3/12/2024 - Leelanau Township Board | Payment Options for Enforcer SM Pumper — Leelanau Township

Summary

The Leelanau Township Fire Department meeting on March 7, 2024, centered around the payment options for the purchase of the Enforcer SM pumper vehicle. Different payment structures were discussed and evaluated, ensuring that the department is equipped with clear financial plans regarding the procurement of the vehicle.

Financial Summary

- **Proposed Vehicle Price**: $955,309.00

Payment Options:
- 100% Upfront Payment:
  - Total: $955,309.00
  - Prepayment Discount: $107,974.00
  - Total Due at Order Submission: $847,335.01
- Partial Prepayment with Payments Before Delivery:
  - Total: $955,309.00
  - Partial Prepayment (due at order submission): $318,436.00
  - Prepayment Discount: $88,223.00
  - Payment #2 due April 1, 2025: $318,436.00
  - Payment #3 due April 1, 2026: $230,214.00
- Partial Prepayment with Payment at Final Inspection:
  - Total: $955,309.00
  - Partial Prepayment (due at order submission): $318,436.00
  - Prepayment Discount: $82,822.00
  - Total Due at Time of Final Inspection: $235,615.00
Note: Final balance due could be adjusted based on customer-approved changes to the order.

Action Items

- Follow up on the decision regarding which payment option to pursue. - Confirm clarity on prepayment terms, specifically regarding interest adjustments if payments are late. - Ensure that the department remains informed on any potential changes to the total cost due to order modifications.