CM-2017-1290 - 1/13/2017City of Round Rock
221 East Main Street
Round Rock, Texas
78664
ROUND ROCK Signature Copy
TEXAS
City Manager Item: CM -2017-1290
File Number: CM -2017-1290
Consider authorizing the pay-off of a Lease/Loan Agreement with Wells Fargo Equipment
Finance, Inc. for equipment at Forest Creek Golf Club.
The Finance Department is requesting authorization for a one time pay-off of a Lease/Loan
Agreement acquired by CCA Silband/GolfCorp/Round Rock, Inc, dba Forest Creek Golf Club while
they were the Management company responsible for running the Forest Creek Golf Club. The
equipment purchased under this agreement are a a 2005 Multipro Spray Pro 1250, 2012 Turf Cat
628D Mower, 2011 ProFlex 120 Contour Mower, 2013 Jacobsen GK IV Greens Mower, 2013
Jacobson GK IV Greens Mower and 2011 Toro Sand Pro 5040/ Tooth Rake all located at Forest
Creek Golf Club and the property of The City of Round Rock. CCA Silband/GolfCorp/Round Rock,
Inc., dba Forest Creek Golf Club is no longer the management company for the Forest Creek Golf
Club with Kemper Sports Management taking over the management responsibilities as of January
1, 2017 and the Finance Deartment has determined that it is in the best interest of the City to
pay-off this agreement. 'T'�t POLI p4S 0.m t'i Nt iS '995 305,gi
City Manager `/�-ih " `r. L_ Date
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City of Round Rock Page 1 Printed on 1112117
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Stephanie Sandre
From: Ric Bowden <rbowden@roundrocktexas.gov>
Sent: Tuesday, December 13, 2016 2:22 PM
To: wfef@wellsfargo.com
Subject: FW: Forest Creek 001-0487751-700 Assumption
Sorry, I meant to also ask for whatever paperwork is required to assume the loan/lease into the City's name before we
pay off the amount so once paid the equipment will belong to the City of Round Rock.
Thanks,
E.E. (Ric) Bowden, CPPB, CTCM
Contract Administrator
City of Round Rock Texas
221 East Main Street
Round Rock, TX 78664
0-512-218-5459
C-512-517-7461
rbowden@roundrocktexas.gov
From: Ric Bowden
Sent: Tuesday, December 13, 2016 2:01 PM
To:'wfef@wellsfargo.com' <wfef@wellsfargo.com>
Subject: RE: Forest Creek 001-0487751-700 Assumption
The City has decided to payoff this amount as quickly as we can get City Manager approval. With the plan to pay it on or
before February 1 will a January monthly payment be required? To top all this off I'm going to need a formal statement
showing the payoff, no January payment and that it's ok for the City to pay this account so I can take it to our CM for
approval.
Thanks,
E.E. (Ric) Bowden, CPPB, CTCM
Contract Administrator
City of Round Rock Texas
221 East Main Street
Round Rock, TX 78664
0-512-218-5459
C-512-517-7461
rbowden@roundrocktexas.gov
From: wfef@wellsfargo.com [mailto:wfef@wellsfargo.com]
Sent: Monday, December 12, 2016 10:36 AM
To: Ric Bowden <rbowden@ round rocktexas.gov>
Cc: imussery@aol.com; Andrew.A.Smith@wellsfargo.com; Joseph.T.Stitt@wellsfargo.com
Subject: RE: Forest Creek 001-0487751-700 Assumption
Good morning,
Attached is the requested payoff. There is currently a prepayment penalty, which is $888.01 in this figure (2% of
principal). Have a nice rest of your day.
Thank you for contacting Wells Fargo Equipment Finance. If you have further questions, please contact us
at (866)726-4714 or wfefCabwellsfargo.com.
Alex McSherry
Account Services Representative
Account Services
Wells Fargo Equipment Finance 1 600 South 4`h Street I MAC N9300-100 I Minneapolis, MN 55415
Tel 866-726-4714 1 Fax 866-687-5578
wfef@wellsfargo.com
This message may contain confidential and/or privileged information. If you are not the addressee or authorized to receive this for
the addressee, you must not use, copy, disclose, or take any action based on this message or any information herein. If you have
received this message in error, please advise the sender immediately by reply e-mail and delete this message. Thank you for your
cooperation.
From: Ric Bowden[mailto:rbowden(a)roundrocktexas.gov]
Sent: Monday, December 12, 2016 9:51 AM
To: WFEF Cust Service
Subject: AM RE: Forest Creek 001-0487751-700 Assumption
The City of Round Rock has not decided if we are going to assume this loan or just pay it off, I need to know the pay off
balance as of January 1, 2017 and if there are any fines or fees for paying off this loan early.
