HomeMy WebLinkAboutR-85-0823/l
,7-85-763
7/25/85
L , .
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ENTER INTO AN AGREEMENT, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, WITH MIAMI
SAVINGS BANK (MSB) WHEREBY A FIVE MILLION
DOLLAR CERTIFICATE OP DEPOSIT IS TO BE
INVESTED ON AN ANNUAL BASIS FOR FIVE YEARS AS
AN INCENTIVE FOR MSB TO ESTABLISH A BRANCH
BANK IN THE OVERTOWN SHOPPING CENTER TO BE
DEPOSITED AFTER THE BANK HAS OPENED AND
WHEREBY THE ANNUAL REINVESTMENT OF SAID FUNDS
SHALL BE CONDITIONED UPON THE CONTINUED
OPERATION OF THE MSB BRANCH BANK IN THE
OVERTOWN SHOPPING CENTER IN FULL COMPLIANCE
WITH ALL APPLICABLE BANKING LAWS; FURTHER
REQUIRING THAT INTEREST ON THE DEPOSIT SHALL
BE REVIEWED ON A 30-DAY BASIS.
WHEREAS, the City Commission is committed to the
redevelopment of Overtown; and
WHEREAS, the City Commission approved Resolution No. 84-875
on July 31, 1984 authorizing the City Manaqer to publish a
Request for Proposal (RFP) for qualified full -service banks to
establish a branch bank at the Overtown Shopping Center; further
stating that the City shall make available Five Million Dollars
to be invested as a Certificate of Deposit on an annual basis I
after the opening of the branch bank in the Overtown Shopping
Center; further stating that the annual reinvestment of said
funds shall be conditioned upon the continued operation of the
branch bank in the Overtown Shopping Center in full compliance
with all applicable banking laws; and
WHEREAS, the City published the RFP between August 15, 1985
and August 24, 1984; and
WHEREAS, Miami Savings Bank (MSB) responded to the RFP on
September 5, 1984; and
WHEREAS, MSB filed an application on February 9, 1985 with
the Comptroller of the State of Florida for approval of an
Overtown Branch based upon informal commitments from the City and
County to establish accounts; and
Gl'1'i s,; Vlvuvu � �tt,�iy
MEETING OF
JUL 9L, 4SM3 1
WHEREAS, on April 5, 1985 the Comptroller of the State of.
Florida approved the application made by MSR to establish a
branch in Overtown; and
WHEREAS, MSR has made preparations in order to proceed with
establishing the branch in Overtown; and
WHEREAS, a Five Million Dollar Certificate of Deposit will
be made available for five years to MSB after it has opened its
Overtown Branch; and
WHEREAS, interest on the deposit is to be reviewed on a 30-
day basis;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Mana4er is hereby authorized to
execute an agreement, in a form acceptable to the City Attorney,
with Miami Savings Bank (MSB) whereby a Five Million Dollar
Certificate of Deposit will be invested on an annual basis for
five years after the branch bank has opened in the Overtown
Shopping Center and whereby the annual reinvestment of said funds
shall be conditioned upon the continued operation of the MSB
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Branch Bank in the Overtown Shopping Center in full compliance
with all applicable banking laws and further requiring that r
interest on the deposit is to be reviewed on a 30-day basis.
PASSED AND ADOPTED this 25th day of JULY , 1985.
Maurice A. Ferre
MAURICE A. FERRE, MAYOR
L�
LPH G. ONGIE, CITY CLE
APPROVED
LUC IA
CITY A71TORNEY
RFC/rr/142
AND CORRECTNESS:
8u-ci2.3
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CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
39
LC ,
TO Honorable Mayor and Members 04TE JT` 1 9 CLE:
of the City Commission
SUOJECT AWARD OF $5 MILLION CERTIFICATE
OF DEPOSIT TO MIAMI SAVINGS
BANK
FROM REFERENCES
Sergio Pere' a�
C i 4y i 1a ►i a g Q`_ f�+`� ENCLOSURES
�f
It is recommended that the City
Commission approve the attached
resolution authorizing the City Manager
to enter into an agreement, in a form
acceptable to th-a Ci ty Attorney, with
Mi ami Savings Bank (MSB) whereby a five
Million dollar Certificate of Deposit is
invested as an incentive for MSB to
establish a branch bank in the Overtown
Shopping Center and whereby the annual
reinvestment of said funds shall be
conditioned upon the continued operation
of the MSB branch bank in the Overtown
Shopping Center in full compliance with
all applicable banking laws."
On July 31, 1984, the City Commission approved Resolution No.
84-875 authorizing the City Manager to publish a Request for
Proposal (RFP) for qualified full -service banks to establish a
branch bank at the Overtown Shopping Center. The resolution
also stated that the City shall make a $5 million five year
Certificate of Deposit (CO) available upon the opening of the
branch bank in the Overtown Shopping Center and that the annual
reinvestment of said funds shall be conditioned upon the
continued operation of the branch bank in the Overtown Shopping
Center in full compliance with all applicable banking laws.
In response to the RFP published between August 15, 1984 and
August 24, 1984, Miami Savings Bank (MSB) has agreed to
establish a branch in Overtown with the understanding that the
City's $5 million Certificate of Deposit would be matched by a
depository account with an average daily balance of 53 million
in order t-, justify the establishment of the branch. Although
the Caenty 'ias expressed an interest :n participating with the
C i ty by astabl i sni ng the aeposi Cory account, ►iagoti ati ons
involving the �.i:y, ,4S3 and the County have not been concluded.
8 V I(. Aj.
Honorable Mayor and Members
of the City Commission
Page =2
It should be noted that the establishment of a branch bank at
the Overtown Shopping Center is essential to the projected
success of the shopping center and will provide banking
services to Overtown residents Nhich nave not been available over the past sixty years.
The attached resolution recommends that the Ci-y proceed with
entering into an agreement with MSB whereby the $5 million
Certificate of Deposit is established in spite of the
unconcluded negotiations for a depository account from the
County. This recommendation is significant in maintaining the
interest of existing and prospective tenants at the Overtown
Shopping Center.
SP/CG/es
Attachment
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