Master Lease for Statewide Financial Leasing Prequ
Ended State & local contract Michigan Awarded
- Contract number
- MA190000000359
- Awardee
- BANC OF AMERICA PUBLIC CAPITAL CORP
- Contracting organization
- Department Technology, Management and Budget
Contract facts
- End date
- Points of contact
-
- Emily Massa massae@michigan.gov (517) 897-7321
- Jordan Sherlock sherlockj@michigan.gov (517) 243-5556
- Emily Fedewa fedewae3@michigan.gov (517) 897-7321
- Lisa Spitzley spitzleyl4@michigan.gov (517) 249-0440
Contract details come from michigan.gov. Updated .
About this contract
The Master Equipment Lease Agreement under Michigan's Financial Leasing Prequalification Program provides statewide financial leasing services for equipment procurements exceeding $500,000. This IDV enables State agencies to lease equipment through a competitive tier-two process rather than purchasing assets outright, with the lessor offering fixed interest rates and flexible amortization schedules on monthly or annual bases. Equipment lease terms are structured not to exceed the useful life of the assets, and the lessor pays vendors directly upon receipt of executed acceptance certificates and closing documents. The agreement is designed to provide cost-effective equipment acquisition solutions across all Michigan State agencies while maintaining standardized financial leasing terms and conditions.
Banc of America Public Capital Corp serves as the prequalified lessor under this contract administered by the Michigan Department of Technology, Management and Budget. The Master Agreement was initially effective February 1, 2019, with an original expiration date of January 31, 2024. However, Change Notice Number 2, effective November 2, 2023, exercised five consecutive one-year option periods, extending the contract through January 31, 2029. The contract applies statewide throughout Michigan and operates as a prequalification agreement with no minimum contract value established at execution, as individual lease amounts are determined by agency-specific requests processed through the tier-two competitive bidding process.
Files
| File | Type | Posted |
|---|---|---|
| 190000000359.pdf |
Quick answers
Who holds contract MA190000000359?
Contract MA190000000359 was awarded to BANC OF AMERICA PUBLIC CAPITAL CORP by Department Technology, Management and Budget in Michigan on February 1, 2019.
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