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HomeMy WebLinkAboutR-84-0043a J-84-42 1/18/84 rr/D-6 RESOLUTION NO -"Aj - A RESOLUTION AUTHORIZING THE CITY MANAGER TO PLIBLISH A REQUEST FOR PROPnSALS (RFP), IN SUBSTANTIALLY THE FORM ATTACHED, FOR QUALIFIED FULL -SERVICE RANKS TO ESTABLISH A BRANCH RANK IN THE OVERTOWN SHOPPING CENTER; FURTHER AUTHORIZING FIVE MILLION DOLLARS OF CITY MONEY TO RE INVF_STFD AS A CERTIFICATE OF DEPOSIT 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 Overtown 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, as an incentive for a full -service bank to set up a branch bank in the Overtown Shopping Center, the City will make available Five Million Dollars to be invested as a Certificate of Deposit upon the opening of the branch bank in the Overtown Shopping Center; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is hereby authorized to publish a Request For Proposals (RFP), in substantially the form attached, for qualified full -service banks to establish a branch bank at the Overtown Shopping Center. Section 2. As an incentive for a full service bank to set up a branch bank in the Overtown Shoppinq Center, the City shall make available Five Million Dollars to be invested as a Certificate of Deposit upon the opening of the branch bank in the Overtown Shopping Center; CITY COMMISSION MEETING OF JAN 19 1984 RESOLUlw., ,,,,.-84-43. ,0 jo Section 3. The annual reinvestment of said funds shall be conditioned upon the continued operation of the branch bank in the Overtown Shoppinq Center in full compliance with all applicable banking laws. PASSED AND ADOPTED this 19t1, day of January , 19B4. ATTEST: ALPH G. ONGIE, CITY C - K PREPARED AND APPROVED BY: &6�zr ROBERT F. CLARK DEPUTY CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: j"; A, -P 0 �1-4.%V A C Y ATTORNEY -2- Maurice A. Ferre M A Y 0 84-43 Nc ICE OF REQUEST FOR PROPOSA.� The City of Miami, Florida is requesting proposals from qualified full - service (Commercial and Savings & Loans) banks to establish a branch at the Overtown Shopping Center: located at 1490 N. W. 3rd. Avenue (storefront facing N. W. 3rd Avenue) approximately 1,121 sq. ft. and available at a negotiable lease rate of $10/sq.ft. plus $0.50 common area main- tenance and $0.20/sq. ft. for the Merchants Association. To this effect, the City of Miami will make available for five years, up to five million dollars ($5,000,000) to be invested as Certificates of Deposit with the bank under the following conditions: 1. Interest rate must be competitive as determined by the Director of Finance (Equal to highest interest rate other local banking insti- tutions are willing to offer the City on the same investment.) 2. Each Certificate of Deposit will be for one year. 3. The City will receive interest payments on a semi-annual basis. 4. The banking institution must qualifiy as a Certified Public Deposit- ory as defined under Chapter 290, of the Florida Statutes. Banking institutions desiring to be considered shall demonstrate their capacity and ability to provide banking services by providing the City of Miami with the following. 1. Letter of intent to: a. Establish a branch at the Overtown Shopping Center; b. Provide financial assistance when requested by businesses that are located in the Overtown Shopping Center. 2. A report on the number of loans that have been provided to the Black community over the past two (2) years. The report should include the dollar value and number of these loans as well as the management and technical assistance that has been provided to loan recipients. 3. Alist of the pro-bono services that have been provided to the Black community over the past three (3) years. 4. Financial condition of the entity and past history. 5. Resumes of the proposed key staff for the branch and the proposed organization. 6. Proposed services to be rendered at the site. 84-43 C] 0 39 TO. Howard V. Gary City Manager CITY OF MIAMI, FLORIOA INTER -OFFICE MEMORANDUM FROM: Charlotte Gallogly, Dire for Dept. of Economic Develo ment DATE: December 29, 1983 FILE: SUBJECT: Request for Proposals From Qualified Full -Service Banks to Establish a Branch Bank in the Overtown Shopping Center REFERENCE$:anuary 12th Commission �l ENCLOSURES: Meeting Agenda It is recommended that the City Commission approve the attached Resolution authorizing the City Manager to publish a Request for Proposal (RFP) from qualified full -service banks (Commercial and Savings & Loan) to establish a branch bank at the Overtown Shopping Center. The City of Miami is requesting proposals (see attached) from quali- fied full -service banks (Commercial and Savings & Loan) to establish a branch bank at the Overtown Shopping Center, which is located at 1490 N. W. 3rd venue. The storefront of the bank will face N. W. 3rd Avenue, and the approximate size of the facility will be 1,121 square feet. Although the lease rate will be negotiable, it has been set at $10/sq. ft., plus $0.50/sq. ft. common area maintenance and $0.20 sq.ft. for the Merchants Association. As an incentive for a full -service bank (Commercial and Savings and Loan) to set up a branch in this shopping center, the City of Miami will make available for five years, up to five million dollars ($5,000,000) to be invested as Certificates of Deposit with the bank that is selected, under the following conditions: 1. Interest rate must be competitive as determined by the Director of Finance (Equal to highest interest rate other local banking institutions are willing to offer the City on same investment.) 2. Each Certificate of Deposit will be for one year. 3. Interest to be paid to the City semi-annually. 4. The banking institution must qualify as a Certified Public Depository as defined under Chapter 290 of the Florida Statutes. In order for a banking institution to be considered, it will have to demonstrate the capacity and ability to offer banking services by providing the City of Miami with the following: 1. A letter of intent to: a. Establish a branch at the Overtown Shopping Center; 84-43. 0 & Howard V. Gary December 29, 1983 Page - 2 - b. Provide financial assistance when requested by businesses that are located in the Overtown Shopping Center. 2. A report on the number of loans that have been provided to the Black community over the past two (2) years. The report should include the dollar value and number of these loans, as well as the managment and technical assistance that has been provided to loan recipients. 3. A list of the pro-bono services that have been provided to the Black community over the past three (3) years. 4. The financial condition of the entity and past history. 5. Resumes of the proposed key staff for the branch bank and the proposed organization. 6. The proposed services to be rendered at the site. We recommend the approval of this Resolution to publish a Request for Proposal (RFP) because of the need for a bank in the Overtown Shopping Center. Our preliminary research into whether there has ever been a bank located in Overtown has indicated that since the 1920's there has not been a bank in Overtown. We feel that the establishment of such a bank will serve the following three (3) important purposes: 1. It will provide much needed banking services to the residents in the Overtown area. 2. It will attract business to the Overtown Shopping Center. 3. It will provide financial assistance to businesses that are located in the Overtown Shopping Center. CG:hb Attachments cc: Law Department 84-43.