Thanks,
E.E. (Ric) Bowden, CPPB, CTCM
Contract Administrator
City of Round Rock Texas
221 East Main Street
Round Rock, TX 78664
0-512-218-5459
C-512-517-7461
rbowden@roundrocktexas.gov
From: wfef@wellsfargo.com imailto:wfef@wellsfargo.com]
Sent: Monday, December 12, 2016 9:37 AM
To: imussery@aol.com; Ric Bowden <rbowden@roundrocktexas.Rov>
Cc: Andrew.A.Smith@wellsfargo.com; Joseph.T.Stitt@wellsfargo.com
Subject: RE: Forest Creek 001-0487751-700 Assumption
Good morning,
To begin the review of the transfer/assumption, please complete the attached and return with all needed documents
directly to our MARTI dept. at WFEFMMMARTIChandler@wellsfargo.com. They will review to see if this can be
accommodated and process the assumption. Have a great rest of your day!
Thank you for contacting Wells Fargo Equipment Finance. If you have further questions, please contact us
at (866)726-4714 or wfef(a)wellsfarao.com.
Alex McSherry
Account Services Representative
Account Services
Wells Fargo Equipment Finance 1 600 South 4th Street I MAC N9300-100 I Minneapolis, MN 55415
Tel 866-726-4714 1 Fax 866-687-5578
wfef@wellsfargo.com
This message may contain confidential and/or privileged information. If you are not the addressee or authorized to receive this for
the addressee, you must not use, copy, disclose, or take any action based on this message or any information herein. If you have
received this message in error, please advise the sender immediately by reply e-mail and delete this message. Thank you for your
cooperation.
From: Stitt, Joseph T
Sent: Friday, December 09, 2016 2:21 PM
To: WFEF Cust Service
Cc: Smith, Andrew A.
Subject: AM Forest Creek 001-048775-700 Assumption
Hello
Can you please assist the customer with starting the MARTI process for this contract. Per the below, the customer has
found someone to assume his contract.
Thanks!
Joe Stitt
Account Manager- BBG
Wells Fargo Equipment Finance 1 600 South 4th Street, 10th Floor I MAC N9300-100 I Minneapolis, MN 55415
Tel 612-316-1617 1 Fax 866-424-8411
josei)h.t.stitt@wellsfargo.com
From: Smith, Andrew A.
Sent: Friday, December 09, 2016 9:06 AM
To: Stitt, Joseph T
Subject: FW: Forest Creek
Joe,
Can you help me on this one. Looks like our customer sold his course and the city of Round Rock will be assuming our
loan. Can you send Ric Bowden below the MARTI application so he can get started on it.
Thanks,
Drew
From: jmussery@aol.com [mailtoJmussery@aol.com]
Sent: Friday, December 09, 2016 8:53 AM
To: Smith, Andrew A.
Subject: Forest Creek
Drew, hope all is well with you. Last March we did financing on some maintenance equipment at
Forest Creek. The account number is 001-048775-700. 1 am ending my involvement at Forest Creek
at year end, and the City of Round Rock will be assuming that financing. The contact on this with the
City is Ric Bowden 512-218-5459 rbowden(a-)roundrocktexas..qov. . Could you please pass this along
to whoever would handle this assumption so they can contact and work with Ric on that. Please give
me a call with any questions. Appreciate it.
Mike
512-347-1244
City of Round Rock
IOUND ROCK
EXAS Agenda Item Summary
Agenda Number:
Title: Consider authorizing the pay-off of a Lease/Loan Agreement with Wells
Fargo Equipment Finance, Inc. for equipment at Forest Creek Golf Club.
Type: City Manager Item
Governing Body: City Manager Approval
Agenda Date: 1/13/2017
Dept Director: Susan L. Morgan, CPA, CFO
Cost: $45,309.49
Indexes:
Attachments: Payoff Fax Coversheet_0010487751700_1212201638017
Department: Finance Department
Text of Legislative File CM -2017-1290
Consider authorizing the pay-off of a Lease/Loan Agreement with Wells Fargo Equipment
Finance, Inc. for equipment at Forest Creek Golf Club.
The Finance Department is requesting authorization for a one time pay-off of a Lease/Loan
Agreement acquired by CCA Silband/GolfCorp/Round Rock, Inc, dba Forest Creek Golf Club
while they were the Management company responsible for running the Forest Creek Golf Club.
The equipment purchased under this agreement are a a 2005 Multipro Spray Pro 1250, 2012
Turf Cat 628D Mower, 2011 ProFlex 120 Contour Mower, 2013 Jacobsen GK IV Greens
Mower, 2013 Jacobson GK IV Greens Mower and 2011 Toro Sand Pro 5040/ Tooth Rake all
located at Forest Creek Golf Club and the property of The City of Round Rock. CCA
Silband/GolfCorp/Round Rock, Inc., dba Forest Creek Golf Club is no longer the management
company for the Forest Creek Golf Club with Kemper Sports Management taking over the
management responsibilities as of January 1, 2017 and the Finance Department has
determined that it is in the best interest of the City to pay-off this agreement.
The cost to pay-off this agreement is $45,309.49. The pay-off includes a pre -payment penalty
of $888.01; however, it is still more cost effective for the City to pay off the lease due to a high
interest rate of 7.25%.
Golf Course Fund
City of Round Rock Page 1 Printed on 111212017