Agenda Item # 4.B.
City Commission Conference Agenda
- Meeting Date:
- 12/14/2015
- Re
- Consideration of the Sale of Mixed Mortgage Loans
- Submitted For:
- Nick Mimms
SUBJECT:
Consideration of the sale of mixed performance mortgage loans - Director of Finance
SUMMARY:
The City of Fort Pierce requested bids from qualified financial institutions for the sale of its portfolio through RFP No. 2015-054, Sale of Mixed Performance Mortgage Loans. The portfolio consists of fourteen (14) mixed performance mortgage loans which are all first mortgage loans secured by residential collateral.
The mortgage loans totaled $1,722,000 when originally issued with a remaining balance of $1,571,404.81 at the time that the RFP was issued. Harbor Community Bank submitted a bid proposal in the amount of $729,300.00 for the purchase of all 14 loans. This equates to 46.4% of the current loan balance.
The mortgage loans totaled $1,722,000 when originally issued with a remaining balance of $1,571,404.81 at the time that the RFP was issued. Harbor Community Bank submitted a bid proposal in the amount of $729,300.00 for the purchase of all 14 loans. This equates to 46.4% of the current loan balance.
RECOMMENDATION:
Discussion to determine the direction for the Sale of Mixed Mortgage Loans to Community Harbor Bank.
ALTERNATIVES:
Not to proceed with the Sale of Mixed Performance Mortgage Loans.
RESPONSIBLE STAFF:
Johnna Morris, Finance Director
COORDINATED WITH:
Nicholas Mimms, City Manager
Purchasing Department
Purchasing Department
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2016
- Account:
- NA
- Amount:
- NA
OTHER INFORMATION:
No fiscal impact at this time.
Attachments
- Sale of Mixed Performance Mortgage Loans Worksheet
- Letter from F. Fee Including Bid from Harbor Community Bank
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Finance Department | Johnna Morris | 12/08/2015 12:36 PM |
| City Manager | Nick Mimms | 12/16/2015 04:28 PM |
- Form Started By:
- awilkinson
- Started On:
- 12/07/2015 04:32 PM
- Final Approval Date:
- 12/16/2015