NUMB:
980216
VERS:
Original
REF:
XXBY:
THE CHAIR
TITL:
Resolution approving Lease Agreement with Federal Marine Terminals, Inc. (Port of Milwaukee)
ANLS:
-Analysis- This resolution would approve Lease Agreement with Federal Marine Terminals, Inc., for use of Terminal #2 and Pier #1, the Bradford Buildings #1 & #2, Terminal #3 and a new warehouse of about 50,000 square feet, to be constructed, on the South Harbor Tract.
BODY:
Whereas, The Board of Harbor Commissioners has approved a Lease Agreement with Federal Marine Terminals, Inc., for use of Terminal #2 and Pier #1, the Bradford Buildings #1 & #2, Terminal #3 and a new warehouse of about 50,000 square feet, to be constructed, on the South Harbor Tract, for receiving, shipping, storing, stevedoring and handling all kinds of general cargo, including steel, but specifically excluding bulk, plus any and all activities incidental to such uses (such as general office use); and
Whereas, The Lease would be for an Initial Term of ten (10) years, commencing on January 1, 1999 and terminating on December 31, 2008, and may be extended for one (1) additional five (5) year period commencing January 1, 2009 and terminating December 31, 2013; and
Whereas, Base rent during the Initial Term or any extension thereof would be Two Hundred Twenty Thousand ($220,000), payable in equal quarterly installments of Fifty Five Thousand($55,000); and,
Whereas, Tenant shall also pay during the initial term and during any extensions as additional rent, a supplemental based upon the amount of tonnage handled over a fixed based tonnage amount; 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 Federal Marine Terminals, Inc.; and be it,
Further Resolved, That the designated officers of City Government and of said B...
Click here for full text