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Home My WebLink AboutR-84-0875T J-84-7?_6 RESOLUTION NO. 84--875 A RESOLUTION AUTHORIZING THE CITY MANAGER TO PUBLISH A 13E011E.5T FOR PROPOSAL, (RFP), IN SUBST_ANTIAL.LY THE 1°0RM ATTACHII), FOR A QUALTFTEh BA114K TO F5TABLISH A BRANCH 11A11,1Ii IN Tlil% OVF,RTONN SI1011PING CENTER; FIiRTHEI , AUTHORT%TNG FIVE MTLLTON DOLLARS OF CL:TY h10NE1Y TO 111I? INVESTED AS A FIVE YEAR CERTIFICATE OF DEPOST..T UPON THE OPENING OF THE BRANCH IN SAID SHOPPING CENTER. WHEREAS, the City Commission is committed to economic development; and WHEREAS, in preliminary research it was learned that there has not been a bank located in Overtow,rn since 1920; and WHEREAS, a bank located in the Overtown Shopping Center will provide a much --needed banking service to the residents of that area as well as attract business to the shopping center; and WHEREAS, at the January 19, 1984 City Commission meeting, the City Commission adopted Resolution No. 84-43 authorizing the publishing of a Request for Proposal (RFP) for full service commercial banks to establish a branch bank in the Overtown Shopping Center; and WHEREAS, as an incentive for a full -service bank to set up a branch bank in the: Overtowan Shopping Center, said RFP indicated that tht City waoLild make available for five years, up to five million to Lie:- invested �.s Certifieste5 of Deposit .cii (isrti f f Lac I .,_ t. I34iri{. for one, (:, r upon the opening, of` the br��m h b4ml: i i'i t ht Ovc.rtown Shoppinr-, t�IiEIiLI:: , ttrr i,IC'', :ion (; jt<,i;it;Le(:i for this RFP dk tt. r`I lr �.d that the one r c;it:.cros(- the , wr .. ric , ,;(� f t froju Capital I3�ari4) i t,Jicating a willingness to p3rtici.I). to ?n this project did riot meet the RFP requirements becauLe the fixed rate offered by the bank was not deemed to be competitive and also due to the fact that the City could not guarantee that the CD would be available for five years; and j CITY tjt 4 d i. 1964 i i W W WHEREAS, the City recognizes and commends Capital Bank for its willingness to participate in the project; and WHEREAS, as a more fea.,ibl.e i.ncenti.ve for a full. -service bank to set: 131) a branch bank i_r? ,Ile Overt;oi,jn Shopping Center, the City will. now n�alc� avai.J_al�le rap ts_� ive mi.l7.i.on do l.lars ($5,000,000) to be invested as a five-year Certificate of Deposit. NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, F1,ORIDA: Section 1. The City tlanager is hereby authorized to publish a Request for Proposal (13 P), in substantially the form attached, for qualified full. --service banks to establish a branch bank at the Overtown Shopping Center. Section ?. Ar, an incent,i.vc_ for a full service bank to set up a branch bank it, tlae Ov(�rtorjn Shopping Center, the City shall make available five million dollars to be invested as a five- Year Certificate of Deposit upon the opening of the branch bank in the Overtown Shopping Center. Section 3. 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. PASSED A14D ADOPTED this - 31st day of July , 1984. —_ Maurice A. Terre Maurice A. Ferre, Mayor ATTEST: PRE:PAIZI:_1) ,' II`) f PPIO)V!, D By: APPROVED f. TO I"01101, AND' CORRECTNESS; 12 -loward V. Gary City Manager CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANOUM U0411M DATE: July 17, 1984 FILE: SUBJECT: Request For Proposal To Establi5h A 713ranch Bank in The Ovcrtown FROM: Charlotte Gallogl RFFEfiENC17S: Shopping Center Director July 30th Commission Economic Department of Eco 9� c I evelopmint R F S: Meeting t is r,� c o nir.-1 c, n (i cci t, the City Comraission approvc, t.hc-.;ttached roc.olu.',-,ion authorizing the C _5 t, y I a n r to 1) 111) 1- i.�l i a D c a u C S t for P r o p o,,-. n `hc form 1i j� (.i f i-1 11 - a t t a c h c s e r V i C 111 o in the 0 v _re0, 11 L- (:°C 1 1: C. I u r t lie r authori,:.irfC,':vc- 1:-ii-Ilio-') oil' City motley to j) C- i 11v "D v c - y o a r certificate of do -posit upon the opening of the branch -in said shopping conter." At the January 19, 1984 City Cloinmi5sicn meeting, the City Commission adopted Resolution No. 84-11--, authorizing you to publish a Request for Proposal f o r full -service c o i= e r c i a 1 banks to establin.h a branch b1z:111': in the Ovcrtlov.,n Conger . As you know, a 1 t- I i o u i-,, I i this item t11-- r u b I i s, 1) o kn all C y ,:a 1) p r ov (a d newspapers .arid a copy of the ',,',FP W��, S sent t,o appro X i .na-, ("; Y f ifty ( 50' ) Dade County banks, on y one ( 11 ) re 5ponsc, r ec --, ivd that indicated a ,,4 i 11. i n gn e s s to p la I, i�- i c p al to in this p r o ij e- 0 !1-, . the Prob-1,-tn w4th the response wa* that tl,,,e batik, Capit-1 Bank, requested a $5,000,000 Certif ica-te c.,47 -L)c-poo-7u (CD) at a -1 i - M " . ?1`11-I'a, Citv was fixed t—te of '1'-' 4L i i t (3 1 s �, f i I,; t'l i e- (" 1 t %, oil only wi.114.nE to of ct.5,000,000 for five yt�zar.