An 80 year old 25,000-member Credit Union may continue its $1 per year rent deal upon City Council approval Monday. If approved, the Credit Union will have enjoyed, at the end of the new lease, 25 years of $1-per-year office rent in downtown Orlando.
The Orlando Federal Credit Union (Website), an 80 year old 25,000 member non-profit has leased a 521 square foot space on the first floor of Orlando City Hall for one dollar ($1.00) per year since 2004.
The City wants to enter into a new lease for OFCU’s continued use of the space according to a City Council Agenda item going before Council July 8th. The recommended action is approval of the Lease Agreement.
The rental rate will continue at $1/year and OFCU will continue to provide a no-fee ATM for City Hall employees and guests. The new Lease will be on the same terms and conditions as the original lease and will have a term of five (5) years commencing on July 8, 2019, and ending on July 7, 2024. The Lease may be renewed for 1 additional five (5) year term.
OFCU doesn't have to post a security deposit.
The credit union has seven total locations.
Credit unions are not-for-profit organizations that exist to serve their members. They're owned and controlled by the people, or members, who use their services. Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.
On April 1, 1936, the Orlando City Employees Federal Credit Union was chartered based on a petition signed by 27 employees of the city. It opened for business in a closet on the second floor of Orlando City Hall with an initial deposit of $140. City of Orlando employees volunteered as credit union employees during volunteer hours. As it grew, the credit union hired employees as permanent staff to replace the volunteers and serve its members.
On January 21, 1974, the National Credit Union Administration (NCUA) approved the name change to Orlando Federal Credit Union. This change also signaled the beginning of an expanded membership base. The credit union grew to allow members to join from throughout Orange County, Orlando Utilities Commission, the City of Winter Park, Greater Orlando Aviation Authority and Lynx. Today, the credit union offers its services to everyone who lives, works, worships, volunteers, or attends school in Orange, Osceola, Seminole and Lake counties and the businesses in these counties.