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Commercial Leasing Agreement

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Commercial Leasing Agreement Powered By Docstoc
					              COUNCIL COMMUNICATION
From:         The City Manager

Subject:      CitiCapital Commercial Leasing Corporation Finance Agreement

Manager’s Recommendation:

        I recommend approval of the agreement with CitiCapital Commercial Leasing

Corporation (“CitiCapital”) for the purchase of a skid steer loader plus snow blower

attachment and two air compressors from Carleton Equipment Company (“Carleton”).

The contract amount is $61,527.00. CitiCapital is the finance company for Carleton.

The agreement has been approved by me as to substance and the City Attorney as to

form.

        This vendor meets all requirements of the Contract Compliance Provisions,

Title 1, Chapter 14, §14.35 – 14.44, of the Saginaw Code of Ordinances.

        The funds are available in the Motor Pool Capital Outlay Fund Account No. 661-

4480-841-9741.

Justification:

        The Streets & Bridges Division requires one skid steer loader and two air

compressors to replace old equipment used in their daily operations.

        A finance installment plan agreement was forwarded to the City as part of the bid

package. For the past several weeks, staff has been in negotiations with the vendor

regarding the agreement. As a result, the vendor agreed to remove several unfavorable

terms from the agreement.

        On April 19, 2005, the City of Saginaw accepted bids for the skid street loader

and the air compressors. The bids received are as follows:




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             COUNCIL COMMUNICATION
Skid Steer Loader

       H.P. Forklift Inc.                             $25,515.00
       Saginaw, MI
       DOES NOT MEET SPECIFICATIONS

       Bridgeport Equipment Co.                        26,596.00
       Bridgeport, MI
       DOES NOT MEET SPECIFICATIONS

       Carleton Equipment Co.                       31,326.00
       Saginaw, MI
       (Steer Loader $27,504.00 plus Snow Blower Attachment $3,822.00)

Air Compressors
       H.T. Moriarty Co.                              $21,512.00
       Toledo, OH.
       DOES NOT MEET SPECIFICATIONS

       Carleton Equipment Co.                          23,432.00
       Saginaw, MI

       Northern Industrial Supply                      23,597.90
       Saginaw, MI
       DOES NOT MEET SPECIFICATIONS

      Carleton submitted the only bids that met specifications. The total amount of the

bids is $54,758.00 and interest is $6,769.00 for a total amount of $61,527.00.

Council Action:

      Council __________ ______________ moved that the recommendation of the

City Manager be approved.




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