Agenda Item # 9.i.
City Commission Regular Meeting
- Meeting Date:
- 12/21/2015
- Re
- RFP No. 2015-054 Sale of Mixed Performance Mortgage Loans
- Submitted For:
- Johnna Morris
SUBJECT:
Approval of the sale of fourteen (14) mixed performance mortgage loans to Harbor Community Bank in the amount of $729,300.00.
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 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 for the purchase of all 14 loans. This equates to 46.4% of the current loan balance.
RECOMMENDATION:
Staff recommends approval and acceptance of Harbor Community Bank's proposal in the amount of $729,300.00.
ALTERNATIVES:
Staff will proceed as directed by the City Commission.
RESPONSIBLE STAFF:
Johnna Morris, Director of Finance
COORDINATED WITH:
Nicholas C. Mimms, City Manager
Purchasing Department
Purchasing Department
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2016
- Account:
- Amount:
- $729,300.00
FISCAL IMPACT:
Revenue received will be re-invested into the SHIP Program.
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 | 12/14/2015 04:12 PM |
| Finance Department | Jennifer Robinson | 12/15/2015 04:28 PM |
| City Manager | Nick Mimms | 12/16/2015 04:31 PM |
- Form Started By:
- Jennifer Robinson
- Started On:
- 12/14/2015 02:58 PM
- Final Approval Date:
- 12/16/2015