Presenter
Presented by Mr. Motznik
Title
Resolution providing for an Agreement with American Express Business Finance (AMEX), a qualified finance company for the purpose of financing the City's lease/purchase of a Seasonal Support Structure to be used to operate the Mellon Park Tennis Center.
Body
Whereas, the City is entering into an Agreement with American Express Business Finance (AMEX), a qualified vendor for the lease/purchase of a Seasonal Support Structure, and wishes to finance the said lease/purchase pursuant to the terms of a finance Agreement authorized herein.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor and the Director of the Department of Parks and Recreation, on behalf of the City of Pittsburgh, are hereby authorized to enter into an Agreement, in a form approved by the City Solicitor, with American Express Business Finance (AMEX), a qualified finance company for the purpose of financing the lease/purchase of a Seasonal Support Structure which will be used in the operation of the Mellon Park Tennis Center within the Department of Parks and Recreation at a total cost not to exceed Four Hundred Ninety Eight Thousand Seven Hundred Sixty One Dollars and Sixty Two Cents ($498,761.62). The City's obligation to AMEX shall be Four Hundred Ninety Eight Thousand Seven Hundred Sixty One Dollars and Sixty Two Cents ($498,761.62) subject to and contingent upon annual appropriation of funds, which are chargeable to and payable from 2003-2008 Contract/Budget Years (See attached schedule) from a newly created trust fund approved by City Council for the Department of Parks and Recreation.
Section 2. The purchase of the Seasonal Support Structure shall be via a financing Agreement with a six-year amortization period. The City shall pay interest to the finance company at the annual percentage rate of 5.52%. At the conclusion of the lease term, the City shall have the option to purchase the Seas...
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