NUMB:
980218
VERS:
Original
REF:
XXBY:
THE CHAIR
TITL:
Resolution Authorizing the Transfer of Existing Capital Improvement Funds to Supplement Funds Budgeted in the Port of Milwaukee's 1998 Capital Improvements Budget for the Construction of a New 55,000 Sq. Ft. Warehouse. (Port of Milwaukee)
ANLS:
- ANALYSIS -
This resolution authorized the transfer of existing capital improvement funds to supplement funds budgeted in the Port of Milwaukee's 1998 Capital Improvements Budget for the construction of a new warehouse of about 55,000 square feet.
BODY:
Whereas, The Port of Milwaukee desires to construct a modern warehouse of about 55,000 square feet on the South Harbor Tract for the purpose of handling metals and other cargo; and
Whereas, The Port of Milwaukee has reached an agreement with Federal Marine Terminals, Inc. (FMT) to utilize this warehouse for up to the next fifteen (15) years with a minimum term of ten (10) years; and
Whereas, The Port of Milwaukee has determined that this new warehouse and related improvements will cost a total of $2,700,000; and
Whereas, The Port of Milwaukee's 1998 Capital Improvements Budget includes a line item for construction of a new warehouse with funding of $1,739,000; and
Whereas, The Port of Milwaukee desires to re-orient existing Capital Improvements funds to provide the additional funding needed; and
Whereas, These funds are not needed at this time for the purpose appropriated; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is hereby authorized and directed to transfer existing appropriations from the following accounts to Account 48-742-0683 entitled Terminal 2 Warehouse as follows:
Move Container Yard Operation (48-742-0625) $709,971.20
Cargo Handling Equipment (48-742-0633) $ 37,401.69
Cargo Handling Equipment (48-742-0623) $213,627.11
DFTR:
Port of Milwaukee
May 26, 1998
I:/USERS/EZIEBE/MYDOC...
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