Title
Awarding bid for the lease financing for a new Pierce Custom Velocity Pumper Truck PUC Fire Truck from the recommendation of the Fire District Board to USBancorp Government Leasing and Finance.
Body
Summary:
Bids were opened on Monday, March 2, 2026 for the lease purchase financing for a Pierce Custom Velocity Pumper Truck PUC Fire Truck for the Fire Department. The City received four (4) proper bids in response to the request for this financing. As requested, each bidder provided information for a 10-year term and a 12-year term to compare options for $1,537,169.00. The bid comparison is attached.
At a Special Meeting held on Monday, March 2, 2026, the Fire District Board recommends the awarding to USBancorp Government Leasing and Finance for a 10-Year Term.
Bidder, Interest Rate, Monthly Payment, and Total Payment.
10-Year Term
USBancorp Government Leasing and Finance @ 3.850%; $15,453.74/month; Total = $1,854,449
Cogent Leasing and Financing, Inc. @ 3.880%; $15,475.57/month; Total = $1,857,068
First American Equipment Finance @ 4.159%;$15,679.12/month; Total = $1,881,494
Municipal Leasing Consultants @ 4,170%; $15,687.18/month; Total = $1,882,510
12-Year Term
USBancorp Government Leasing and Finance @ 3.960%; $13,428.52/month; Total = $1,933,707
Cogent Leasing and Financing, Inc. @ 4.170%; $13,585.69/month; Total = $1,956,339
First American Equipment Finance = No Bid
Municipal Leasing Consultants @ 4.250%; $13,645.72/month; Total = $1,964,984
Fiscal/Budgetary Impact:
Based on the lowest cost option, the USBancorp Government Leasing and Finance bid for an 10-Year Term is the recommended option. These lease payments are budgeted in the Fire District, Fire Department (Account No. 830-311-49080 - Lease Purchase). In the FY2025-2026, the amount of $90,000 was budgeted.
Recommended action:
Award bid for the lease financing of the Pierce Velocity PUC (Pierce Ultimate Configuration) Pumper Fire Truck for the Fire Department to USBancorp Government Leasing and Finance for a 10-Year Term.