City Discusses Backhoe Financing With Summit Bank
City of CareyCity · ID- Disclosed value
- $119,000 balance; potential new lease at $1,955/month (3-year lease with balloon payments in years 4–5) or $2,576/month (5-year level term)
- From minutes
- Document date
- Jul 21, 2025
The 30-second brief
Carey City Council discussed backhoe financing options with Summit Bank, including a 3-year lease with balloon payments or a 5-year level term. Council may opt to use the current backhoe until May and then return it instead of paying off the $119,000 balance.
Summit Bank holds this equipment contract with City of Carey. Its other public contracts on record include work for Banks Fire District #13 and Shangri La Water District.
Term as filed: Option 1: 3-year lease with balloon payments in years 4–5; Option 2: 5-year level term.
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Contract details
- Contract type
- Equipment
- Amount
- $119,000 balance; potential new lease at $1,955/month (3-year lease with balloon payments in years 4–5) or $2,576/month (5-year level term)
- Document date
- July 21, 2025
- Term
- Option 1: 3-year lease with balloon payments in years 4–5; Option 2: 5-year level term
- Vendor
- Summit Bank
- Agency
- City of Carey
- Source document
- city-of-carey-city-council-meeting-minutes-july-21-2025_c91.md (Minutes)
Summit Bank's other public contracts
More City of Carey contracts
Questions about this contract
Who was awarded the equipment contract by City of Carey?
Summit Bank was awarded this equipment contract by City of Carey, as recorded on July 21, 2025. The contract value is $119,000 balance; potential new lease at $1,955/month (3-year lease with balloon payments in years 4–5) or $2,576/month (5-year level term).
How much is the Summit Bank contract with City of Carey worth?
The Summit Bank contract with City of Carey is valued at $119,000 balance; potential new lease at $1,955/month (3-year lease with balloon payments in years 4–5) or $2,576/month (5-year level term), covering equipment work.
What type of contract is this?
This is a Equipment contract, documented as a minutes record.
Where was this contract approved?
This contract appears in city-of-carey-city-council-meeting-minutes-july-21-2025_c91.md (Minutes), dated July 21, 2025 from City of Carey. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Summit Bank hold?
Summit Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Carey currently buying?
Explore City of Carey's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.