Dayton & Bellevue Find Way to Finance New Fire Truck
It took a while, but the Cities of Dayton and Bellevue found a way - and a bank - to finance the new fire truck coming to the Bellevue-Dayton Fire Department.
For the past several weeks, the cities have gone back and forth with area banks trying to secure a loan for the roughly $685,000 vehicle that is expected to arrive at the department's lone firehouse within the month. One issue was whether the cities should finance the purchase, or whether the fire department - which is an independent LLC funded by the cities - should take the loan on.
Then on Monday, the top choice to finance the loan apparently backed out.
That left both cities - at their respective council meetings last week - to approve the loan from U.S. Bank. Both cities had previously sought for the fire department to finance the truck but because the fire department is not tax exempt, the cities will co-sign on the loan from U.S. Bank, which will finance the purchase at 2.9 percent interest. Bellevue City Administrator Keith Spoelker said that U.S. Bank's offer saves the cities $17,000 over the ten-year period that the vehicle will be financed, as opposed to the next best bid from a bank.
It was Monday afternoon when the cities learned that the original first choice had pulled out.
A proposal to purchase the fire truck was first presented to both cities' councils in late 2015.