(a) On an annual basis, each eligible depository shall submit to the Director of Community Development the information set forth in Section 178.05, as well as a statement describing its level of participation in residential and commercial development as required in the sworn affidavit set forth in Section 178.07.
This information and this statement shall be used to determine whether the eligible depository has acted in compliance with its sworn affidavit and whether it will be considered for designation as an eligible depository in the future and as well as to inform policy decisions by the City regarding investment of City funds and purchase of services.
All such information required in this section will be available for public inspection.
(b) The annual review process will be administered by the Reinvestment Review Committee, composed of eight (8) members, including:
(1) The Director of Finance, who shall serve as Chairperson and shall select committee members as set forth below;
(2) One (1) member chosen from the Department of Economic Development;
(3) One (1) member chosen from the Department of Community Development;
(4) One (1) representative from the citywide bank clearinghouse;
(5) Two (2) members of community organizations whose principal purpose is neighborhood development; and
(6) Two (2) members from City Council chosen by City Council.
The Committee shall coordinate the implementation of Sections 178.05 to 178.07, inclusive. The Committee shall issue a report analyzing and evaluating the information contained in the depository applications submitted pursuant to Section 178.03 prior to submission of the names of the eligible depositories by the Director of Finance to the Council pursuant to Section 178.03. In the report, the Committee shall make a recommendation to City Council as to which institutions have acted in compliance with their sworn affidavit and any applicable federal law requirements.
(Ord. No. 868-2019. Passed 8-21-19, eff. 8-26-19)