HomeMy WebLinkAboutJ-2 Resolution: Wachovia Bank, N.ACity of ~Vliami ~ard~ens
1515-200 NW 167`h Street
Miami Gardens, Florida 33169
Aaenda Cover Paae
Date: November 14, 2007
Mayor Shirley Gibson
Vice Mayor Barbara Watson
Councilman Melvin L. Bratton
Councilman Aaron Campbell Jr.
Councilwoman Sharon Pritchett
Councilman Oscar Braynon II
Councilman Andre Williams
Fiscal Impact: No ^ Yes X Public hearing ^ Quasi-Judiciai ^
(If yes, explain in Staff Summary) Ordinance o Resolution X
Funding Source: 1st Reading ^ 2nd Reading ^
Contract/P.O. Requirement: Yes X No^ Advertising requirement: Yes X No
Sponsor Name/Department: RFP/RFQ/Bid # 06-07-033 Financing Proposal
Danny Crew, City Manager
Title
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS, FLORIDA, AWARDING A BID TO WACHOVIA BANK, N. A.
FOR FINANCING IN THE AMOUNT OF FOUR MILLION SEVEN
HUNDRED THOUSAND ($4,700,000.00) DOLLARS TO BE USED FOR
THE PURCHASE OF POLICE VEHICLES AND EQUIPMENT;
PROVIDING FOR THE ADOPTION OF REPRESENTATIONS;
PROVIDING AN EFFECTIVE DATE.
Staff Summarv
The City needs financing to acquire approximately $4.7 Million in additional vehicles and
equipment in order to enhance police and general citywide operations.
Analvsis:
The proposal document RFP#06-07-033 was advertised on September 12, 2007. A broadcast
notice was sent to 639 firms. Thirty proposal packages were requested. Seven proposals were
received and opened on October 18th, 2007.
William Alonso, Finance Director, Pam Thompson, Procurement Manager and I met as the
selection committee for the Financing RFP on October 22, 2007. A copy of the proposal
document and submittals are available for review by contacting your Assistant to the
Mayor/Council.
After considering the responses and the City's needs, the Committee has ranked as number
one, the proposal received from Wachovia Bank, N.A.
J-2) CONSENT AGENDA
RESOLUTION
WACHOVIA BANK, N. A.
In reaching the ranking, we considered a number of factors including: interest rates, call terms,
collateral requirements, debt coverage requirements, flexibility, ease of utilization and creativity
in financing. The top ranked proposal offers the best all-around approach to our potential
borrowing needs for both short term and for long term, as well as providing the lowest interest
rate of the seven proposals received.
Recommendation:
That City Council approve the resolution authorizing the negotiation of a contract with
Wachovia Bank for the City's financing needs.
RESOLUTION No. 2007-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS, FLORIDA, AWARDING A BID TO WACHOVIA BANK, N. A.
FOR FINANCING IN THE AMOUNT OF FOUR MILLION SEVEN
HUNDRED THOUSAND ($4,700,000.00) DOLLARS TO BE USED FOR
THE PURCHASE OF POLICE VEHICLES AND EQUIPMENT;
PROVIDING FOR THE ADOPTION OF REPRESENTATIONS;
PROVIDING AN EFFECTIVE DATE.
1 WHEREAS, City staff prepared an RFP for a Four Million Seven Hundred
2 Thousand ($4,700,000.00) Dollar vehicle and equipment financing for FY-2008, and
3 WHEREAS, this financing is to reimburse the general fund for a number of police
4 equipment items, and to purchase the necessary fleet vehicles pursuant to FY-2008
5 budget, and
6 WHEREAS, a pre-proposal conference was held on September 24, 2007, and
7 WHEREAS, three firms attended in person and three firms attended via
8 teleconference call, and
g WHEREAS, seven proposals were received and publicly read, and
10 WHEREAS, a selection/evaluation committee ("Committee") met consisting of
11 the City Manager, Finance Director and the Procurement Manager, and
12 WHEREAS, the Committee is recommending that the City Council authorize the
13 City Manager to negotiate with Wachovia Bank, N.A. for this purpose,
14 NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
15 OF MIAMI GARDENS, FLORIDA, AS FOLLOWS:
16 Section 1. ADOPTION OF REPRESENTATIONS: The foregoing Whereas
17 paragraphs are hereby ratified and confirmed as being true, and the same are hereby
18 made a specific part of this Resolution.
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RESOLUTION AWARDING BID TO
WACHOVIA BANK 11.14.07
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Section 2. AUTHORIZATION: The City Council authorizes the City Manager
to negotiate and execute an agreement with the Wachovia Bank, N.A., for financing in
the amount of Four Million Seven Hundred Thousand ($4,700,000.00) Dollars, with the
same to be approved by the City Councit via ordinance.
Section 3. EFFECTIVE DATE: This Resolution shall take effect immediately
upon its final passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS AT ITS REGULAR MEETING HELD ON NOVEMBER _, 2007.
SHIRLEY GIBSON, MAYOR
ATTEST:
RONETTA TAYLOR, CMC, CITY CLERK
Prepared by SONJA KNIGHTON DICKENS, ESQ.
City Attorney
SKD:jIa
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RESOLUTION AWARDING BID TO
WACHOVIA BANK 11.14.07
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SPONSORED BY: DANNY O. CREW, CITY MANAGER
MOVED BY:
VOTE:
Mayor Shirley Gibson (Yes) (No)
Vice Mayor Barbara Watson (Yes) (No)
Councilman Oscar Braynon, II (Yes) (No)
Councilman Melvin L. Bratton (Yes) (No)
Councilman Aaron Campbell (Yes) (No)
Councilman Andre Williams (Yes) (No)
Councilwoman Sharon Pritchett (Yes) (No)
RESOLUTION AWARDING BID TO
WACHOVIA BANK 11.14.07
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