Title
REQUEST TO EXERCISE THE CONTRACTS (2) YEAR EXTENSION OPTION WITH THE JOINT US COMMUNITIES CONTRACT #USC-001 WITH HERC RENTALS INC. FOR THE SUPPLY AND DELIVERY OF SMALL AND LARGE RENTAL EQUIPMENT
BODY
To: The Honorable Board of Commissioners of the Chicago Park District
I. Initial Award Information
Date of Award: May 8, 2024 - Chicago Park District Board Meeting
Contractor: Herc Rentals Inc.
4039 S. Peoria St
Chicago, IL 60609
Company Type: Business Corporation
Majority Interest: Herc Rentals Inc. is a wholly owned subsidiary of Herc Holdings Inc., a publicly traded company. The Vanguard Group, Inc. has a 10.2% beneficial interest and BlackRock Inc. has a 8.9% beneficial in Herc Holdings Inc.
Contract Period: If the extension option is exercised, funding shall be based upon annual appropriations. (Effective Date January 1, 2024 - ending October 31, 2025)
Contract Amount: Expenditure for services under the extension term will be authorized by annual appropriation and subject to the year's budget. Not-to-exceed $2,500,000.00 and is DUR (depends upon requirements).
Scope of Services: Supply and delivery of rental of small and large equipment for districtwide use.
Authorization: Authorize the General Counsel to include other relevant terms and conditions in the written Agreement. Authorize the General Superintendent to execute the Agreement and the Secretary to attest as to the signing of the Agreement and keep an original copy of the Agreement on file.
II. Performance to Date:
Herc Rentals Inc. has met the expectations under this contract in the first, two-year term to supply and deliver the rental of small and large equipment for districtwide use to the Chicago Park District. Furthermore, they have the capacity to meet the delivery requirements and have done so in a timely and efficient manner for the Chicago Park District and maintained good standing as a vendor.
III. Current Expenditures: (10/19/2023 - 7/25/2025)
Contrac...
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