The Board of Finance Tuesday night approved a four-year lease agreement between the Town of New Canaan and Chase Equipment Finance for $745,000 to lease computer equipment and hardware for the Board of Education.

Finance Director Dawn Norton said the finance department assisted the BOE in submitting a request for proposal.

"We had five respondents; we chose Chase," Norton told Board of Selectmen at its meeting Tuesday morning prior to speaking before the BOF.

"They came in at 1.32 percent (interest rate) for the four-year lease, which was very low and great for them," she said, adding that the interest would cost $19,000.

The board was visibly pleased by this low number.

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First Selectman Rob Mallozzi said this is a standard type of agreement the board should expect to see every year.

Norton said the town has taken a four-year lease for the past 11 years.

"Chase had the leasing agreement the last two years," she said. "The last year was for $605,000 and the year before that was for $405,000."

Members of the Board of Education were in attendance at the BOS meeting. When asked by the BOS, representative BOE members said they were in full agreement of the lease.

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