Number
260426
Version
ORIGINAL
Reference
Sponsor
ALD. PRATT
Title
Resolution authorizing an exclusive right to negotiate with U.S. Venture, Inc. for the City-owned parcel at 1776 South Harbor Drive - Parcel F at Port Milwaukee, in the 14th Aldermanic District.
Analysis
This resolution authorizes Port Milwaukee to issue a two-year Exclusive Right to Negotiate letter for 1776 South Harbor Drive - Parcel F to U.S. Venture, Inc. allowing them to evaluate new investment opportunities and facility improvements before entering into a long-term lease.
Body
Whereas, Port Milwaukee has been marketing the 3.5-acre parcel at 1776 South Harbor Drive - Parcel F for a maritime-related commercial use; and
Whereas, U.S. Venture, Inc. is a Wisconsin-based company that has been a tenant at Port Milwaukee since 2014 and is currently leasing parcels totaling 13.12-acres immediately north and east of Parcel F; and
Whereas, U.S. Venture, Inc.’s facility consists of bulk liquid storage and infrastructure to move light petroleum products, biodiesel and ethanol to trucks, rail, and barge; and
Whereas, U.S. Venture, Inc. is exploring opportunities to invest in new equipment, storage capacity, and personnel. Increased use of their Milwaukee facility would result in a long-term lease and an increase in wharfage fees; and
Whereas, U.S. Venture Inc.’s prior lease for this location included a right of first refusal with respect to Parcel F; however, that right was not carried forward into the current lease and in light of U.S. Venture’s long-standing tenancy and adjacent operations, granting an Exclusive Right to Negotiate for Parcel F is appropriate and provides U.S. Venture a reasonable opportunity to evaluate and advance potential investment in the site; and
Whereas, During the exclusivity period, the parties will negotiate in good faith toward a lease, and Port Milwaukee will agree not to solicit, entertain, or engage in discussions or negotiations with any third party r...
Click here for full text