NTCC approves gas lease

BY ERIC HRIN (STAFF WRITER)
Published: March 17, 2010

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The Northern Tier Career Center joint operating committee has approved a gas lease with Chesapeake Energy for $6,500 an acre for its 72.57 acres, according to acting NTCC director Marty Kane.

The school's joint operating committee unanimously approved the agreement at its Jan. 28 meeting.

The royalty rate on the lease is 20 percent, he said.

Also, the lease is for five years, and is renewable for three years, he noted.

The lease had been presented to the committee by its solicitor, Christopher Jones of Griffin, Dawsey, Depaola & Jones, based in Towanda.

Jones said there are limitations on the lease so there isn't interference with the school.

"There are limitations on the surface operations dealing with the location and proximity to the school," he said.

He added that the money from the lease is payable to the school 120 days after the signing, which took place at the meeting in January.

Kane said the committee members were pleased with the deal.

"We're very happy with the terms of the contract."

Eric Hrin can be reached at (570) 297-5251; e-mail: reviewtroy@thedailyreview.com.

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1 posted comments

Does this mean that our school taxes will go down? Does this mean better equiptment for the shops? Books on time instead of copies first?
Sure hope this money doesn't go into the black hole of the teacher's pension plans.
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a student,  03/17/10 8:01