Shaker Heights Finance Committee Agenda Packet April 20 2026
Huntington to Finance New Street Sweeper for City
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Description
Shaker Heights approved a five‑year lease purchase agreement with Huntington Public Capital Corporation to finance a new street sweeper costing $362,408 before trade‑in. The financing, secured at a 4.09% rate, enables replacement of an aging unit while spreading costs over time.
Contract Details
Contract Amount
$362,408 purchase financed; net cost reduced by ~$25,000 trade‑in
Vendor
HUNTINGTON PUBLIC CAPITAL CORPORATION
Agency
City of Shaker Heights, OH
Contract Type
FINANCIAL_SERVICES
Document Date
April 20, 2026
Contract Term
Five‑year lease purchase term
Renewal Date
2031-03-31
Renewal Info
Five‑year lease purchase expected to amortize the equipment cost; no renewals or extensions are indicated beyond payoff.
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