Explanation
Background: As previously approved by Ordinance #1150-2020, the Golf Division has entered into a lease agreement with PNC Equipment Finance, LLC and Lake Erie Golf for the lease-purchase payments and Maintenance of 385 golf riding carts with the lease agreement ending after the 2025 golf season. This ordinance will authorize the expenditure of $295,680.00 from the Recreation and Parks Operation Fund for the 2022 lease agreement payments, which is the second year of the lease; and to declare an emergency.
The lease agreement includes three parties:
· The City of Columbus
· PNC is the source of financing
o Golf cart lease agreements and payments would be with PNC
o Yearly legislation would occur to fund payments
· Lake Erie Golf is the golf cart maintenance company
o Lake Erie Golf would provide all cart maintenance for the duration of all contracts
o Lake Erie Golf does not receive payment for their contracted services
o At the end of our lease agreement with PNC, Lake Erie Golf gains ownership of all 385 carts
Principal Parties:
PNC, Equipment Finance
655 Business Center Drive
Horsham, PA 19044
Staysi Garcia Morillo, 267-960-4076
34-1880513
Lake Erie Golf
26565 Miles Road
Warrensville Heights, OH 44128
Danny Hayes, 614-808-5735
34-1880513
Emergency Justification: it is immediately necessary to authorize the expenditure of $295,680.00 from the Recreation and Parks Operation Fund for the 2022 lease-purchase payments to PNC Equipment Finance, LLC and Lake Erie Golf for the lease and maintenance of 385 golf riding carts as the payment is due as soon as possible, thereby preserving the public peace, property, health, safety, and welfare
Benefits to the Public: Golf carts are necessary to the operation of the golf courses.
Area(s) Affected: All six municipal golf courses.
Fiscal Impact: $295,680.00 is required and is budgeted within the 2022 Recreation and Parks operating b...
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