Town of Massena officials approve lease-to-own deal for new dozer for highway department
BY JEFF CHUDZINSKI
North Country This Week
MASSENA — Town of Massena officials have agreed to sign off on a lease-to-own deal to acquire a new dozer for the town highway department.
The contract, which was authorized during the town board’s Nov. 16 meeting, will be with Milton CAT for a purchase price of $122,481. The list price of the dozer is $197,737, officials say.Officials say the bid that was accepted will be a seven-year lease to own with an annual payment of $21,475 with an interest rate of 5.4%.
Delivery lead time is three to four months if an order is placed by December, which officials say is the plan. If ordered within 30 days once the proposal is submitted, the interest rate will be locked in, officials say.
As part of the contract with Milton CAT, the company will take the town’s John Deere dozer as the first payment for 2023, meaning the town will not be forced to make a cash payment until 2024.
A second bid, submitted by United Construction, came in at $140,000 on a dozer with a list price of $212,281. That bid was for a seven-year lease to own contract with payments of $26,136.69 at an interest rate of 6.95%.