-, to be investled as a CD onf----el:r Aft a Lin` &t , colnpeit4v,' int-rc-51- I'atIO as deter n-1 11 e 2 4-, t y 1 5 1) it -e c to r 0 f I I i I C It was the of tile 13,-Iecti.on t oriliit. .e for PI-oPosal that t I" 14 i �-- Y -(D u 2L d r, o t a _ -, , � t ;� - ", 1 ta I B i o f i X e d r- a t w Z? -1 1 -1 o ,, c, o i r. p e 'L e, a -, i d a I -- o d u to tlri,e fkac-k; th t the City could not that the CI) woull:i be for five years. As a result of the aforementioned issues, we are proposing to readvertise this RFP (See Exhibit 1 for "new" RFP) offering a It 10 E , "T C Pd, bllm, I $5,000,000 CD for a guaranteed five year period instead of a CD for five years to be invested for one-year at a time. However, it should be noted that the interest rate that the City will be accepting will still have to be a compcti..tive interest rate as determined by the City's Director of Finance. It is hoped that by the City gtaarant cr�i.ng to invest the CD for a five year period more banks wi11 tie attracted to this most important project. We recommend the approval of this Rcsolution to once again publish a Request for Proposal (UP) because of the need for a bank in the Overtown Shoppins-:, Conter. Oiir prelir;rinary research into whether there has ever b-;cn a ban], located in Ovr_.rtown ha.a indicated that since the 19,'0's t;hcr. has not boon or loan], in that area. V10 feel that the of s11ch <I baiik will serve the following three (3) iii +?lei" nt pttr['i� t 1. a.t will_ t:rovide IM U011 needed bun]{ing services to the residents of the Overtown area. 2. It will attract business to the Overtown Shopping Center. 3. It will provide a means whereby businesses located in the Overtown Shopping Center can seek financial assistance. CG/AR/ju Attachments EXHIBIT 1 11 NOTICE OF REQUEST FOR PROPOSALS The City of Miami,, F'l on da is requesting proposals from qualified full -service (comr,,erci al. and sav_tngs A. loans) banks to establish and open a branch at:. 1..1ro 01"Qrtolan `;hnrpi.ilf; Ccr�ter; - loeatg^d at, 11190 N-1-1. 3rd(st;ore- - front- facing, approxim'It:ely 1 , 13 i 1, ft:.. and available at a nng()t in1)1.e 1. }arc rate of $10/sq. ft. PII).. '0 , aO cor7=ol7 area maintenance and ftfor the Merchants Assoc i.at:.ion On , 198117 t-Aic City of Miami Commission, in its commitment to economic dex elop;llent; and in recognition that a bank located in the Overto�.rn Shopping; Center would provide much needed banking service;; for t,hc residents of that are;;, passed Resolution No- _ _ (Sec Attoolicd) . Pursuant t,o this Resolution, the City of It .ar„i tri..l.l make available. up to five million dollars (.$5,000,000) to be i_nvesteci as a f'ivc-year Certificate of Deposit subject to the terms and conditions contained in the above mentioned Resolution, in addition to the following conditions: 1. Interest; rate must, be competitive as determined by the Director of ''Finance (equal to highest interest rate other local t)anlcing institutions are willing to offer the City on the samic investment). 2. The City will receive interest payments on a semi-annual basis. 3. The banking institution must be on the list of Certified Public Depositories as designated by the Office of the State Treasurer and as required by the Florida Security for Public Deposit, Act, Chapter 280 Florida Statutes. 4. Such funds will be deposited with the approved bank upon the opening of thc'. br�:nch bank in the Overtown Shopping Center. 5. The annual re -investment, of said funds sYrall be conditioned upon the: continuer operation of the branch bank in the Overtown Shopping Center in full compliance with all applicable banking laws. S4-8 75 Banking institutions desiring to be considered shall demonstrate their capacity and ability to provide banking services by providing the City of Mi..ami. with the following: 1. Letter cf i.o. a. Establ i_sh a br anoh at the Over town Shopping Center; b. Provide financial assistance when requested by businc s« 111hat are located in the Overt.own Shopping Center. 2. Financial condition of the entity and past history. 3. Resumes of key :staff for the branch and the proposed ,)-gnni_zati.on. 4. Proposed services to be rendered at the site. Any expenses incurred by interested parties prior to the opening of said branch shall be at their own expense, at no cost to the City of Miami.