HomeMy WebLinkAbout12/21/2011 5D AGENDA BILL SD
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Finance Agreement for Golf Study Session Date December 14, 2011
Equipment for Gold Mountain Golf Complex COUNCIL MEETING Date December 21, 2011
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Raol rpn No. 3�Jrl Department Parks & Recreation
Presenter Jeff Elevado
Phone 473 -5428
SUMMARY:
In May of 2011, City Council approved a Lease - Purchase Agreement to replace nine (9) greens and
fairway mowers essential to the maintenance of Gold Mountain Golf Complex The City and the
vendor's financing company have been unable to reach agreement on contract language related to
the lease- purchase agreement The City's Finance Director has recommended an interfund loan to
replace the equipment financing previously arranged by the vendor The nine mowers are budgeted
in the Gold Mountain Capital Improvement Plan
ATTACHMENTS: ��
1 Resolution /V o• L
2 Loan Amortization Schedule
3 Exhibit A - Western Equipment Distributors, Inc Proposal
4 Exhibit B - State of Washington, State Contract No 08506 Summary
FISCAL IMPACTS (Include Budgeted Amount) This Interfund loan will require annual payments as
listed in the attached Loan Amortization Schedule (Attachment #2) Total Equipment Cost
$295,458 63 Amount Financed $261,000 00 Balance of $34,458 63 to be paid out of 2011 Golf
Capital Funds Funds are budgeted in the Goff Capital Fund
APPROVALS:
DEPARTMENT DIRECTOR lYt
CITY ATTORNEY
FINANCE DIRECTOR
MAYOR
RECOMMENDED MOTION:
R"erS l Opn X0,
Move to approve the purchase of nine (9) Toro mowers through Washington State Contract No
08506 with financing through an mterfund loan and authorize the Mayor to finalize and execute the
agreement with substantially the same terms and conditions as presented
STUDY SESSION ACTION: Consent Agenda ❑ General Business ❑ Public Hearing
COUNCIL PRESIDENT G�
COUNCIL ACTION: [.Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 11/02/2011