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<br />CITY OF LA PORTE <br />ffiTEROFFICEMffiMORANDUM <br /> <br />TO: <br /> <br />Louis Rigby, Mayor <br />Darryl Leonard, Councilman <br />Chuck Engelken, Councilman <br />Tommy Moser, Councilman <br />John Joems, Assistant City Manager <br /> <br />FROM: <br /> <br />Phyllis Rinehart, Controller <br /> <br />DATE: <br /> <br />September 7, 2010 <br /> <br />RE: <br /> <br />Request for Proposal for Banking Services <br /> <br />The-City of La Porte received Proposals for Banking Services one August 24, 2010. Three banks <br />responded <br /> <br />The selection and award process for a banking -services agreement falls under the rules of a <br />"Proposal" instead of a "Bid". With a Bid, the process-is clear cut- you request a specific piece <br />of equipment and submit specifications. A Bid is a -very objectiv-e method because all vendors <br />give prices on very similar equipment. In aJ~roposal, like a Bid, you receive a price for certain <br />measurable units, but the "specifications" are subjective. With a professional service agreement, <br />there are other factors besides price that you have to consider. <br /> <br />In analyzing the proposals submitted by the three banks, there are six distinct areas that need to <br />be reviewed which are: (1) the compliance with the qualifications; (2) the ability to provide <br />services; (3) the response to required items per the quotation form; (4) the cost of services; (5) <br />the financial strength and (6) the convenience oflocation. <br /> <br />A committee of three employees in the finance department is in the process of reviewing the <br />RFPs received from the banks. They have interviewed the bank personnel. The three RFP's <br />received were competitive and the review process has required additional analysis and review. <br /> <br />The recommendation for the depository provider will be made a later date to allow the finance <br />personnel time to review the- documents from- the-banks. <br />I _ l I.. ( I I _ _ <br />