Minutes 10/10/1989 - Laserfiche WebLink

Home Browse Search

TUESDAY, OCTOBER 10, 1989 It was noted that this increase did not reflect the recent refunds to the three companies because of erroneously assessed taxes, thus the increase will probably be only $50,000. City Manager Brown report to Council that, in response to Request for Proposals (RFP) for providing banking services to the City, five proposals were submitted, i.e. Crestar Bank, Piedmont Trust Bank, Patrick Henry National Bank, Sovran Bank and Dominion Bank. Of these five proposals, three had requested that their proposals be confidential which is allowed understate statutes, therefore, no public discussion could be conducted regarding these proposals. He commented that under the terms of the RFP an Evaluation Committee, consisting of the Treasurer, Finance Director and City Manager, had evaluated the bids received and recommended that Patrick Henry National Bank be awarded a contract for these services. It was noted that the Committee's evaluation showed that this Bank's bid offered considerably more financial advantages to the City than the other bids submitted. Upon motion by Councilman Cole, seconded by Councilman Groden, Council approved the award of a contract to Patrick Henry National Bank to provide banking services for the City for a three-year term with an option for an additional year and also an option for either party to cancel with 180-day notice, and subject to the terms of the RFP. (Councilman McClain abstained because of an interest in oneof the banks.) Mr. Worth H. Carter, Jr., President of Patrick Henry National Bank, was present and expressed appreciation to the Council for being given the opportunity to serve the City in this capacity. Council took a break at 9:00 p.m. and resumed the session at 9:10 p.m.