Title
Resolution relative to accepting the proposal of Portfol for furnishing loan management software and the related setup and training for a total sum of $17,500.
Body
WHEREAS, the City of West Allis offers a variety of loan programs to property owners for housing maintenance and property rehabilitation, and to entrepreneurs to encourage and facilitate economic development; and
WHEREAS, the number and variety of grant funded, city funded, and FIRE funded loan programs has expanded significantly in the last three years; and
WHEREAS, traditional housing rehab loans with standard, conventional loan terms can be most efficiently serviced through an existing arrangement with Tri City National Bank, but new property rehab and economic development loans often contain creative but unconventional loan terms that cannot be serviced in the same manner; and
WHEREAS, the city's loan portfolio requires active management and oversight to ensure all amounts owed to the city are collected in accordance with loan terms; and
WHEREAS, the Development Department and Finance Department jointly conducted a thorough search for software to assist both departments in managing and administering the city's various loan programs and determined Portfol to be the best fit to meet the needs of both departments; and
WHEREAS, Portfol software was created by Philadelphia's public-private economic development corporation (PIDC) and is specifically designed to handle the complexities of public sector economic development deals including job tracking and reporting, accounting for different funding sources, and loan management of complex and creative loan terms; and
WHEREAS, the Purchasing Division has reviewed the vendor pricing and offerings obtained by the Development Department from several vendors and determined that the pricing and offering from Portfol of $17,500.00 is fair and reasonable; and
WHEREAS, the funding for this purchase will be provided by the TID 7, TID 11, and TID 14...
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