Title
Staff Update, Board Discussion and Possible Action Regarding Approval of Funding and Execution of Surface Use Agreement for MEDC owned property
Requested Action
Approve payment of $5,000 to United Production Partners Resources, LLC and authorize the MEDC Board President to execute the Surface Use Agreement
Recommendation
Approve payment of $5,000 to United Production Partners Resources, LLC and authorize the MEDC Board President to execute the Surface Use Agreement
Description/History
United Production Partners Resources, LLC, a gas well operator, owns the surface rights on the property within Mansfield International Business Park. In order to make the property more desirable to potential buyers MEDC is working with legal counsel to obtain a waiver of these surface rights from United. There is a $5,000 fee for relinquishing the surface rights, which is the industry standard. Staff is seeking Board authorization for the $5,000 fee and approval for the Board President to execute the Surface Use Agreement upon direction of legal counsel.
Justification
Obtaining the surface rights waiver will make the property more attractive to potential buyers.
Funding Source
4A
Prepared By
Richard Nevins, Director Economic Development, 817-728-6352