Number
211845
Version
ORIGINAL
Reference
170254
Sponsor
THE CHAIR
Title:
Resolution relating to Amendment 3 to the Freight Railroad Preservation Program grant agreement between Port Milwaukee and the Wisconsin Department of Transportation and to the acceptance, funding and expenditure of additional grant funds awarded to Port Milwaukee in conjunction with this Amendment.
Analysis
This resolution approves Amendment 3 to the Freight Railroad Preservation Program Grant agreement between Port Milwaukee and the Wisconsin Department of Transportation. The Amendment will add additional rail crossings and track connections to the project work plan, extend the project completion deadline, and increase the project budget and funding amount by $2,224,600, to a full amount of $4,429,000. The resolution also authorizes Port Milwaukee to accept, fund and expend the additional grant funds and to execute the necessary documents.
Body
Whereas, Port Milwaukee strengthens the overall economic and social environment of the City of Milwaukee and the Great Lakes region by increasing international trade, business development, and job creation; and
Whereas, Port Milwaukee generates $100 million in local economic activity and regional business revenue annually through its ongoing commercial, cruise ship and multimodal activity in Milwaukee; and
Whereas, Port Milwaukee is responsible for the maintenance, repair and replacement of its capital assets and transportation infrastructure; and
Whereas, In 2021, Port Milwaukee established a new Capital Asset Renewal Plan (CARP), which institutes a long-term maintenance and replacement schedule for Port facilities and infrastructure; and
Whereas, The CARP found that the current placement value (CPV) of all Port-operated and owned capital assets is over $190 million, and the total 50-year renewal costs for Port capital assets is over $202 million, or approximately $4 million annually; and
Whereas, Port Milwaukee owns and maintain...
Click here for full text