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RESOLUTION AUTHORIZING AN AMENDED AND RESTATED PROFESSIONAL ASSET MANAGEMENT AGREEMENT BETWEEN TENASKA MARKETING VENTURES, TENASKA GAS STORAGE, LLC, AND THE CITY OF DULUTH STANDARDIZING THE CONTRACT LANGUAGE WITHOUT CHANGING THE TERMS OF THE AGREEMENT.
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CITY PROPOSAL:
WHEREAS, on March 15, 2018, Tenaska Marketing Ventures, a Nebraska general partnership and Tenaska Gas Storage, LLC, a Delaware limited liability company, (herein referred to collectively or individually as “Tenaska”) and the city of Duluth entered into a professional asset management agreement approved by Resolution 18-0228R (city contract no. 23434); and
WHEREAS, Tenaska and the city wish to amend and restate the 2018 agreement to standardize the contract language, but not change the terms of the agreement.
NOW, THEREFORE, BE IT RESOLVED, that the proper city officials are authorized to enter into an amended and restated asset management agreement, substantially in the form of the attached Exhibit A, with Tenaska Marketing Ventures, a Nebraska general partnership, and Tenaska Gas Storage, LLC, a Delaware limited liability company, to amend and restate city contract no. 23434.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes an amendment to the 2018 agreement (City contract no. 23434) with Tenaska Marketing Ventures, and Tenaska Gas Storage for a professional asset management services related to operation of the city’s gas transmission and storage operations. The amendment standardizes contract language and updates the exhibits to reflect current transportation and storage capacity.