Committee advances 10-year lease for 1,600 feet of river mooring to SCF Fleeting at above-market rate
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Summary
The Transportation and Commerce Committee voted to advance Board Bill 145, a 10-year lease of about 1,600 linear feet of mooring on the Mississippi River to SCF Fleeting LLC, at a first-year rate of $125,000 with 3% annual increases and options to extend. The Port Authority said SCF was the sole bidder and the rate exceeds standard charges.
The St. Louis Board of Aldermen Transportation and Commerce Committee on Jan. 30 voted to advance Board Bill 145, authorizing a lease between the City of St. Louis and SCF Fleeting LLC for approximately 1,600 linear feet of mooring along the Mississippi River near the Near North Riverfront.
The lease as described in committee will run 10 years at $125,000 for the first year, increase by 3% annually, and include three mutual options to extend by five years each. The bill was introduced by the alderman representing the Fourteenth Ward and was advanced from committee with a due-pass recommendation.
Tom Ray, an attorney representing the Port Authority, told the committee the mooring was put out for bid after renewed interest from SCF and that SCF was the only bidder. "They were the only bidder, and that's why we're entering into it a hundred 20 5 thousand, which is far in excess of the normal rate," Ray said, describing the price as above the usual charge. Ray also said the mooring had been attempted to be leased about 15 years ago but the river then “did not really accommodate it.”
Committee members praised the Port Authority for negotiating higher returns on river leases. The sponsor said the mooring area will serve barge and fleet activity in the riverfront cargo area and noted adjacent activity such as the Ashley Energy steam loop.
The committee motion to advance Board Bill 145 carried on a voice/roll call vote. The clerk recorded aye votes from Alderman Spencer, Alderman Ryan, Alderman Schweitzer, Chair Cone and President Green; the bill moves next to the full Board of Aldermen for additional readings.
Details and next steps: the bill advances with a due-pass recommendation from committee; if approved by the full board it will authorize the mayor to execute the lease under the terms presented to committee.