Gas and Mineral Rights at Auction
25th July 2011
Gas and Mineral Rights at Auction
Posted by blogwriter
Submitted by blogwriter on Mon, 07/25/2011 - 22:22
Broome County will revisit the issue of who should have gas and mineral rights on properties sold at auction.
Republican legislator Julie Lewis announced a proposal will be on July 21 legislative agenda for consideration.
Currently, foreclosed properties with 5 acres or more are sold with surface rights only.
The proposal would have the county sell subsurface rights with those properties at auction.
It would also allow the county to make a one time offer to owners of properties previously sold without the gas and mineral rights.
They would have a window decide if they want to buy the rights for 3 cents a square foot and make the payment.
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