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Longview reviews plan to replace six fire apparatus, weighs $3 million seed for financing
Summary
At its Feb. 27, 2025 meeting the Longview City Council discussed a committee-backed plan to replace six aging fire vehicles and a financing proposal that would use a $3 million seed fund to smooth multi-year payments under a lease-turn financing option presented by Siddons Martin and a partner bank.
At its Feb. 27, 2025, Longview City Council meeting, councilmembers discussed a committee-backed proposal to replace six fire apparatus and a financing plan that would use an initial $3 million seed fund to stabilize multi-year payments.
The plan, developed by a fire apparatus review committee and endorsed by the fire chief, the director of public works and the finance director, would bring six new units onto a replacement schedule the city estimates will cost roughly $7 million to $8 million in today's dollars. Brandon Cotton, a sales consultant with Siddons Martin Emergency Group, presented financing options and said a fully equipped pumper is "1.2-ish million dollar vehicle today." Cotton described a "turn-and-lease" structure backed by PNC Bank that guarantees a residual (balloon) value at the end of a multi-year term and gives the city three end-of-term options: buy the vehicles outright, refinance the balloon, or return the apparatus to the manufacturer…
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