City of Lansing Awards Financial Services Contract to Commerce Bank (clayton Holdings Llc) (August 2026)

The Lansing City Council approved Resolution B-9-2026 authorizing a 3-year, $140,500 lease-purchase agreement with Commerce Bank (Clayton Holdings, LLC) at 4.59% interest to finance a CASE580 Super-N Wide Track backhoe. The agreement requires three annual advance payments of $48,950.12 starting August 12, 2026 and grants the City an option to purchase early subject to a small premium.

Scope & details

The full contract record, as filed.

Contract amount

Not to exceed $140,500.00; annual payments of $48,950.12 (total $146,850.36)

Contract type

FINANCIAL_SERVICES

Contract term

3 years (commencing August 12, 2026; 3 annual advance payments)

Renewal date

2028-08-12

Renewal

Agreement is annually renewable with non-appropriation option; early prepayment allowed at 3% premium in year 1, 2% in year 2, and 1% in each year thereafter until maturity; no prepayment penalty if prepaid with non-refinancing funds. No automatic renewal beyond the 3-year term.

Document type

AgendaPacket

Source document

City of Lansing Agenda Packet 2026-08-06

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Lansing?

Commerce Bank (clayton Holdings Llc) was awarded this financial services contract by City of Lansing, as recorded on August 6, 2026. The contract value is Not to exceed $140,500.00; annual payments of $48,950.12 (total $146,850.36).

How much is the Commerce Bank (clayton Holdings Llc) contract with City of Lansing worth?

The Commerce Bank (clayton Holdings Llc) contract with City of Lansing is valued at Not to exceed $140,500.00; annual payments of $48,950.12 (total $146,850.36), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in City of Lansing Agenda Packet 2026-08-06 (AgendaPacket), dated August 6, 2026 from City of Lansing. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Commerce Bank (clayton Holdings Llc) hold?

Commerce Bank (clayton Holdings Llc) may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Commerce Bank (clayton Holdings Llc)'s profile

What is City of Lansing currently buying?

Explore City of Lansing's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View City of Lansing's profile