Number
061410
Version
Original
Reference
Sponsor
The Chair
Title:
Resolution approving an amendment to a lease agreement with Cargill, Inc.
Analysis
This resolution would approve an Amendment to Lease Agreement with Cargill, Inc. for 4.866 acres of property located at 1835 South Carferry Drive for ten years expiring September 30, 2015.
Body
Whereas, Cargill, Inc. has been a long term tenant in good standing with the Port of Milwaukee and has an existing lease dated October 1, 2001; and
Whereas, The rental term for “Parcel A” under this Amendment is ten years to expire on September 30, 2015. This Amendment allows for an additional 0.287 acres to be added to Parcel A, but does not change the term. Nor does this Amendment change the two-year term for Parcel B, which is set to expire on September 30, 2007; and
Whereas, The annual rent payable under the terms of this lease is set at $77,820 and shall be increased starting February 1, 2007 by the amount of $6,940. Total annual rent on that date shall become $84,760; and
Whereas, The Board of Harbor Commissioners at their meeting of January 19, 2007 acted by vote of the Board to grant such Amendment to Lease Agreement; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that said Common Council hereby ratifies and approves the Amendment to Lease Agreement between Cargill, Inc. and the City of Milwaukee, by and through its Board of Harbor Commissioners, and, be it
Further Resolved, That the designated officers of said government and of said Board of Harbor Commissioners are hereby authorized and directed to execute an agreement to carry out this purpose.
Drafter
2/7/07
Port of Milwaukee
Donna Luty
i:cargill07lse4.8acreccres.doc