then read this...
The new lease proposal is outlined in the attached memo. Bottom line, Inflection says it still wants county acreage but this time around it is only seeking to lease approximately 3200 acres of county owned land. The previous offer was for more than 5500 acres of county owned land.
Excluded from this latest offer; Cole Park, Aqua Terra and Hawkins Pond. These are all areas that have been identified by experts as having "good geology" for potential natural gas drilling.
"By not including these acres at this time, we leave the door open to additional offers and possibly even more lucrative offers in the future," said Executive Fiala. "As with the previous offer, I am encouraging our lawmakers to support this deal for several reasons; to help us out of our current economic crisis, to jump start an industry in the region and to ensure that these developed parcels will have the highest levels of protection based on the final, detailed lease we will negotiate."
The current deal includes approximately $7.8 million in initial bonus payments, with per acre prices ranging from $2250 to $2750 per acre. The deal also includes the same royalty of 20 percent.
"The per acre price is something many of our legislators and our residents have focused on but it is not the complete story," add Fiala. "The royalties are significant and the company is also providing for additional protections by including an environmental monitor, closed loop drilling and responsible land reclamation policies."The deal as it stands is for a five year lease agreement with possible options to extend. Another like bonus payment may be paid after that first five years. The company has asked that lawmakers make a decision before November 30th of this year.
If you have not signed the Broome County Cease-and-Desist letter yet, PLEASE DO!:
Please pass this note to other groups with an interest in preserving our common lands.
William Huston WilliamAHuston@gmail.com
Binghamton NY Phone: 607-321-7846
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