at the Citizen Power Alliance 2010 Wind Conference
Lease deals please landowners 300 agree to receive $2,400 per acre
|Joseph Bivone always wanted to own a bulldozer. Now he has his chance.|
He is one of hundreds of area landowners who walked away happy from the Binghamton Regency on Thursday after signing leases giving XTO Energy Inc., of Fort Worth, Texas, the mineral rights to their land.
The signings will continue today as notaries and clerks review contracts, deeds and other paperwork, and issue vouchers for lump-sum payments that come due within 90 days. That adds up to about $90 million split among 300 property owners. They are being paid $2,400 an acre, plus 15 percent royalties.
For Bivone, a New Jersey native who retired on 126 acres in the Town of Sanford, that means a $304,000 lump-sum windfall, minus a big chunk of taxes. He could receive more if gas is recovered from under his property.
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