LOCKPORT – The Common Council this week approved a five-year lease-to-own plan for a new paving machine. City Treasurer Michael E. White said the paver will cost $302,500, money that will be provided over the next five years through the state’s Consolidated Highway Improvement Program.
The city will have to pay five years of interest costs on the lease. White said M&T Bank came in with the lowest bid to finance the purchase, 2.19 percent. That will cost the city $13,295 in interest over the five years, White said.