Title
Awarding bid for lease purchase financing of a new Pierce Velocity Ascendant 107' Ladder Truck for the FCPEMSD.
Body
Summary:
Bids were opened on Monday October 16, 2017, for the financing of a new Pierce Velocity Ascendant 107' Ladder Truck for the FCPEMSD. The City received seven (7) bids in response to the request for this lease purchase financing. As requested, each bidder provided information for a 5-year term and an 8-year term to compare options. The comparison is attached.
Bidder, Interest Rate, Monthly Payment, and Total Payment:
5-Year Term
City National Capital Finance @ 1.83%; $20,311.38/month; Total = $1,218,683
Signature Public Funding @ 1.910%; $20,352.02/month; Total = $1,221,121
US BanCorp @ 1.97%; $20,382.54/month; Total = $1,222,952
Wells Fargo Equipment Finance @ 2.3014%; $20,551.62/month; Total = $1,233,097
Frost @ 2.00%; $20,397.81/month; plus $1,000 document fee; Total = $1,224,869
Capital City Leasing @ 2.000004%; $20,397.81/month; Total = $1,223,869
Bancorp South @ 2.45%; $20,585.69/month; Total = $1,235,141
8-Year Term
City National Capital Finance @ 2.000%; $13,128.04/month; Total = $1,260,292
Capital City Leasing @ 2.10%; $13,179.68/month; Total = $1,265,249
Signature Public Funding @ 2.220%; $13,241.81/month; Total = $1,271,214
Frost @ 2.31%; $13,288.54/month; plus $1,000 document fee; Total = $1,276,700
US BanCorp @ 2.330%; $13,300.75/month; Total = $1,276,872
Wells Fargo Equipment Finance @ 2.5012%; $13,388.14/month; Total = $1,285.261
Bancorp South @ 2.64%; $15,155.45/month; Total = $1,273,058 (note: alternate bid for 7-year term)
Fiscal/Budgetary Impact:
Based on the lowest cost option, the City recommends the 8-year term offered by City National Capital Finance at a rate of 2.00%. The current fiscal year's cost would be $131,281 for the ten (10) months of December 2017 - September 2018. The lease financing cost for the first full year (next fiscal year) would be $15...
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