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File #: 18-909    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 6/21/2018 In control: Council and Authorities Concurrent Meeting
On agenda: 7/17/2018 Final action:
Title: Action on the Yamaha Motor Finance Corporation, U.S.A. Equipment Lease for Golf Carts for Santa Clara Golf & Tennis Club (SCG&TC)
Attachments: 1. Yamaha Lease Documentation - Exhibit A - Equipment Schedule, et seq., 2. Master Lease Agreement - Yamaha 2016, 3. SCGTC FY2018-2019 Budget
Action on the Yamaha Motor Finance Corporation, U.S.A. Equipment Lease for Golf Carts for Santa Clara Golf & Tennis Club (SCG&TC)

The current Municipal Master Lease Agreement, dated July 6, 2016, for eighty (80) electric golf carts used at the Santa Clara Golf & Tennis Club (SCG&TC) extends through the period indicated on the Exhibit A-Equipment Schedule, which refurbished vehicles are at the end of their expected life in August 2018. American Golf Corporation has received a proposal from Yamaha Motor Corporation to provide a new Exhibit A to the Master Lease Agreement to replace the refurbished eighty (80) YDRE & three (3) YT2A golf carts with a new fleet for a new annual lease cost of $64,320, and a total not-to-exceed amount of $257,280 over a four-year term beginning August 1, 2018. Golf cart lease funding is included in the Sports and Open Space Authority (SOSA) Budget for SCG&TC approved on June 12, 2018 (RTC 18-277). Golf cart rentals at SCG&TC represent 18% of estimated annual revenues, or $369,750, and are a necessary component of golf course operations since they are used by a high percentage of patrons.

The SCG&TC current golf cart fleet is six years old. Approving the lease agreement documentation will allow SCG&TC to provide a fleet of new golf carts for up to four years beginning August 1, 2018, at a favorable lease rate of 4.520%, with a lease close out option if SCG&TC course is closed after 12 months of execution date (August 2019). This will allow flexibility at the currently undetermined SCG&TC closing date and provide patron golf cart service.

The action being considered does not constitute a "project" within the meaning of the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines section 15378(b)(4) in that it is a fiscal activity that does not involve any commitment to any specific project which may result in a...

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