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October 23, 2018 — Meeting Minutes
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10-23-18 BOA Minutes October 23, 2018 Page 3 of 8
Minutes are recorded based on Robert’s Rules of Order Newly Revised, 11th, 2013 Edition
A RESOLUTION TO CONSIDER AUTHORIZING EXECUTION OF A BANKING SERVICES AGREEMENT
City Manager Owens reported that the City’s current banking services agreement is with Commerce Bank. The City’s banking agreement provides for depository services, online banking, positive pay fraud detection, options for investment of idle funds, and a requirement that City funds be 100% collateralized, among other services. The Finance staff prepared a Request for Proposal for Banking Services and distributed it to all banks that have a site within Clayton. Thirteen banks responded with detailed proposals. In reviewing each of the proposals the City analyzed the financial status of the bank, references, services provided, on-line system capabilities, banking fees, interest on idle funds, and convenience. The City then calculated the net revenue (interest revenue less fees) submitted by each bank. The City then met with the three banks with the highest net revenue to the City, all of which were very close in amount. After completing the evaluation process staff are recommending staying with Commerce Bank as their fees and interest are comparable, staff have direct knowledge of their satisfactory overall service level, and the convenience of the drive-thru banking for our police officers. We are confident Commerce Bank can fulfill the City’s needs and in addition, Commerce Bank is a good community partner. The City’s pension plans also currently use Commerce Trust for pension administrative services, custodial services and fixed income investments.
It is our understanding that this was previously the home for the pastor of the church. The listed price for this property is $450,000. The Board of Aldermen, at their June retreat, reaffirmed their commitment to expansion of greenspace throughout the City. Staff therefore thought it would make sense to at least consider the opportunity this space presented. It is a small site but could serve as a nice oasis along the city’s new bike route near Downtown Clayton. An appraisal was commissioned by the City of Clayton and estimated the value of the property at $340,000. As a result, the City negotiated with the property owners who have agreed to sell the property for $340,000. It is anticipated that the City can close on this property on or about October 29, 2018. Upon acquisition, the City will take steps to evaluate the property to decide the best course of action for its incorporation as a part of the City’s park system. The new park will serve not only the surrounding businesses, but all citizens of Clayton as well as the thousands of visitors that make their way to the City of Clayton each year. Mayor Sanger clarified that the asking price was $450,000 and the City offered $340,000 (appraisal amount) which was accepted by the seller. Alderman Winings introduced Bill No. 6696, an ordinance to approve a contract to purchase property at 7811 Maryland Avenue to be read for the first time by title only. Alderman Boulton seconded.
Alderman Winings introduced Bill No. 6696, an ordinance to approve a contract to purchase property at 7811 Maryland Avenue to be read for the first time by title only. Alderman Boulton seconded. City Attorney O’Keefe read Bill No. 6696, first reading, an Ordinance Authorizing the Purchase of Property Located at 7811 Maryland Avenue in Clayton, Missouri. First reading failed, 6-Ayes; 1-Nay (Alderman Lintz). Second reading to be held at the November 13, 2018 meeting.
We are confident Commerce Bank can fulfill the City’s needs and in addition, Commerce Bank is a good community partner. The City’s pension plans also currently use Commerce Trust for pension administrative services, custodial services and fixed income investments. The proposal is for services for a three-year period, with an option to renew for two (2) additional one-year periods at the City’s choice. Janet Watson, Director of Finance, addressed the Board to answer questions. Motion was made by Alderman Winings to approve Resolution No. 18-20, to authorize the execution of a banking agreement with Commerce Bank. Alderman Boulton seconded. The motion passed unanimously on a voice vote. A RESOLUTION TO CONSIDER DECLARING THE INTENT TO REIMBURSE ITSELF FROM BOND PROCEEDS FOR EXPENDITURES IN RELATION TO THE RENOVATION OF THE CENTER OF CLAYTON RECREATIONAL FACILITY
City Manager Owens reported that the City plans to issue bonds to fund the City’s portion of the renovations to the Center of Clayton recreational facility. The City will be expending funds soon on items which have a significant delivery period and pre-construction items and the City would like to be reimbursed for those costs. The attached ordinance will allow the City to be reimbursed for costs incurred prior to the bond issuance once bond proceeds are received. Motion made by Alderman Winings to approve Resolution No. 18-21, declaring the intent to reimburse the City of Clayton from Bond proceeds for expenditures in relation to the renovation of The Center of Clayton Recreational Facility. Seconded by Alderman Boulton. The motion passed unanimously on a voice vote.
Seconded by Alderman Boulton. The motion passed unanimously on a voice vote. MOTION - APPEAL ARCHITECTURAL REVIEW BOARD’S DECISION