City Council Minutes 2005 09 20 - Laserfiche WebLink

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City Council Meeting Minutes September 20, 2005 Page 12 of 15 MOTION: Council member Brown moved for approval of Resolution No. 43, Series 2005, seconded by Council member Marsella. All in favor APPROVAL OF AGREEMENT FOR BANKING SERVICES WITH FIRST NATIONAL BANK OF COLORADO Mayor Sisk requested Mayor Pro-Tem Keany preside over the agreement for banking services. He recused himself from the discussion and the vote and disclosed he is a member of Board of Directors for Wells Fargo, Boulder County. Mayor Pro-Tem Keany requested a Staff presentation. Finance Director Patty Leslie explained the Finance Staff presented to the Finance Committee the seven responding RFP's and a summary detailing comparative bank pricing, merchant pricing and overall responses to the RFP. Two of the respondents were the most competitive regarding pricing yet could offer the City the required level of banking services: 1. First National Bank of Colorado 2. Wells Fargo Bank $61,163.89 $59,349.20 The documents were reviewed and interviews were set up with the individuals at each bank to clarify issues in the RFP. Staff determined that three additional items needed to be considered during the selection process. In consideration of the additional benefits that were listed in the original proposal but not added into the final cost of the banking services, First National Bank of Colorado costs for banking services comes in well below the final costs of services offered by Wells Fargo Bank. The Finance Staff contacted customers using all of the banking services. First National Bank of Colorado is a locally-operated community bank with no turnover for over 6 years. First National Bank of Colorado listed in the RFP that all conversion costs will be absorbed by the bank except for the reprinting of certain supplies the Finance Department has estimated at a one-time cost of $900. Based on in depth review of the RFP's, interviews with the finalist banks and detailed reference checking, Staff recommended the City enter into an agreement with First National Bank of Colorado as the bank to provide banking services to the City of Louisville for the next 3 years with an option to renew for an additional 2 year period. Council member Brown asked if the cost of conversion was considered. Finance Director Leslie explained all but a one-time fee of $900 will be absorbed by the First National Bank.