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Home My WebLink AboutDocumentation_Regular_Tab 13_04/10/2008~. VILLAGE OF TEQUESTA - AGENDA ITEM TRANSMITTAL FORM 1. VILLAGE COUNCIL MEETING: Meeting Date: April 10, 2008 Meeting Type: Regular Ordinance #: Click here to enter text. Consent Agenda: Yes Resolution #: Click here to enter text. Originating Department: Manager 2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report) Authorizing to provide a leased vehicle for the police chief. 3. BUDGET /FINANCIAL IMPACT: Account #: 001-530-544.301 Current Budgeted Amount Available: Cic; sere tc e!~tti: tear. Amount of this item: $18,033.00 Over 60 months-Prorated by year. Amount Remaining after item: Click here tc~ ester text. Budget Transfer Required: Choose an Appropriate Fund Balance: Choose an item. iter.. 4. EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item) Authorizing Mears Leasing to provide a lease vehicle for the police chief in lieu of receiving the $500.00 per month car allowance currently provided. This would be an open-end/municipal lease purchase agreement in conjunction with the Florida Sheriff's Association bid award (07-15-0827). 5. APPROVALS: Dept. Head ~T Finance Director: Yes ~ No ^ Attorney: (for legal sufficiency) Village Manager: • SUBMIT FOR COUNCIL DISCUSSION: [~ • APPROVE ITEM: • DENY ITEM: ^ TO: Mayor/Council MEMORANDUM Village of Tequesta Administration FROM: Michael Couzzo, Village Manage DATE: April 10, 2008 SUBJECT: Consideration and approval of a leased vehicle for the police chief. Submitted for your consideration and approval is my request to provide a leased vehicle for Chief McCollom. Presently, Chief McCollom receives a $500.00 per month car allowance. I am recommending these funds to be utilized for the lease payments. Gasoline and maintenance (not cover covered under warranty) will be provided with funds within the existing police budget. The vehicle will be equipped as a road patrol unit, but left unmarked. The Chief will be able to utilize the vehicle to complement the existing fleet and provide him with the ability to back up units when the situation arises. As provided in the attached backup, the lease terms are for 60 months at $359.28 per month. It's customary that municipal police chiefs be provided a vehicle as described. Chief McCollom has proven his ability and demonstrated the qualities desired to lead the Tequesta Police Department. I appreciated your favorable consideration of this request. February 26, 2008 Captain D.J. "Rick" Ricciardi Tequesta Police Department 357 Tequesta Drive Tequesta, FL 33469 Captain Ricciardi: MEARS M OTO R LEASING VEHICLES EQUIPMENT Mears Leasing proposes to provide the Tequesta Police Department a New 2008 Chevrolet Impala Sedan (Model 1 WB 19) on an open-end/municipal lease purchase agreement in conjunction with the Florida Sheriffs Association bid award (07-15-0827). Specifications and terms are as follows: New 2008 Chevrolet Impala Full Size 4-Door a~Administrative Vehicle (Model 1 WB 19) Specification #4 Southern Zone Capital Cost $15,926.00 Vent Visors (stick-on) 96.00 Full Size Spare Tire and Rim 375.00 WAVP (Whelen Admin Vehicle Pkg) 1,636.00 Total $18,033.00 Lease open-end/municipal lease purchase Mileage Allowance Unlimited Over Mileage None Residual Value $1.00 One Time Bank Fee $250.000 (billed at inception) Tag Fees Billed separately 3905 EI Rey Road, Orlando, FL 32808 • Phone 407.298.2982 • Fax 407.578.4924 www.mearsleasing.com A DIVISION OF The Bar1COf Bank FDIC Insured Page Two Terms: 36 months 48 months 60 months @$572.20 per month @$439.04 per month @$359.28 per month This vehicle would be factory ordered in your choice exterior/interior colors. Delivery in approximately 8-12 weeks from the date of order. Mears Leasing would need a purchase order or letter of intent to facilitate the ordering process. Thank you and don't hesitate to contact me with any questions you might have. Sinc e y, David R. Pickard Sr Account Executive dpickard(a,mearsleasin .com 396 864-7671 VEHICLE DEALER: ZONE: BASE PRICE: Order Code Impala (1 WB 19) Impala (1 WB 19) Impala (I WB 19) Impala (1 WB 19) Garber Chevrolet, Buick, Garber