EQUIPMENTAPPROVED

City of Olmsted Falls Resolution 17-2025 Fire Engine Lease

Olmsted Falls Approves $693K Fire Engine Lease with Statewide

$693,566.46 paid in ten annual installments of $97,625.14City of Olmsted FallsSTATEWIDE EMERGENCY PRODUCTS LLC DBA STATEWIDE MUNICIPAL LEASINGFebruary 25, 2025

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Description

The City of Olmsted Falls approved a 10-year equipment lease with Statewide Emergency Products, LLC dba Statewide Municipal Leasing to acquire a 2024 Fouts Brothers Spartan Rescue Fire Engine, totaling $693,566.46. Payments will be made annually at $97,625.14 per year, with a $1 residual. The contract ensures the city secures favorable interest rates and maintains critical fire and rescue services.

Contract Details

Contract Amount

$693,566.46 paid in ten annual installments of $97,625.14

Vendor

STATEWIDE EMERGENCY PRODUCTS LLC DBA STATEWIDE MUNICIPAL LEASING

Agency

City of Olmsted Falls, OH

Contract Type

EQUIPMENT

Document Date

February 25, 2025

Contract Term

February 25, 2025 – February 25, 2034 (10 years)

Renewal Date

2034-02-25

Renewal Info

This is a 10-year lease-purchase agreement with a $1 buyout; there is an early purchase option with 30 days' notice if no default exists. The lease is designated as a qualified tax-exempt obligation. There was an amendment clarifying the tax-exempt status under the IRS code.

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