D. Long-term debt and liabilities (continued)

City Council Meeting · 2026-04-28 · agenda_item

The City of Groveland is reviewing its long-term debt and liabilities, specifically focusing on lease agreements for vehicles, an office building, and a gymnasium. The city is the lessee for financed vehicle purchases with an interest rate of 5.64%, with total future minimum payments amounting to $1,287,438. Additionally, the city leases an office building for its operations and a gymnasium for community programs. The office building lease has monthly payments and an interest rate of 0.77%, expiring in September 2028. The gymnasium lease requires annual payments with an interest rate of 3.21%, expiring in March 2027. This item is currently under review as part of the city's financial reporting. The scope of work involves ongoing financial management and potential future renegotiations or procurements related to these leased assets. Contractors, suppliers, and service providers in financial services, equipment leasing, and property management may find opportunities as the city manages its long-term financial obligations.

interest rate

5.64 %

total future minimum payments

1,287,438 $

office building lease interest rate

0.77 %

gymnasium lease interest rate

3.21 %