Chevrolet, Buick, Garber Chevrolet, Buick, Garber Chevrolet, Buick, Pontiac &GMC Trucks, Pontiac &GMC Trucks, Pontiac &GMC Trucks, Pontiac &GMC Trucks, Inc. Inc. Inc. Inc. Western Northern Central Southern $15,926.00 $15,926.00 $15,926.00 $15,926.00 Delete Options Ctvise control ABS brakes On-Star All Zones NA NA~ NA~ NAI Satellite radio Order Code Add Options LS4 ~ Engine upgrade -specify LZG ~ Engine upgrade -specify P27 1 Ford Taurus - AWD 1 WC19 ~ Vehicle upgrade package -specify AP8 ~ Remote start system Floor mats, front and rear Side air protection AM/FM radio with single CD TK ~ Third key Keyless entry Vent visors -stick-on style Rainshields -flange style Full size spare tire and rim Pin stripes/door edge guard B86 ~ Body side mouldings Class III hitch and rec. draw bar with 2" ball, dealer installed N ~ Nitrogen filled tires including spare tire Daytime running lights Immobilize daytime running lights CAVP ~ Code 3: Administrative Vehicle Package -See Emergency Vehicle Lighting Specifications (Part D) FAVP ~ Federal Signal: Administrative Vehicle Package -See Emergency Vehicle Lighting Specifications (Part D) SAVP ~ Signal: Administrative Vehicle Package -See Emergency Vehicle Lighting Specifications (Part D) WAVP ~ Whelen: Administrative Vehicle Package -See Emergency Lighting Specifications (Part D) Rear deck halogen warning lights -red and or blue flashing Rear deck strobe warning lights -red and or blue flashing Rear deck LED, GEN 3 minimum, warning lights -LED lights may be blue, red, amber or any combination -specify color All Zones $6,980.00 ~ $4,360.00 ~ NAB $4,360.00 ~ $225.00 ~ Incl. Incl. Incl. $78.00 ~ Tncl. $96.00- NA $375.00 $96.00 $100.00 I $310.00 $96.00 ~ Incl. $210.00 $1,776.00 ~ NAB NAB $1,636.00 ~ NA $380.00 $340.00 Bid Award Announcement (07-I 5-0827) J35 911 EUMP -LED 911 EP: Basic LED Unmarked Patrol Package -Consist of Interior Rearview Mirror, Grille and Rear Deck LED System (Minimum 2 Lights in Each Position); Headlight Flasher; Four Corner Strobe System (60 Watt Power Supply Minimum); Basic (6) Switch Controller; Siren, Speaker and Bracket(s) -LED lights may be blue, red, amber or any combination -specify color. CKAGE: CAVP t~: ~' , r ° Code 3: Administrative Vehicle Package -Consist of Interior Rearviw Mirror LED Light; Rear Deck or Headliner LED Lights (Minimum of 2); Headlight Flasher; Four Corner Strobe System (60 Watt Power Supply Minimum); Combination Light Controller/Siren; Speaker and Bracket -LED lights may be blue, red, amber or any combination -specify color. FAVP _ " ~" Federal Signal: Administrative Vehicle Package -Consist of Interior Rearviw Mirror LED Light; Rear Deck or Headliner LED Lights (Minimum of 2); Headlight Flasher; Four Corner Strobe System (60 Watt Power Supply Minimum); Combination Light Controller/Siren; Speaker and Bracket -LED lights may be blue, red, amber or any combination -specify color. SAVP `' f' Signal: Administrative Vehicle Package -Consist of Interior Rearviw Mirror LED Light; Rear Deck or Headliner LED Lights (Minimum of 2); Headlight Flasher; Four Corner Strobe System (60 Watt Power Supply Minimum); Combination Light Controller/Siren; Speaker and Bracket -LED lights may be blue, red, amber or any combination -specify color. WAVP i, zG - Whelen: Administrative Vehicle Package -Consist of Interior Rearviw Mirror LED Light; Rear Deck or Headliner LED Lights (Minimum of 2); Headlight Flasher; Four Corner Strobe System (60 Watt Power Supply Minimum); Combination Light Controller/Siren; Speaker and Bracket -LED lights may be blue, red, amber or any combination -specify color. Bid Award Announcement (07-15-0827) 69 LEASE OPTIONS AND COSTS Annual Auto Allowance Lease Vehicle Cost Length of Lease Monthly Payment Annual Expense Interest Rate Total Interest Paid $6,000.00 $18,033.00 36 Months $572.20 $6,866.40 8.85% $2,566.20 $6,000.00 $18,033.00 48 Months $439.40 $5,272.80 7.86% $3,040.92 $6,000.00 $18,033.00 60 months $359.28 $4,311.36 7.26% $3,523.80 This is an open-end lease which means there is no mileage limitations and the vehicle may be purchased by the Village at the end of the lease for the residual value of $1.00. The vehicle