Committee advances five-year lease extension for Material Sales Company at downtown riverfront

The Transportation and Commerce Committee of the St. Louis Board of Aldermen advanced Board Bill 21 out of committee, approving a five-year extension of a lease between the City’s Port Authority and Material Sales Company for moorings on the downtown riverfront between the MacArthur and Poplar Street bridges.

James Morrow, an attorney with the City Counselor’s office who assists the Port Authority, told the committee the company operates barges that are permanently moored along the riverfront and functions as a maintenance and overhaul operator for other barge operators. “This is their last 5-year extension term and we've negotiated an increase in their rates,” Morrow said, describing the original lease’s 2006 start, a 10-year initial term and three five-year renewal options. He said the negotiated rent starts at a little over $17,000 per year and would rise to just over $20,000 per year when the lease ends in 2030.

Committee members asked no substantive questions about the lease terms during the presentation, and the Alderwoman who introduced the bill indicated she had no further comments. A motion to pass Board Bill 21 out of committee with a due-pass recommendation was made and the clerk called the roll; four members recorded affirmative votes and the motion carried.

The committee’s action advances the bill to the full Board of Aldermen for further consideration.