Master Lease for Statewide Financial Leasing Prequ
Ended State & local contract Michigan Awarded
- Contract number
- MA190000000361
- Awardee
- FIFTH THIRD BANK
- Contracting organization
- Department Technology, Management and Budget
Contract facts
- Cumulative value
- $1.00
- End date
- Points of contact
-
- Jordan Sherlock sherlockj@michigan.gov (517) 243-5556
- Emily Massa massae@michigan.gov (517) 897-7321
Contract details come from michigan.gov. Updated .
About this contract
The Master Equipment Lease Agreement (Contract No. MA190000000361) provides financial leasing services for equipment procured by state agencies through a competitive two-tier process. Under this IDV, the State of Michigan may source equipment using existing state contracts and then solicit financing proposals from prequalified contractors. The program covers equipment leasing arrangements with lease terms not exceeding the equipment's useful life, offering flexible financing options with fixed interest rates for lease amounts of $500,000 or greater. Payments may be structured on either monthly or annual amortization schedules, with Fifth Third Bank responsible for direct payment to equipment vendors upon state acceptance of equipment and full lease administration duties.
Fifth Third Bank serves as the prime contractor and primary lessor under this agreement administered by the Michigan Department of Technology, Management and Budget. The contract was initially awarded on February 1, 2019, with an initial performance period ending January 31, 2024, and includes five optional one-year renewal periods extending through January 31, 2029. The IDV covers statewide financial leasing services for all Michigan state agencies. As a master lease agreement, no specific contract value is established under this vehicle; rather, individual lease financing amounts are determined based on equipment needs and agency requirements as they arise throughout the performance period.
Files
| File | Type | Posted |
|---|---|---|
| 190000000361.pdf |
Quick answers
Who holds contract MA190000000361?
Contract MA190000000361 was awarded to FIFTH THIRD BANK by Department Technology, Management and Budget in Michigan on February 1, 2019.
How much is contract MA190000000361 worth?
Its cumulative value is $1.00.
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