Explanation
Background: This ordinance will authorize the Director of Recreation and Parks to enter into the fourth year of a lease agreement with PNC Bank, National Association DBA PNC Equipment Finance, LLC and Lake Erie Golf Cars, LLC for the lease-purchase payments and maintenance of 385 golf riding carts; the expenditure of $295,680.00 from the Recreation and Parks Operating Fund for the 2024 lease agreement payments; and declare an emergency.
As approved prior by Ordinance #1150-2020, the Golf Division has entered into a lease agreement with PNC Bank, National Association and Lake Erie Golf Cars, LLC for the lease-purchase payments and maintenance of 385 golf riding carts with the lease agreement ending after the 2025 golf season.
The lease agreement includes three parties:
· The City of Columbus
· PNC Bank, National Association is the source of financing
· Golf cart lease agreements and payments would be with PNC Bank, National Association
· Yearly legislation would occur to fund payments
· Lake Erie Golf Cars, LLC is the golf cart maintenance company
· Lake Erie Golf Cars, LLC would provide all cart maintenance for the duration of all contracts
· Lake Erie Golf Cars, LLC does not receive payment for their contracted services
· At the end of our lease agreement with PNC Bank, National Association, Lake Erie Golf Cars, LLC gains ownership of all 385 carts
Principal Parties:
PNC Bank, National Association
DBA PNC Equipment Finance, LLC
655 Business Center Drive
Horsham, PA 19044
Staysi Garcia Morillo, 267-960-4076
Contract Compliance Number: CC-001606
Lake Erie Golf Cars, LLC
26565 Miles Road
Warrensville Heights, OH 44128
Danny Hayes, 614-808-5735
Contract Compliance Number: CC-006916
Emergency Justification: It is immediately necessary to authorize the Director to enter into a new lease agreement for the lease purchase payments of the golf riding carts as the payment is due A...
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