Number
100780
Version
Original
Reference
Sponsor
The Chair
Title:
Resolution approving a lease agreement with IFI Terminal Milwaukee, LLC.
Analysis
This resolution would approve a Lease Agreement with IFI Terminal Milwaukee, LLC for 10.59 acres of property to replace the fourth 5-year option remaining on the Tenant’s original lease dated August 17, 1990. The lease agreement is for a 5-year Initial Term with four consecutive 5-year extension options, which would allow IFI to operate a liquid bulk facility for the receipt production, processing, handling, storage, shipping, and distribution of bulk liquid materials and all raw materials, proceeds and ingredients related thereto.
Body:
Resolved, By the Common Council of the City of Milwaukee that said Common Council hereby ratifies and approves the Lease Agreement between the City of Milwaukee, by and through its Board of Harbor Commissioners and IFI Terminal Milwaukee, LLC for the term August 18, 2010 through December 31, 2015, and, be it
Further Resolved, That the designated officers of said government and said Board are hereby authorized and directed to execute an agreement to carry out this purpose as prepared by the City Attorney's office.
Drafter
10/15/2010
Port of Milwaukee
Eric Reinelt
i:ifilse10.59ccres.doc