Title
Consideration of and action on recommendation to City Council on the awarding of the bid for the lease financing for a new Pierce Custom Velocity Pumper Truck PUC Fire Truck 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.
Based on the lowest cost option, the USBancorp Government Leasing and Finance bid for a 10-Year Term is the recommended option.
Bidder, Interest Rate, Monthly Payment, and Total Payment.
10-Year Term
US Bancorp 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% $15,687.18.12/month; Total = $1,882,510
12-Year Term
US Bancorp 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:
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 is budgeted
Recommended action:
Recommendation to City Council for the awarding of the bid for the lease financing to USBancorp Government Leasing & Finance for a new Pierce Custom Velocity Pumper Truck PUC Fire Truck for a 10-Year Term.