Number
160357
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the cancellation of three Port of Milwaukee invoices in the total amount of $39,487.11.
Analysis
This resolution authorizes cancellation of Port of Milwaukee Invoice Nos. 4280003189, 4280003850 and No. 4280003982 totaling $39,487.11, relative to rent payments on Port owned and leased properties. After an exhausted recovery effort, including referral to Kohn Law Firm, the department has deemed these invoices uncollectable and requests their cancellation.
Body
Whereas, Innovation Fuels Incorporated, aka IFT Milwaukee, has operated under lease agreement for 2.596 acres of Port of Milwaukee (“Port”) owned property located at 1414 South Harbor Drive; and
Whereas, The lease terms and conditions stipulate that Innovation Fuels Incorporated make quarterly rent payments in the amount of $13,162.37 per quarter; and
Invoice No. 4280003189 related to 2nd quarter 2009 rent was billed June 3, 2009, Invoice No. 4280003850 related to 1st quarter 2010 rent was billed February 18, 2010 and Invoice No. 4280003982 related to 2nd quarter 2010 rent was billed May 18, 2010; and
Whereas, Innovative Fuels Incorporated is currently in default under the terms of their lease agreement, and $39,487.11 in total for 2nd quarter 2009, 1st quarter 2010 and 2nd quarter 2010 rents remain unpaid; and
Whereas, On February 1, 2011, Innovation Fuels, Incorporated filed a voluntary petition for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the District of New Jersey; and
Whereas, The Port has exhausted all collection efforts regarding lease rent Invoice Nos. 428003189, 4280003850 and No. 4280003982 and has deemed that they are uncollectable; and
Whereas, Cancellation of the aforementioned invoices will ensure proper accounting and reporting of the accounts receivable balance within the Port; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that...
Click here for full text