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HomeMy WebLinkAbout2018-01-08 18-084 ORDERTitle, Order CITY COUNCIL ACTION Council Meeting Date: 01/08/2018 Item No: 18-084 Responsible Dept: Finance Requested Action: Order 01/08/2018 18-084 Map/Lot: N/A Authorizing the Award of Contract to Camden National Bank for Banking and Related Services Summary This order would authorize an award of contract to Camden National Bank for continued banking services. In July, the City issued a Request for Proposals for Banking and Related Services and received proposals from six banks. The Proposal requested information for a number of service areas including; general banking, lockbox service, accounts payable solutions, merchant services, investment safekeeping services and purchase cards. In addition to answering specific questions, respondents were encouraged to provide any alternative banking solutions that would be beneficial to the City, create efficiencies, improve process and/or take advantage of new technologies. The City received responses from six qualified bidders including Bangor Savings Bank, Camden National Bank, Machias Savings Bank, Peoples United, TD Bank and The First. Additionally, a panel of city staff including the Finance Director, Treasurer, and Assistant City Manager interviewed respondents. Once all of the data from the original submissions, interviews and additional clarification was summarized, the three primary factors in developing a recommendation were cost, earnings and enhancements. Based on the above criteria, the unanimous staff recommendation is to award the contract to Camden National Bank, our current provider, as their proposal represents the best financial proposal for the City. This item will be reviewed in detail by the Finance Committee prior to this evening's Council meeting. Committee Action Committee: Finance Meeting Date: 01/08/2018 Action: Recommend for passage For: Against: Staff Comments & Approvals This item will be reviewed in a Finance Committee meeting on January 8. City Manager Introduced for: New Business City Solicitor Finance Director CITY OF BANGOR ORDER Date: 01/08/2018 Item No: 18-084 Assigned to Councilor: Weston 01/08/2018 18-084 Authorizing the Award of Contract to Camden National Bank for Banking and Related Services Be it Ordered by the City Council of the City of Bangor that, the Finance Director is hereby authorized to execute any required agreements with Camden National Bank for Banking and Related Services. IN CITY COUNCIL JANURARY 8, 2018 CO 18=084 COUNCILOR SPRAGUE INDICATED THAT HE HAD A CONFLICT OF INTEREST AS HIS EMPLOYER WAS ONE OF THE BIDDERS COUNCILOR SPRAGUE LEFT THE ROOM COUNCILOR NICHOLS CHAIRED THE MEETING MOTION MADE AND SECONDED FOR PASSAGE PASSAGE COUNCILOR SPRAGUE RETURNED TO THE MEETING AND RESUMED HIS POSITION OF CHAIRMAN CITY CLERK