Reso 2024-3703 - Laserfiche WebLink

Home Browse Search

Lo cFrY Qs s_r * a,y� TO: VIA: FROM: DATE: RE: City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax MEMORANDUM Honorable Mayor and City Commission Stan Morris, City Manager Tiffany Neely, Finance Director September 19, 2024 Award Request for Proposals No. 24-06-01; Authorize City Manager to Negotiate and Execute an Agreementwith TD Bankfor Banking Services RECOMMENDATION: Staff recommends approval of this Resolution. REASONS: On June 5, 2024, the city released RFP # 24-06-01 titled Banking Services. The city released this RFP because the existing contract with TD Bank is up for final expiration in October of 2024 (no renewals available), following a ten (10) year contract term. The purpose of the RFP was to establish a contract with a State of Florida -qualified financial institution,(herein, "bank", "firm" "proposer") to provide full banking services for the City of Sunny Isles Beach, in conjunction with the City's needs. The objectives are to obtain the best banking services while minimizing costs to the City, maximizing earnings, and avoiding unreasonable risks in full accordance with the terms, conditions, and specifications contained in this Requestfor Proposals. On July 12, 2024, the city received four (4) electronic proposals from Amerant Bank, Synovus Bank, TD Bank, and US Century Bank. On Thursday, August 1, 2024, the city held a publicly advertised sunshine evaluation committee meeting to review the two firms, Synovus Bank and TD Bank, that were deemed responsive. The committee ranked TD Bank the highest proposer and recommends TD Bank for award to the City Manager. 1. TD Bank is the current bank, so no transition is needed, resulting in significant time and cost savings for the City. 2. TD Bank has a branch within the city, while Synovus' nearest branch is 4.4 miles away in North Item Number: 10.8 89