NUMB:
000467
VERS:
ORIGINAL
REF:
990948
XXBY:
THE CHAIR
TITL:
Resolution relating to the deposit and return of good faith funds and interest to bidders responding to the Request for Proposal for purchase of 3 City-owned parking lots. (DPW)
ANLS:
- Analysis -
This resolution authorizes the proper City officials to deposit good faith funds from bidders responding to the Request for Proposal to purchase 3 City-owned parking structures. This resolution further authorizes these funds to be deposited into interest-bearing accounts, and the principal and interest to be returned to bidders.
BODY:
Whereas, Common Council File Number 990948, adopted by the Common Council on December 17, 1999, authorized the release of the Request for Proposal (RFP) for the purchase of 3 City-owned parking lots; and
Whereas, The RFP required each bidder to submit a good faith deposit of either cash or letter of credit equal to 2.5% of the bid price at the time of bid and an additional 2.5% of the bid price in order to participate in the negotiation process; and
Whereas, In both the RFP and escrow agreements signed at the time of the initial deposits, the City agreed to deposit these funds in a government insured, interest-bearing account; and
Whereas, In these same documents, the City agreed to pay the interest from the date these funds were received by the Department of Public Works to the date these funds were returned to the bidders; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are authorized to deposit good faith funds from bidders responding to the Request for Proposal for the purchase of 3 City-owned parking structures into a segregated, interest-bearing account; and, be it
Further Resolved, That the proper City officials are also authorized to return to the bidders the principal and interest earned from the date of deposit to the date the principal is returned.
ZDPT:
Depa...
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