AGENDA ITEM REPORT
TITLE:
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A RESOLUTION AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE AN AGREEMENT WITH TD BANK, N.A. FOR THE PURPOSE OF PROVIDING BANKING SERVICES TO THE CITY PURSUANT TO RFP NO. 03-17-21-10.
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BACKGROUND:
The intent of Request for Proposals (RFP) No. 03-17-21-10 is to contract with a single bank that can offer the highest quality of services to the City. The City’s current agreement for banking services is expiring with no renewal options left.
DISCUSSION:
On February 17, 2021, the City issued a competitive solicitation for banking services. Solicitations were electronically sent to nineteen (19) prospective vendors. Six (6) responsive proposals were received. A selection committee consisting of Randall Blanchette, Engineering Manager; Peta-Gay Lake, Director of Finance and Administrative Services; Karin Lu, Assistant Director of Finance and Administrative Services; Elizabeth Perez, Senior Accountant; and Justin Proffitt, Assistant Director of Sustainable Development, evaluated and ranked the responses in accordance with the following criteria: (1) Operational Plan for the City, (2) Qualifications and Experience, (3) Resources and Availability, (4) Past Performance, and (5) Price. After thorough evaluation and discussion of the proposals, the selection committee ranked the companies as follows: (1) TD Bank, N.A., (2) Wells Fargo Bank, N.A., (3) JPMorgan Chase Bank, N.A., (4) SunTrust Bank, Inc., (5) PNC Bank, N.A., and (6) Synovus Bank. The contract period is for seven (7) years, with the option to renew for an additional three (3) year period.
RECOMMENDATION:
Staff recommends approval of this resolution.
FISCAL IMPACT:
REVENUES: N/A
EXPENDITURES: Estimated at $30,500 annually
BUDGETED? Yes
NOTES: Account No. 0141-3412, Contract Services Other. Estimated cost includes additional mandatory fees of approximately $4,100 annually. All fees will be waived for the first twelve (12) months.