City of Milwaukee - File #: 080859

• File #: 080859
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 10/7/2008
• In control: PUBLIC WORKS COMMITTEE
• Final action: 10/29/2008
• Title: Substitute resolution relating to an Assignment of Lease Agreement and Second Amendment to Lease Agreement between Innovation Fuels, Inc., IFI Terminal Milwaukee, LLC, and the Board of Harbor Commissioners for real property located at 1626 S. Harbor Drive, and to a Leasehold Mortgage for the same property.
• Sponsors: THE CHAIR
• Indexes: AGREEMENTS, LEASES, PORT OF MILWAUKEE

Date	Ver.	Action By	Action	Result	Tally
11/3/2008	2	MAYOR	SIGNED
10/29/2008	2	COMMON COUNCIL	ADOPTED	Pass	12:0
10/15/2008	2	CITY CLERK	DRAFT SUBMITTED
10/15/2008	2	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
10/15/2008	1	PUBLIC WORKS COMMITTEE	SUBSTITUTED; Minutes note: Individuals present: Mr. Larry Sullivan, Harbor Engineer and Assist. City Attorney Stuart Mukamal	Pass	4:0
10/9/2008	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
10/8/2008	1	CITY CLERK	DRAFT SUBMITTED
10/7/2008	0	COMMON COUNCIL	ASSIGNED TO

Number
080859
Version
SUBSTITUTE 2
Reference

Sponsor
ALD. BAUMAN
Title
Substitute resolution relating to an Assignment of Lease Agreement and Second Amendment to Lease Agreement between Innovation Fuels, Inc., IFI Terminal Milwaukee, LLC, and the Board of Harbor Commissioners for real property located at 1626 S. Harbor Drive, and to a Leasehold Mortgage for the same property.
...Analysis
This resolution approves an Assignment of Lease Agreement and Second Amendment to Lease Agreement between Innovation Fuels, Inc., IFI Terminal Milwaukee, LLC, and the Board of Harbor Commissioners for approximately 10 acres of real property located at 1626 S. Harbor Drive. It also expresses the Common Council’s consent to a Leasehold Mortgage between Securant Bank and Trust Company and IFI Terminal Milwaukee, LLC. The City’s approval of the Amendment to Lease Agreement and consent to the Leasehold Mortgage are required as conditions of sale of the private improvements on the property to IFI Terminal Milwaukee, LLC, by Support Terminals Operating Partnership, L.P. & Garland Middendorf.
Body
Whereas, Support Terminals Operating Partnership, L.P. (“STOP”) and the City, by and through its Board of Harbor Commissioners, previously entered into a lease agreement dated October 30, 1990 (“Lease Agreement”), whereby the City leased to STOP approximately 10 acres of bare-ground real property located at 1626 S. Harbor Drive on the South Harbor Tract for an initial term commencing on August 17, 1990 and terminating on August 16, 1995 and up to 4 successive periods of 5 years each, at the option of the STOP and commencing on August 17, 1995; and

Whereas, STOP and the City previously entered into the First Amendment to this Lease Agreement on May 7, 1992; and

Whereas, STOP’s name was legally changed on March 31, 2008 to NuStar Terminals Operations Partnership L.P.; and

Whereas, The Lease Agreement was assigned to Innovation Fuels, Inc. on August 6, 2008; and

Whereas, On Octo...