HomeMy WebLinkAboutReso 2024-3703RESOLUTION NO. 2024 -
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH,
FLORIDA, AWARDING REQUEST FOR PROPOSALS NO. 24-06-01 TO, AND
AUTHORIZING THE CITY MANAGERTO NEGOTIATE AND EXECUTE AN AGREEMENT
WITH, TD BANK, N.A. FOR BANKING SERVICES, PROVIDED SAID AGREEMENT IS
FIRST APPROVED AS TO FORM AND LEGAL SUFFICIENCY BY THE CITY ATTORNEY;
AUTHORIZING THE CITY MANAGER AND CITY ATTORNEY TO DO ALL THINGS
NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City of Sunny Isles Beach (the "City"), is in need of banking services to
handle operating cash including, but not limited to, deposits, check payments, payroll checks, ACH
processing, wire transfers, and corporate credit cards; and
WHEREAS, on June S, 2024, the City issued Request for Proposals (the "RFP") No. 24-06-01
for banking services (the "Services"); and
WHEREAS, the City received four (4) responses, and determined that TD Bank, N.A. ("TD
Bank") was the lowest responsive and responsible bidder; and
WHEREAS, TD Bank is qualified, willing, and able to provide the desired Services pursuant
to the terms and conditions set forth in the RFP; and
WHEREAS, the City Commission wishes to award the RFP to, and authorize the City
Manager to negotiate and execute an Agreement with TD Bank for the Services, provided said
Agreement is first approved as to form and legal sufficiency by the City Attorney.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY
ISLES BEACH, FLORIDA, AS FOLLOWS:
Section 1. Award of Bid and Authorization of City Manager. The City Commission hereby
awards Request for Proposals No. 24-06-01 to, and authorizes the City Manager to negotiate and
execute an Agreement with, TD Bank, N.A. for banking services, provided said Agreement is first
approved as to form and legal sufficiency by the City Attorney.
Section 2. Authorization of City Manager and City Attorney. The City Manager and the City
Attorney are hereby authorized to do all things necessary to effectuate this Resolution.
Section 3. Effective Date. This Resolution will becom ective upon adoption.
PASSED AND ADOPTED this 19' day of Se tember, 2024.
Larisa Svechin, Mayor
@BCL@B40AACAB.doc Page 1 of 2 91
ATTEST: '
Maurici Betancur, MC, City Clerk
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY -
4 Afain E. Boileau, for Nabors, Giblin
& Nickerson, P.A., City Attorney
Moved by: &,L(/.�SfMree-Seconded by: 01"eew-A44-
Vote:
Mayor Svechin °(Yes) (No)
Vice Mayor Lama----�7/(Yes) (No)
Commissioner Joseph ./ (Yes) (No)
Commissioner Stuyvesant v (Yes) (No)
Commissioner Viscarra (Yes) (No)
@BCL@B40AACAB.doc Page 2 of 2 92
City of Sunny Isles Beach
RFP No. 24-06-01
July 12, 2024
A2
Proposal information enclosed is proprietary
to TD Bank
PREPARED BY
Pamela Ramkalawan
Vice President, Government Relationship Manager
5900 N. Andrews Ave., 2nd Floor
Ft. Lauderdale, FL 33309
Phone: (954) 233-2064
Cell: (561) 866-8368
Email: Pamela. Ramkalawan@td.com
93
Minimum Qualification Requirements (MARS)
1. Minimum Qualification Requirements (MARS)
Firms must read the MQRs first to ensure your firm meets these requirements in order to
provide a response to this RFP. Firms that do not meet all the MQRs stated will be
determined non-responsive and disqualified from the evaluation process and will not be
considered. Proposer must provide all MQRs as requested, in addition to the information
requested below.
Please refer to the following, pages for TD's response to the City's MQRS.
Proposed by: TD Bank, N.A. Page 1 94
Minimum Qualification Requirements (MARS)
2.3 MINIMUM QUALIFICATION REQUIREMENTS (MARS)
1. Please read the MQRs to ensure the Firm meets these requirements prior to submitting a
response to this RFP.
TD Bank acknowledges the above.
2. All Minimum Qualification Requirements (MQRs) must be submitted with Firm's response.
TD Bank acknowledges the above.
3. Firms that do not comply with MQRs maybe determined non-responsive and disqualified.
TD Bank acknowledges the above.
