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Select Board authorizes $548,548 lease for Cranberry Valley turf equipment at 4.23%
Summary
The board named TD Equipment Finance as lessor and authorized a tax-exempt 60‑month lease for $548,548 to replace golf course turf equipment, accepting a TD Bank offer at 4.23% that staff said saves roughly $9,000 versus a John Deere financial quote.
Town staff presented a competitive analysis showing a trade‑in allowance of $13,300 and a net equipment financing need of $548,548 for the Cranberry Valley Golf Course turf equipment fleet. Staff said TD Equipment Finance offered a tax‑exempt lease at 4.23% over 60 months that reduces monthly payments and produces an estimated savings of about $9,000 compared with the John Deere Financial offer at 4.99%.
A board motion to name TD Equipment Finance as the awarded lessor and authorize the town to enter the lease at 4.23% over 60 months passed unanimously. Staff said the lease structure results in the town taking possession and insuring and maintaining the equipment while purchasing it for $1 at lease end.
Board members asked about useful life and prior lease terms; staff said the equipment is new, being built, and the previous lease had a 60‑month term for different equipment. The town authorized the chair to proceed with the lease arrangement.
