Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute The Attached Master Equity Lease Agreement Package And Issue The Attached Blanket Purchase Order Between Enterprise FM Trust, A Delaware Statutory Trust ("Enterprise") And The City Of Hollywood, For The Lease Of Vehicles To Serve The Code Compliance Division For A Total 14 Month Term And An Estimated Total Amount Of $112,544.00.
Body
Staff Recommends: Approval of the Attached Resolution
Explanation:
The Public Works Department, Fleet Division, on behalf of the Code Compliance Division is requesting the approval of the attached lease agreement package for the purpose of leasing pick-up trucks to replace sixteen (16) vehicles that have reached or surpassed their life expectancy and road worthiness by age, mileage and wear and can no longer be relied upon to perform at required operational levels.
Staff reached out to Enterprise regarding availability of an appropriate pick-up truck and the vendor advised City staff that they can provide GMC Sierra 1500 pick-up trucks as needed by the City via an open-end equity lease program. The Enterprise Vehicle Lease Agreement for the vehicle was competitively procured through the City of Lauderdale Lakes, Florida, pursuant to RFP No. 15-1301-02R, and Enterprise has agreed to provide these vehicles under similar pricing terms and conditions as a "piggy-back" to this Agreement.
The proposed lease instrument provides for 32 vehicles to be operated in increments of 16 vehicles at a time for a total 14 month term, of which at the end of the first 7-month term, the first 16 vehicle increment will be returned and replaced by 16 new vehicles for the second 7-month term. Enterprise projects a vehicle re-sale value for the GMC Sierra pick-up exceeding the reduced book value at the end of each 7 month term based upon accredited ALG Residual Data (Automotive Lease Guide). Enterprise's...
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