4. Awarded firm will be required to maintain Minimum Qualification Requirement a and b
during the term of the Contract and any Contract renewals.
a. The Proposer shall hold the proper license/qualifications to perform the Scope of
Work set forth within this solicitation to including but not limited to the following:
• Federal or State of Florida Charter Bank;
• Certified as a "Qualified Public Depository" under Chapter 280 Florida
Statutes, "Security for Public Deposits";
• Member of FDIC; and
• Member of Federal Reserve System.
The Proposer must provide a copy of the applicable license(s) or status with Firm's
response.
TD Bank acknowledges the above.
b. The Proposer shall have a branch bank located in Sunny Isles Beach. Be a Federal or
Florida chartered bank with a principal Branch office located within a ten (10) mile
radius of the city of Sunny Isles Beach, Florida, from the zip code 33160. Preference
may be given to proposing banks with a principal Branch office within the city limits of
Sunny Isles, Beach.
c. The Proposer must have received an unqualified opinion in its audited financial report
for each of the last two (2) years.
Proposer must provide a copy of the opinion with Firm's response.
TD Bank's most recent financial information including annual audit financial
reports for the last two years are available online at:
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d. The Proposer must have at least five (5) years' experience having provided the scope
Proposed by: TD Bank, N.A. Page 2 95
Minimum Qualification Requirements (MQRS)
of services as outlined in the RFP and provide details of this experience. The City will
review the bank's incorporation date filed on Sunbiz.org by month and year. As of the
submittal due date is the period of time counted for the five-year experience.
TD Bank acknowledges the above.
e. The Proposer shall provide reference letters for five (5) verifiable clients with a
minimum of three (3) municipalities/local governments, for projects of similar scope
as outlined in this RFP. Please ensure the contact information provided is up to date
and accessible. Proposer must complete the Questionnaire Form # 22 to meet this
requirement.
TD Bank acknowledges the above.
f. The Proposer must submit most recent audited financial statements to substantiate
the financial stability of the Proposer. Please note, financial statements are exempt
from public records request.
From this report, please indicate its effective date and amount of capital and
surplus for your institution.
Capital $ 46,280,437'
Surplus $ 34,002,753
Total $ 367,174,6.51
Date: as of 12/31/23
'Balances include Noncontrolling Interest
Proposed by: TD Bank, N.A. Page 3 96
Transmittal Letter
2. Transmittal Letter
A letter of transmittal, signed by an authorized officer of your company, briefly stating
the Proposer's understanding of the services to be performed and a positive commitment
to perform the services described herein. Provide the name(s) of the person(s) who will
be authorized to make representations for the Proposer, their titles, office and E-mail
addresses and telephone numbers.
Please refer, to the following pages for TD's Transmittal Letter.
Proposed by: TD Bank, N.A. Page 4 97
Transmittal Letter
July 12, 2024
City of Sunny Isles Beach
Attn: Genesis Cuevas, MPA, CPPB, NIGP-CPP
Purchasing Manager
18070 Collins Ave.
Sunny Isles Beach FL 33160
RE: RFP # 24-06-01 Banking Services
Dear Ms. Genesis Cuevas:
TD Bank, N.A. is pleased to be included in the Request for Proposal for Banking Services for the City
of Sunny Isles Beach (also referred to as the City). We are confident that TD Bank can continue to
meet the outlined requirements and exceed the expectations of the City when it comes to providing all
banking services.
TD Bank, America's Most Convenient Bank®, is committed to outstanding customer service. TD Bank
has been named the best bank for customer satisfaction by such notable organizations as J. D. Powers
and Consumer Reports. At a time when many banks are cutting back, TD Bank continues to invest in
innovative technology and the expansion of our branch network. We pledge to the City of Sunny Isles
Beach that our staff will be responsive to your needs and will deliver excellence day after day. TD
Bank will continue to commit numerous resources to provide an unparalleled banking experience to
the City of Sunny Isles Beach and our other clients.
Government Banking has been an important line of business at TD Bank for many years. Our team
approach to working with municipalities has allowed us to manage over $29.6 billion in public funds
as of May 2024. We are leaders in Government Banking in Maine, New Hampshire, Vermont,
Massachusetts, New York, New Jersey, Pennsylvania, and Delaware. Our Government Banking
business continues to grow in markets of Florida, Maryland, Virginia and the District of Columbia. TD
Bank is ranked the 3rd top holder of public deposits in Florida and the United States.
