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Office of: <br />JOEL R. HANSON, Administrator <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />612.484 -2177 <br />FAX: 612 - 484.4538 <br />CITY OF LITTLE CANADA <br />RAMSEY COUNTY, MINNESOTA <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: May 18, 1990 <br />RE: Copy Machine Lease Buy -out <br />The City's present copy machine was obtained using a three <br />year lease purchase program. The lease expires in June of <br />this year at which time we must choose one of the following <br />three options: <br />1. Purchase the equipment at fair market value <br />($1,098.77). <br />2. Renew the lease (monthly payments of $356). <br />3. Return the equipment to D.C. Hey. <br />Based on the fact that the equipment functions more than <br />adequately and that no money has been budgeted for the <br />replacement of this machine, it would be my recommendation <br />that we execute the buy -out of the lease at fair market <br />value. It should be noted that a comparable replacement to <br />this copier would cost approximately $10,000. We would <br />also expect that our service arrangements will continue as <br />presently exist. <br />Therefore, if you agree with my reasoning, we will need <br />authority to expend $1,098.77 at the conclusion of this <br />lease to purchase our present Sharp copier. - <br />JRH:kpv <br />PAGE 43 <br />MAYOR <br />Michael Fahey <br />COUNCIL <br />Beverly Scalze <br />Bill Blesener <br />Rick Collova <br />Jim LaValle <br />