Title
A Resolution Of The City Commission Of The City of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Issue A Blanket Purchase Agreement With Enterprise FM Trust, A Delaware Statutory Trust, And Execute An Open-End (Equity) Lease Rate Quote For The Lease Of Vehicles In An Estimated Total Amount of $192,932.46 For A 14 Month Term, Based Upon Sourcewell Contract #060618-EFM And In Accordance With Section 38.41(C)(5) Of The Code Of Ordinances. (Piggyback)
Strategic Plan Focus
Public Safety
Body
Staff Recommends: The Approval of the Attached Resolution.
Explanation:
The Fleet Maintenance Division of The Department of Public Works, on behalf of the Code Compliance Division, requests the approval of the attached lease rate quote for the purpose of leasing 42 2022 Ford F-150 4X2 pickup trucks to replace prior leased vehicles that will be returned to Enterprise FM Trust, A Delaware Statutory Trust ("Enterprise").
Enterprise advised City of Hollywood of their need for a "letter of intent" to secure the purchase of these vehicles to the City pursuant to an open-end lease program; as the manufacturer has a short window to receive orders, due to limited build of the 2022 vehicles.
Enterprise projects a re-sale value exceeding the reduced book value at the end of the first seven-month lease term, the first 21 vehicles will be returned and replaced by 21 new vehicles for the second seven-month lease term, based upon accredited ALG residual data, and combined with Enterprise's buying and purchasing power and the manufacturer's government incentives, Enterprise projects that savings from the re-sale will cover the City's lease cost over the 14 month lease program.
The Director of Public Works, the Code Compliance Manager, and the Assistant Director, Financial Services for Procurement recommend that the City Commission authorize the issuance of a Blanket Purchase Agreement and execution of the attached open-end equity lease rate q...
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