09/10/2001 Council Packet - Laserfiche WebLink

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• • COUNCIL MINUTES JULY 23, 2001 In May of this year, staff mailed Request for Proposals for Banking Services (RFP) to each bank within the City, Firstar Bank, Community National Bank and the Lino Lakes State Bank. The City received responses from each of these institutions. Upon comparing and evaluating the responses, staff found that all banks met the basic criteria and had the ability to deliver the services requested in the RFP. Two (2) of the institutions, Lino Lakes State Bank and Community State Bank, offered the best package of services and costs and were virtually identical in this regard. Other criteria of a more intangible nature, such as customer service orientation, community involvement, etc., were also considered in the evaluation. Again, both institutions have a high emphasis on customer relations and are involved in community events and service. At present, the City maintains one checking account, which is quite adequate for the City's needs. It has been suggested that perhaps the City could split its accounts between the institutions. While this may sound like a good solution on the surface it would result in twice the time and work the staff would have to dedicate to this area in terms of record keeping, reconciliation's, etc. A better solution might be to consider the institutions not designated as the depository f utside financing, negotiated notes and special needs the City would have from time to time T • woui ford them the opportunity to participate in the City's overall financial goals. • ®- on, ' e City will revisit the RFP process in three (3) years, at which time it is anticipated at b: �' will be again invited to submit proposals. Given these factors and the results of the RFP, staff r Resolution No. 109 — 01, accepting the proposal a three -(3) year term extending through Decem ds that the City Council adopt es State Bank for banking services for Council Member Dahl asked if the Lino .. charges will remain the same for the three -(3) year term. Finance Director Rolek a. �e1,� e no charges to the City for transactions. The proposal is good for three (3) year Council Member Dahl clarifi ''`' st• that both banks were basically the same in their services. Council Member Carlson® out the statement in the resolution that indicates the City can extend the contract term fo e (3) additional years. Finance Director Rolek advised the Council can extend the term for an a itional three -(3) years or do another RFP. Mayor Bergeson inquired about the corporate credit card. Finance Director Rolek advised the City currently has a corporate credit card that is used to order items over the phone or travel expenses. This card is a replacement for the current card. Council Member O'Donnell moved to adopt Resolution No. 109 — 01, as presented. Council Member Carlson seconded the motion. Motion carried unanimously. Resolution No. 109 can be found in the City Clerk's office. • Public Hearing on Adoption of Business Subsidy Policy and Tax Abatement Policy; Granting a Tax Abatement and Granting a Business Subsidy, Al Rolek — Finance Director Rolek advised the 3