Number
180699
Version
Original
Reference
Sponsor
Alderman Borkowski
Title
Resolution approving a Third Amendment to and Extension of Lease Agreement with Federal Marine Terminals, Inc.
Analysis
This resolution would approve a Third Amendment to & Extension of Lease Agreement with Federal Marine Terminals, Inc., to reflect new calculated base rent, tonnage assessment, and minimal annual tonnage guarantee; and
Body
Whereas, The Tenant and the City entered into a Lease Agreement dated August 13, 1998, and further amended on September 28, 1999 (together hereinafter referred to as the “Lease Agreement”), whereby the City leased to the Tenant certain real property through December 31, 2008, (hereafter referred to as the “Property”), located on the South Harbor Tract of Port Milwaukee; and
Whereas, The Lease Agreement was extended by the City and the Tenant by a lease extension on November 13, 2008, for a five (5) period commencing January 1, 2009 up through and including December 31, 2013; and a Second Extension, on January 1, 2014 up through and including December 31, 2018; and
Whereas, The Tenant, by written notice dated October 26, 2017, has notified the City of its intension, pursuant to Section 2 of the Lease Agreement, to extend the Lease Agreement for an additional five (5) year period commencing on January 1, 2019 and terminating December 31, 2023, under the same terms and conditions as contained in the Lease Agreement, except for the modifications of the base rental figure and additional tonnage assessments specified herein.
Whereas, The Board of Harbor Commissioners at their meeting on August 9, 2018 acted by a unanimous vote of the Board to approve this Third Amendment to & Extension of 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 Federal Marine Terminals, Inc. and the City of Milwaukee, by and throu...
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