The decision to lease village owned property has been a treacherous path. Council members held special meetings to discuss options and have voiced fears of contamination to the water fields. Council quickly passed a restrictive ordinance regarding adult cabarets within village limits and has had residents speak of man-camps and excessive traffic.Original report:
From the Times Reporter:
An offer by Chesapeake Energy Corp. for oil and gas drilling rights on property owned by the village has been taken off the table.
The Oklahoma-based company in April had offered the village $5,800 per acre with an additional income of 20 percent of the gross for oil and gas rights for 275 acres of village property.
However, Finance Committee Chairman Don Locke told village council members Tuesday that the offer no longer was available to them. Locke said he had no additional information on why the offer had been withdrawn.
Contacted Wednesday afternoon, a Chesapeake spokesperson said the company would have no comment on its decision.
Locke added that Rex Energy was offering the village $3,500 per acre and 20 percent of the gross and is interested in 267 of the 275 total acres available. A total of 223 of those acres are at the village’s water well site. A no-drill clause is included for the water well properties.Read the rest of the article here.
That's only a $660,500 difference in lease signing bonus money. Chump change, right?
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