Arlington Gets $2M Bonus for Gas Lease Under Randol Mill Park

Wednesday, Apr 21, 2010  |  Updated 11:30 AM CDT
View Comments (
)
|
Email
|
Print
Arlington Gets $2M Bonus for Gas Lease Under Randol Mill Park

Getty Images

Arlington's site will be near the Interlochen neighborhood.

advertisement

The city of Arlington will earn a lease bonus of nearly $2 million for allowing natural gas drilling under 230 acres on the city's north side, including Randol Mill Park, according to a report in the Fort Worth Star-Telegram.

The city council approved the deal with Titan Operating for $8,500 an acre during Tuesday night's weekly meeting.  The city will also receive 25 percent of the royalties from the land.

The area includes not only the 151-acre park, but land along northwest Green Oaks Boulevard and nearby tracts.

Titan will not be allowed to drill from the park and instead will drill from a spot in the nearby Interlochen neighborhood.

According to the paper, "Ninety percent of the $1.96 million bonus check and 50 percent of the gas royalties will be invested by the Arlington Tomorrow Foundation, a not-for-profit foundation created by Arlington in 2007 to manage a significant portion of the revenue generated from natural gas leases on public property."

Not everyone, including nearby residents, are happy about the lease. Read more at star-telegram.com.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Get NBCDFW on Mobile!
Get NBCDFW's free news and weather... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out