NUMB:
980215
VERS:
Original
REF:
XXBY:
THE CHAIR
TITL:
Resolution approving Extension and Amendment of Lease Agreement with Federal Marine Terminals, Inc. (Port of Milwaukee)
ANLS:
-Analysis- This resolution would approve Extension and Amendment of Lease Agreement with Federal Marine Terminals, Inc., for use of Terminals #2, #3, the Bradford Buildings #1 & #2, vacation of Terminals #4 and #4A and adjacent terminal areas on or before June 1, 1998, on the South Harbor Tract.
BODY:
Whereas, The City and Meehan Seaway Service of Milwaukee, Ltd., a Wisconsin Corporation, entered into a Lease Agreement dated April 29, 1994 for a three (3) year term ending December 31, 1996; and
Whereas, Said Agreement provided for an automatic extension of the term until December 31, 1997; and
Whereas, By an Assignment of Lease Agreement and Consent to Assignment dated September 13, 1996, Meehan Seaway Service of Milwaukee, Ltd. assigned its right, title and interest in said lease to Federal Marine Terminals, Inc., an Illinois Corporation; and the City of Milwaukee, by and through its Board of Harbor Commissioners consented to such Lease Assignment; and
Whereas, Federal Marine Terminals, Inc. and the City have agreed to a new Lease Agreement with an effective date of January 1, 1999; and
Whereas, Federal Marine Terminals, Inc. and the City desire to extend the existing Lease Agreement dated April 29, 1994 for one (1) year commencing January 1, 1998 and ending December 31, 1998, until said new Lease Agreement becomes effective; and
Whereas, City and the Tenant wish to reduce the size of the existing leasehold by Tenant vacating Terminals 4 and 4A, and certain adjacent property; and
Whereas, City and Tenant have agreed to a base rental reduction reflecting said reduction of the leasehold; now, therefore, be it
Resolved, That City and Tenant hereby agree to amend the Lease Agreement dated April 29, 1994; and be it
Further Resolved, ...
Click here for full text