What kind of capital projects can be financed?

Municipal buildings, police and fire stations, local courts, libraries, park improvements, wastewater and water supply infrastructure, redevelopment projects and non-profit facilities.

What type of equipment is eligible for the capital equipment leasing program?

Fire trucks, police cars, computer and office equipment, school buses and vans, DPW equipment, telecommunications equipment, snow plows, ambulances.

Will the MCIA re-finance notes for projects?

The MCIA can assist municipalities in the permanent financing of notes.

How do I evaluate if my project should be financed through the MCIA?

Contact the MCIA and their professionals will meet with you to evaluate your needs and will provide financing options for your review.

What is the borrowing limit for my local unit under the capital equipment leasing program?

The County guaranty and the Improvement Authority’s maximum program amount is $10,000,000. Some of the funds have already been expended, as they are used on a “first come-first served” basis, but please call us to discuss your local unit’s needs. The minimum transaction amount is $25,000, which may include various units of equipment.

How long does the equipment financing take?

Each local unit must adopt a resolution or ordinance in the same manner that it typically would follow for normal leasing transactions – an ordinance for a municipality or a board resolution for a school district approving participation in the leasing program. Because the leasing program documents (a master lease with the Authority and a sublease for each local unit) have already been examined by the Authority and by Commercial Leasing, LLC, the transaction can take as little as two days to process, after the adoption by the local unit of its resolution or ordinance.

Can the cost of freight, electrical, training and installation be included in my lease?


Is there a prepayment penalty?

No. Pursuant to the terms of the leasing program documents, there is no pre-payment penalty.

What if the equipment is delivered, and is found to be not satisfactory?

We will obtain telephone verification from you that the equipment is as ordered and working to your satisfaction before we remit final payment to the vendor. If there is any issue, you may refuse to “sign off” until it is resolved to your satisfaction.

What if the lease transaction has been closed and there is an equipment problem?

You have all of the benefits of ownership with respect to warranties and guaranties and may exercise them as needed. This extends to the vendor and the manufacturer.

What happens once the sublease term is over?

Under the terms of the leasing program documents, the equipment will be sold by Commerce through the Authority to the local unit for nominal consideration, after which the local unit will hold clear title to the equipment.