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.