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Peekskill council approves $3.9 million capital lease for vehicles, equipment and upgrades
Summary
The council approved a capital lease agreement authorizing $3,900,326.50 for vehicles, equipment and small capital projects including cameras, police vehicles and stormwater allocations; council members asked about cameras, funding and the link to other grants before voting.
Councilwoman Talbot moved the capital-lease resolution authorizing the city manager to enter into a capital lease with a financing corporation to purchase vehicles, equipment and complete small capital projects. The measure was presented as part of the city's capital and equipment purchasing plan for the coming year.
"This resolution authorizes the city manager to enter into a capital lease agreement with 911 Lease Corporation for the purchase of vehicles, equipment, and for the completion of small capital projects in the total amount of $3,900,326.50," Councilwoman Talbot said during the roll call on the measure. Council members asked whether items would be procured as a single bid, if funds were available and how some items (for example, movable cameras and a traffic-light management system) would be used to address illegal dumping and traffic-signal problems. The city manager confirmed the cameras are for problem locations and said staff will return with particulars on momentum-grant capital debt when needed.
The council approved the capital-lease resolution by voice vote. The lease is a financing vehicle that staff said will allow the city to own assets at the end of the term and to provide capital for stormwater work and equipment purchases identified in the capital plan.
