The bidding war for leases on Fort Worth's South Side erupted all over again Monday and the battle continued into the night.
The new offer from Fort Worth Energy, which is signing leases on behalf of XTO Energy: $15,000 per-acre signing bonus to property owners in Berkeley Place, Ryan Place and Mistletoe Heights. This tonight from Dub Stocker, of Fort Worth Energy.
That offer outdoes the $12,500 offer that Chesapeake FedEx'd Monday to property owners in all three neighborhoods. The $12,500 offer outdid Chesapeake's own $11,000 offer last week, which ostensibly outdid Fort Worth Energy's $10,000 offer, although Fort Worth Energy said those two offers were essentially a wash because of differences in the way the two calculated lot sizes. The Fort Worth Energy offer of $10,000 came as part of an agreement that Fort Worth Energy and XTO negotiated with the neighborhood associations. The Fort Worth Energy offer outdid Chesapeake's offer of $4,000 an acre, which, well, you get the picture...
The spectacle also poured into the charitable giving arena, with Chesapeake on Monday offering to donate up to $75,000 to each of the three neighborhood associations based on $15,000 per 100 leases signed. Monday night, Stocker said Fort Worth Energy was matching those terms.
Fort Worth Energy and XTO had already donated $50,000 to the construction of a $175,000 playground at Tillery Park, a South Side project launched by Berkeley Place residents. Then last week, Fort Worth Energy and XTO agreed to donate up to $50,000 to the Ryan Place association, or $10,000 for each 100 leases signed. Then Chesapeake made its own $10,000 donation to the Tillery Park project. Then Monday night, Fort Worth Energy and XTO, well, you get the picture...
The Fort Worth Energy/XTO lease still contains substantial environmental impact provisions favored by all three neighborhoods.
-- Scott and Jim
(S-T photo: Berkeley Place Fourth of July parade)