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. <br /> Sv4NY 4 • City-®f-Sunny isles Beach - - <br /> oi .� .S; 7C LI =s:rv'd-'' :'x Sunny Isles Beach, Florida 33160 <br /> *r <br /> 1. jos), 'ISP sk. (305)947-0606 City Hall c� 7'1' <br /> 0 <br /> ' T)o,6VN (305)949-3113 Fax <br /> • MEMORANDUM <br /> • • TO: . The Honorable Mayor and City Commission <br /> - <br /> VIA: <br /> Christopher J. Russo Ci Manager <br /> P City <br /> FROM: Tiffany D. Neely, Finance Director <br /> DATE: 6/20/2019 <br /> RE: Approving a First Amendment with TD Bank for Banking <br /> Services <br /> RECOMMENDATION: <br /> i I <br /> OStaff recommends City Commission approval to enter into a renewal of <br /> the contract with TD Bank to provide banking services for another five • <br /> years. • <br /> i <br /> REASONS: I <br /> In 2014,.the City issued RFP. 14-04-02 for banking services to handle <br /> • <br /> operating cash, including, but not limited to, deposits, check payments, <br /> payroll checks, ACH processing, wire transfers and corporate credit <br /> cards. The City received three (3) responses, including one from <br /> Citibank and SunTrust. TD Bank,I <br /> was determined to be the lowest • <br /> responsible and responsive bidder. The City Commission approved <br /> entering into an agreement for five years, with one optional five-year <br /> renewal. This First Amendment exercises the first and final option to <br /> • renew for the period July 2019 through July 2024. <br /> ADDITIONAL INFORMATION: <br /> The RFP included consideration for a fee increase based on the CPI <br /> for"All Urban Consumers for Miami-Fort Lauderdale, FL" as published <br /> by the U.S. Department Of Labor Statistics for 12 months ending in July <br /> of each ear to be effective for the next contract period. TD Bank has <br /> I O Y <br /> requested a 5% fee increase which we are agreeable to since the CPI <br /> • <br /> ' 72 ! <br /> ' <br />