Speedway council directs staff to seek financing for $1.7 million aerial fire apparatus

The Town of Speedway Town Council on May 12 authorized the town manager and clerk‑treasurer to investigate and obtain financing quotes for the purchase of a Pierce Velocity 75‑foot aerial fire apparatus, an estimated $1,700,000 purchase.

Town Manager Grant Kleinheinz said, "There is a 4 year order delay on this, so we'll order it maybe this summer. We won't get it until 2029, and that's just the way it is. But this $1,700,000 apparatus will need to be financed." Chief Fishburne and staff have reviewed configurations and delivery timelines; the plan presented to the council calls for selling the department's 2003 ladder truck, moving the 2014 unit into reserve status, and ordering the new apparatus this summer to lock the current price.

The council discussed financing options including the Indiana Bond Bank, private placement, and vendor financing through Republic. Town Clerk‑Treasurer Philip Faust said staff could cap investigation costs and return to council if higher legal or financing review fees were required; he suggested a $50,000 cap for the preliminary work with return to council for additional authorization if needed. The motion to direct staff to obtain quotes was made by Council Vice President Jason DeWyle and seconded by Councilor Sean Harrell; the council approved the direction 5–0.

Council members noted the long lead time and price escalation risk if the town delayed the purchase. As presented, staff will pursue multiple financing options, attempt to limit upfront legal/consulting costs, and report back to council with firm proposals and recommended payment terms before final contract approval.