CCIA and TD Bank Partner on Equipment Financing for Municipalities
The Municipal Tax Exempt Leasing Program (MTELP), just introduced by the Cumberland County Improvement Authority (CCIA) and local TD Bank, empowers any of the thirteen municipalities in Cumberland County to lease capital equipment at fixed competitive rates for the useful life of the financing collateral without going through a full Request for Proposal (RFP) process.
Commercial Township and the City of Vineland are first in the county to take advantage of the initiative. Commercial obtained a new fire truck for $600,000 and Vineland acquired thousands of “Trash Toters” for $1.9 million.
Municipalities may fund equipment valued at $100,000 or higher.
The cooperative leasing program has already gone out for competitive bid, so the cumbersome RFP process is streamlined for the local governments. The initiative is exclusive to Cumberland County.
“Municipal equipment financing is an effective way for local governments, school districts and fire commissions to finance equipment acquisitions,” said Gerard Velazquez III, President and CEO of CCIA. “It is gaining in popularity because decision makers in the municipal equipment marketplace are always looking for more efficient ways to get desired equipment affordably and precisely when it is needed.”
Interested municipalities can contact TD Equipment Finance to explore their options through the lease program. In addition to fire trucks and trash collection equipment, the leases can be used for items such as public works equipment, vehicles, HVAC, telecommunications gear, computer systems and other capital investments.
“TD Bank and TD Equipment Finance are proud to partner with Cumberland County Improvement Authority to help provide municipalities, townships, fire commissions, police districts, and school districts in Cumberland County with an efficient and inexpensive way of obtaining 100% financing for all of their equipment needs,” states Gregory Carlisle, Regional Vice President, Southern New Jersey, TD Bank.
MTELP helps alleviate the budget pressure local governments face and benefits taxpayers with an alternative and efficient way to finance capital equipment. Municipal administrators can save the usual time and expense involved in acquiring needed equipment.
“This program enables municipalities to more quickly attain a locked-in price far better than they could achieve working independently on these type of agreements,” said Velazquez.