New Canaan to lease computer equipment with Chase

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.

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.

tmichael@bcnnew.com; 203-972-4407; www.twitter.com/tmichael89