was merely being re-leased after the original terms expired.The city will receive a bonus of $5,000 an acre, amounting to $716,700, and 25 percent royalties under the terms of the three-year lease.
The acreage includes Fossil Creek, Green Valley and Linda Spurlock parks; a portion of the Iron Horse Golf Course; and the city service center, which houses public works, the animal shelter and fire administration.

Full Article: North Richland Hills Agrees to Mineral Rights Lease – star-telegram.com

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