cost includes the factory installed Administrative Emergency Lighting/Siren package (Option WAV P). Amortization Calculator Output Page 1 of 1 Amortization Calculator N1JW INFO: In preparation for the calculator's impending change of address, I've been making a few minor updates to the program. You probably won't notice anything different: the latest version just handles input errors a little better. I'll announce the new web address soon, so continue to watch this space. --Bret You may want to find out more about this calculator, or read the Frequently Asked Questions (FAQ). This calculator was written by Bret Whissel. Almost any data field on this form may be calculated. Enter the appropriate data in each slot, leaving blank (or zero) the value that you wish to calculate, and then activate "Calculate" to update the page. I- Show Amortization Schedule Principal: 18033.00 Annual 8 8516 Interest Rate: Balloon Payment: Payments per 12 Year: Number of Regular 36 Payments: Payment 572.20 Amount: Principal borrowed: $18033.00 Annual Payments: 12 Total Payments: 36 Annual interest rate: 8.85% Periodic interest rate: 0.7376% Regular Payment amount: $572.20 Final Balloon Payment: $0.00 The following results are estimates which do not account for values being rounded to the nearest cent. Total Repaid: $20599.20 Total Interest Paid: $2566.20 Interest as percentage of Principal: 14.231 36 MONTH LEASE http://ray.met.fsu.edu/cgi-bin amortize 3/13/2008 Amortization Calculator Output Amortization Calculator Page 1 of 1 NEW INFO: In preparation for the calculator's impending change of address, I've been making a few minor updates to the program. You probably won't notice anything different: the latest version just handles input errors a little better. I'll announce the new web address soon, so continue to watch this space. --Bret You may want to find out more about this calculator, or read the Frequently Asked Questions (FAQ). This calculator was written by Bret Whissel. Almost any data field on this form may be calculated. Enter the appropriate data in each slot, leaving blank (or zero) the value that you wish to calculate, and then activate "Calculate" to update the page. ~ Show Amortization Schedule Principal: 18033.00 Payments per 12 Year: Annual ~ g583 Interest Rate: Balloon Payment: Number of Regular 48 Payments: Payment 439.04 Amount: Principal borrowed: $18033.00 Annual Payments: 12 Total Payments: 48 Annual interest rate: 7.86% Periodic interest rate: 0.6549% Regular Payment amount: $439.04 Final Balloon Payment: $0.00 The following results are estimates which do not account for values being rounded to the nearest cent. Total Repaid: $21073.92 Total Interest Paid: $3040.92 Interest as percentage of Principal: 16.863% 48 MONTH LEASE http://ray.met.fsu.edu/cgi-bin/amortize 3/13/2008 Amortization Calculator Output Page 1 of 1 Amortization Calculator NEW INFO: In preparation for the calculator's impending change of address, I've been making a few minor updates to the program. You probably won't notice anything different: the latest version just handles input errors a little better. I'll announce the new web address soon, so continue to watch this space. --Bret You may want to find out more about. th_i_s calculator, or read the Frequently Asked. Questions (FAQ). This calculator was written by Bret Whissel. Almost any data field on this form may be calculated. Enter the appropriate data in each slot, leaving blank (or zero) the value that you wish to calculate, and then activate "Calculate" to update the page. f Show Amortization Schedule Principal: 18033.00 Annual ~ 2587 Interest Rate: Balloon Payment: Payments per 12 Year: Number of Regular 60 Payments: Payment 359.28 Amount: Principal borrowed: $18033.00 Annual Payments: 12 Total Payments: 60 Annual interest rate: 7.26% Periodic interest rate: 0.6049% Regular Payment amount: $359.28 Final Balloon Payment: $0.00 The following results are estimates which do not account for values being rounded to the nearest cent. Total Repaid: $21556.80 Total Interest Paid: $3523.80 Interest as percentage of Principal: 19.541 60 MONTH LEASE http://ray.met. fsu.edu/cgi-bin/amortize 3/13/2008