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City Approves Oil Lease

oil lease agreement
oil lease agreement

The city of Terre Haute has signed another oil and gas lease for downtown property that the city owns. 

The deal is with Pioneer Oil Co., for a section of ground at 500 Wabash Ave. 

That is where the former bus transfer station was located and is now a parking lot. 

That is the same ground that the city is slated to sell for the development of a proposed housing project for IndianaStateUniversity. 

That deal has not been approved yet because the State Budget Committee has not given its approval because it doesn’t yet like the deal.

 Members of the committee think that the deal is rather one-sided. 

If the state approves then the sale will happen and then the royalties from any oil pumped would go to Thompson Thrift.

The city has also extended the offer to sell for the third time. 

All sides are still waiting on the state to decide.