A team of our finest professionals have been assembled to manage the City's relationship, Pamela
Ramkalawan, Vice President, Government Banking Relationship Manager has over 23 years of
banking experience. Pamela will be the Relationship Manager and is authorized to legally bind TD
Bank to this proposal. Andrea Tyrell -Grant, Vice President Treasury Sales Officer, will continue to
serve as the Treasury Officer responsible for Treasury Management services. Seana Lassiter and Sue
Gibbs will act as sales and service support to the City. Together, this team will be able to deliver TD
Bank's Legendary Customer Service.
In our recommended solution, the TD Municipal Advantage Checking account will continue to provide
the City maximum flexibility along with the increased control to achieve the best possible return on
funds. In this tailored solution, the City will receive an Earnings Credit Rate of 300 basis points*.
Proposed by: TD Bank, N.A. Page 5 98
Transmittal Letter
r
All of the City of Sunny Isles Beach's funds that are not required to off -set service fees will automatically
receive an interest rate of 300 basis points*. Key details of TD's offer to the City of Sunny Isles Beach
are:
➢ Substantial Net Interest Benefit over current financial institution
➢ "Managed" Earnings Credit Rate (ECR) with a rate of 300 basis points*
➢ Competitive 300 basis points* Interest for Excess Funds Not Needed to Offset Banking
Services
➢ TD Bank provides the City of Sunny Isles Beach a 9 month waiver of Account Analysis fees,
not including Courier fees, from the date of contract signing. TD Bank will provide the City a
monthly banking account analysis
➢ No FDIC Charges for the Life of the Contract
➢ Customized, In -Person or Virtual Trainings on all TD Bank Services (if needed)
➢ Local Relationship Management Team, in Ft. Lauderdale
➢ The City will NOT incur any transition costs or the need to allocate valuable time and resources
to a conversion.
➢ Waiving All One -Time Implementation Costs Related to any additional Banking Services
At TD Bank, we are convinced that our innovative approaches and commitment to detail set us apart
from the competition. Our Government Banking team will work side-by-side with the staff from the City
to ensure complete satisfaction. In addition, we pledge to keep you abreast of the latest developments
related to Banking Services.
As part of the new contract process: execution/updates of signature cards, a corporate resolution, and
a TD Bank Cash Management Master Agreement will be required. Copies of these documents will be
made available after our initial meeting discussing any updates needed and the implementation
process.
Thank you for the opportunity to present our bid to City of Sunny Isles Beach. We are confident that
the City of Sunny Isles Beach will continue to find comfort in knowing that TD Bank is one of the world's
strongest financial institutions and will continue to be a safe and sound financial partner. We look
forward to your favorable response. Should the City of Sunny Isles Beach require any additional
information, you may continue to contact your relationship manager, Pamela Ramkalawan.
Sincerely,
1 �,WW-N
Pamela Ramkalawan
Government Banking Relationship Manager
TD Bank's FL Diversity and Inclusion WIL Chair
5900 N. Andrews Ave. 2"d Floor
Ft. Lauderdale, FL 33309
Phone: (954) 233-2064
Cell: (561) 866-8368
Fax: (954) 233-2037
Email: i amels.irarnk:ii��wan;ttcl.�;rn,
Proposed by: TD Bank, N.A. Page 6 99
Confidential
Executive Summary
TD Bank is qualified to meet the financial service needs of the City of Sunny Isles Beach. Throughout our
proposal, TD Bank will demonstrate its unmatched commitment to customer service, our knowledge and
understanding of banking for our Governmental Clients, our state-of-the-art treasury management
products and services, our innovative approaches, and — most importantly — our desire to be your bank
of choice. The following summarizes our proposal response:
Relationship Management, Customer Service, and Community Engagement
TD Bank prides itself on creating positive banking experiences for our clients. The TD Bank team is here
to help and will continue to deliver best -in -class service to you while working to better the communities
where we collectively live and work.
