Thursday, November 27, 2008
Texas Motor Speedway gas drilling revenue-sharing agreement initially approved in meeting
In a meeting held, oddly enough, the night before Thanksgiving, The City of Fort Worth and the Texas Motor Speedway made the first step towards a gas drilling revenue-sharing agreement. Texas Motor Speedway, Inc. sold the land and track to the city 12 years ago, but since then the gas-drilling boom has made that tract of land even more valuable.
TMS made the argument that despite the sale, it still owns the mineral rights on the property since it has the option to buy the property back in 2026.
Sound confusing? No doubt a little confusing to everyone involved, since both parties have decided to cut a deal instead of suing the bejezus out of each other.
Posted by Erin
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