Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
City approves lease-purchase for new street sweeper to replace aging unit
Loading...
Summary
Council adopted Resolution 26-011 authorizing a lease-purchase for a Tenco street sweeper (not to exceed $245,000) to be financed over three years through a master lease; payments will come from the stormwater fund.
Canal Winchester City Council on Feb. 2 adopted Resolution 26-011 authorizing the mayor to enter a lease-purchase agreement for a new Tenco-brand street sweeper and accessories, with financing not to exceed $245,000.
Finance Director Amanda Jackson said the city included a lease payment in the 2026 budget and received a quote "just under $245,000," about $100,000 less than expected. She said the finance option is a three-year lease under the city's master lease arrangement with Huntington Public Capital Corporation, and that the quoted interest rate was 4.15%.
Jackson told council the payments would be charged to the stormwater fund and estimated total interest across three years of roughly $18,000, producing annual principal-and-interest payments of about $88,000; she also said the unit would likely take 90–120 days to build.
Council asked whether the old sweeper would be traded in or sold to another municipality; Jackson said staff were evaluating both options and that any trade-in would reduce the financing amount. One member asked whether buying a second sweeper made sense given mileage growth; staff said budget and stormwater-fund constraints make acquiring a second unit unlikely this year.
Council moved and adopted the resolution by roll call. The resolution authorizes the mayor to finalize the lease-purchase documents under the not-to-exceed price and terms described.
