NUMB:
980214
VERS:
Original
REF:
XXBY:
THE CHAIR
TITL:
Resolution approving Lease Agreement with MBT, LLC. (Port of Milwaukee)
ANLS:
-Analysis- This resolution would approve Lease Agreement with MBT, LLC, for use of Terminals #4 and #4A consisting of approximately 104,000 square feet, on the South Harbor Tract to establish a dockside bulk materials bagging and warehousing facility. _____________________________________________________________
BODY:
Whereas, The Board of Harbor Commissioners has approved a Lease Agreement with MBT, LLC, for use of Terminals #4 and #4A, consisting of approximately 104,000 square feet, on the South Harbor Tract, to establish a dockside bulk materials bagging and warehousing facility; and
Whereas, The Lease would be for an Initial Term of ten (10) years, commencing on June 1, 1998 and terminating on May 31, 2008, and shall be extended automatically for one (1) additional five (5) year period, unless MBT, LLC delivers written notice of termination not less than 360 days prior to expiration of the Initial Term; and
Whereas, Base rent during the Initial Term or any extension thereof would be One Hundred Thirty Thousand ($130,000), payable in equal quarterly installments of Thirty Two Thousand Five Hundred ($32,500); and,
Whereas, Said base rent shall be escalated from time to time during the currency of the Lease; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that said Common Council hereby ratifies and approves the Lease Agreement between the City of Milwaukee, by and through its Board of Harbor Commissioners and MBT, LLC,; and be it,
Further Resolved, That the designated officers of City Government and of said Board are hereby authorized and directed to execute an agreement to carry out this purpose as prepared by the City Attorney's office.
DFTR:
Port of Milwaukee
5/19/98
RAC