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File #: 200586    Version: 0
Type: Resolution Status: Passed
File created: 9/1/2020 In control: COMMON COUNCIL
On agenda: Final action: 9/22/2020
Effective date:    
Title: Resolution Approving Amendment to and Extension of Lease Agreement with Milwaukee Bulk Terminals (Kinder Morgan).
Sponsors: THE CHAIR
Indexes: AGREEMENTS, LEASES, PORT OF MILWAUKEE
Attachments: 1. KMBTlseDomes2020ccres.pdf, 2. KMBTlse Domes2020ccltr.pdf, 3. KMBTlseDomesFinal2020.pdf, 4. FILE 200586 - Fiscal Impact Statement - MBT Domes (082120), 5. KMBTlseDomesEquityImpactState2020.pdf

Number

200586

Version

Original

Reference

Sponsor

Alderman Borkowski

Title

Resolution Approving Amendment to and Extension of Lease Agreement with Milwaukee Bulk Terminals (Kinder Morgan).

 

Analysis

This resolution would approve an amendment to and extension of the lease agreement with

Milwaukee Bulk Terminals (Kinder Morgan) for 0.808 acres of property on Port Milwaukee’s South Harbor Tract.

BODY

Whereas, Milwaukee Bulk Terminals (Kinder Morgan) is in good standing with the Port of Milwaukee and has an existing lease dated March 25, 2015; and

 

Whereas, the Initial Lease Agreement provided for one additional lease extension of (5) five years; and

 

Whereas, City and Tenant have agreed to extend the initial term for an additional two five-year options; and


Whereas, The Board of Harbor Commissioners at their meeting of August 6, 2020 acted by unanimous vote of the Board to grant such Amendment; 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 and Extension of Lease Agreement between Milwaukee Bulk Terminals (Kinder Morgan) and the City of Milwaukee, by and through its Board of Harbor Commissioners for the period of February 15, 2015 through December 31, 2040; 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, as prepared by the City Attorney's office.

 

Drafter:

Port of Milwaukee

Adam Tindall-Schlicht

                     

MBTlse .808acres 8620