SUBJECT: CONSENT AGENDA
Title
A Resolution of the Board of Trustees of the Town of Erie Approving the Leasing of Vehicles from Enterprise FM Trust
Body
DEPARTMENT: Public Works
PRESENTER: Todd Fessenden, Public Works Director
FISCAL SUMMARY:
Cost as Recommended: $ 291,580.81
Balance Available: $ 715,400.00
Budget Line Item Number: See Chart Below
New Appropriation Required: No
STAFF RECOMMENDATION:
Recommendation
Approve Resolution 20-198 regarding lease agreement with Enterprise FM Trust, authorize the appropriate Town officer to execute said lease agreement, and authorize staff to pay said lease payments.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On May 14, 2019, The Board authorized the Town to enter into a Master Equity Lease Agreement with Enterprise FM Trust regarding leasing of Town Fleet units. With this agreement, the Town will lease vehicles on an annual basis for up to a five-year period, depending on the vehicle. Some of the benefits for this include:
* Expected lower maintenance cost as vehicles are under warranty for the first three years and are replaced every five years.
* More efficient models have lower fuel costs
* Newer vehicles are more reliable
* Fixed costs each year for easier budgeting
* Town receives full residual/sale value at the end of the lease term and the Town can retain the vehicle and/or equipment or have Enterprise sell the vehicle at no additional cost to the Town.
The 2021 adopted budget includes the purchase or lease of new and replacement Fleet units. The Town will lease the following vehicles per the request forms submitted:
Parks and Recreation requested two replacement vehicles for unit 317 - a 2008 Ford F250 super duty pickup and unit 503 - a 2008 Dodge Durango. The F250 will be replaced with a 2021 Chevy Silverado 2500 and the Durango will be replaced with a Highlander Hybrid. With the Silverado, a down payment for half of the aftermarket options is required with the first mo...
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