File #: 18-0068    Version: 1 Name:
Type: Resolution Status: Passed
File created: 3/2/2018 In control: Town Commission
On agenda: 3/6/2018 Final action: 3/6/2018
Title: Approval of Lease/Purchase Agreements for Energy Performance Contract with ABM Building Services; City National Capital Finance, Inc. Summary: This item is the financing instrument for the ABM Project adopted by Resolution 2018-15. The total project cost is $1,112,390. $762,390 will be financed over 12 years at a rate of 3.529%. A draft of the terms is included, a final draft will be provided at the Commission meeting as it was not available at the time of agenda publishing.
Attachments: 1. 2018-16 Authorizing Lease_Financing with City National Capital Finance, 2. Belleair Document Package.pdf

Summary

To: Mayor Gary H. Katica & Commissioners

From: JP Murphy, Town Manager

Date: 3/2/2018

______________________________________________________________________

Subject:

Title

Approval of Lease/Purchase Agreements for Energy Performance Contract with ABM Building Services; City National Capital Finance, Inc.

 

Summary:

This item is the financing instrument for the ABM Project adopted by Resolution 2018-15. The total project cost is $1,112,390. $762,390 will be financed over 12 years at a rate of 3.529%. A draft of the terms is included, a final draft will be provided at the Commission meeting as it was not available at the time of agenda publishing.

End

Body

Previous Commission Action: The Commission previously approved the ABM project.

Background/Problem Discussion: This is the financing instrument to implement the ABM project

Expenditure Challenges: $78,167 annually, offset by realized energy savings.

Financial Implications:  $78,167 will need to be allocated each year for 12 years.

Recommendation:  I recommend approval

Proposed Motion: I move approval of Resolution 2018-16.