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Committee advances new lease with Continental Cement Company for river mooring
Summary
Board Bill 146 was advanced with a do-pass recommendation. Port Authority counsel described the measure as a negotiated new lease (not a simple extension) with Continental Cement Company LLC; members asked about a roughly $100,000 difference in rent compared with the prior mooring lease.
The Transportation and Commerce Committee advanced Board Bill 146 by a do-pass recommendation, authorizing a new lease with Continental Cement Company LLC for mooring and related riverfront use.
Port Authority counsel Tom Ray told the committee the arrangement with Continental Cement is a newly negotiated lease rather than a permitted automatic extension because Port Authority rules limit leases to 25 years; when a non-defaulting tenant negotiates successfully with the Port Authority prior to expiration, the Authority may negotiate a new lease without rebidding. Ray said Continental has been at the site for many years and also owns adjacent property.
Alderwoman Schweitzer asked why the rent for the Continental lease was roughly $100,000 less than the previously discussed SCF Fleeting lease; Ray attributed the difference in part to adjustments made when Continental's lease terms were altered to accommodate infrastructure (he cited relocation tied to the bushel bridge). Schweitzer said she would follow up with Ray for additional detail before final votes.
There were no public commenters directly on Board Bill 146 at the time; the clerk noted two people signed up but for other items. Committee members praised recent Port Authority work to bring leases to market rates. The committee advanced the bill by unanimous consent ("previous roll"; no roll-call tally recorded in the transcript excerpt).
The bill will move to the full Board of Aldermen for further consideration.