We know Government entities have unique needs and have developed a Government Banking group to
help entities comply with numerous statutes that dictate how they conduct financial affairs. Our
Relationship Team is well -versed in public finance and how to structure accounts and treasury
management solutions that provide cost savings, maximize interest earnings, and simplify the way our
Government Clients conduct business. Careful attention is paid to the details that matter, and our
Government Bankers will provide on-going support the City of Sunny Isles Beach's employees. Periodic
relationship reviews will be conducted to ensure that you have the appropriate products and services and
to keep staff abreast of new technologies and innovations in treasury management as well as other new
services offered by the bank.
The Ready Commitment
TD Bank is committed to enriching the lives of our clients, colleagues, and communities. We aspire to
help create an inclusive future where individuals and communities feel confident that they can succeed
in a changing world. We deliver on this purpose through The Ready Commitment, grounded in four
interconnected drivers of change:
• Financial Security
• Vibrant Planet.
• Connected Communities
• Better Health
The Ready Commitment creates value for businesses and communities across our footprint by driving
social and environmental impact for all of our communities. We uncover ways to use our core business
from product development to lending and investing to create shared value. As an environmental leader,
we're committing $100 billion (CDN) in our business transient to a low carbon economy by 2030.
With long-term view, we use our philanthropy to open doors to a more inclusive and sustainable
tomorrow. We will deliver $1 billion (CDN) in community giving by 2030. We leverage the strength of our
employees to make an impact and are targeting 4 million volunteer hours globally by 2030.
Proposed by: TD Bank, N.A. Page 7 100
Executive Summary
About ,TD Bank
TD Bank, America's Most Convenient Bank, is one of the 10 largest TD Bank Quick Facts
banks in the U.S., with more than 27,000 colleagues providing over 10 • $409.4 billion in assets*
million customers with a full range of retail, small business and • $324.4 billion in deposits*
commercial banking products and services at more than 1,100 • $192.4 billion in loans*
locations throughout the Northeast, Mid -Atlantic, Metro D.C., the • $35.5 million in charitable
Carolinas and Florida. contributions (2023)
• -10 million cbstomers*
In the U.S., TD Bank has a long history of prudent risk management • -27,502 employees*
and a strong mix of deposit clients and customers across all industries • 1,173 US locations*
and sectors. TD Bank has maintained a dedication to stabilitywhile
•Credit Ratings (US): Moody's
satisfying our customers, our employees, our shareholders and our Aa2 / S&P AA-*
communities.
TD Bank's parent, The Toronto -Dominion Bank of Toronto, Canada,
Environmental
Stewardship
was named by Global Finance Magazine among the "World's Safest
Banks."
• Opened the nation's first net -
zero energy bank location that
it is held to a higher regulatory standard and higher capital
produces more electricity on
requirements and more stringent stress tests.
site than it consumes
TDBG Key Facts
• First large North American
bank to be carbon neutral
invested in long-term assets, which facilitates liquidity.
• Purchases renewable energy
• Second largest bank in Canada by assets
credits for 100% of the
• Global Systemically Important Bank (G -SIB), which means that
electricity consumed by our
it is held to a higher regulatory standard and higher capital
Stores, ATMs, and operations
requirements and more stringent stress tests.
'Is of04/30/24.Additional inbirnationis
• Historically maintained a stable balance sheet that is not overly
availab!e atbmv.td.con,rnvestor-relations
invested in long-term assets, which facilitates liquidity.
• TD Bank Group has an investment grade credit rating (AA-).
• TD's investment portfolio as a percentage of assets is 18%, which includes significantly higher
deposits than loans, which facilitates liquidity.
An Important Decision
At TD Bank, we offer the best of both worlds: the hands-on, client -first mentality you would expect from
a local bank combined with all the capabilities of a globally recognized financial institution. From meeting
your borrowing needs to discussing capital strategy to investing excess cash, we're ready to help.
Combined, these factors make TD Bank the ideal choice as the City of Sunny Isles Beach's preferred
financial services provider.
Proposed by: TD Bank, N.A. Page 8 101
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
Miami Beach.
3. TD Bank proposes a 3% earnings credit rate to fully offset bank fees and a 3% interest rate on
excess balances. In contrast, Synovus proposes a 0% earnings credit rate and a 4.75% interest rate
on excess balances. Under Synovus' proposal, the City would have to pay bank fees, although the
potential for higher interest earnings exists. Additionally, there is a strong likelihood that interest
rates will decline in the near future so the higher interest rate may not be as advantageous in the
long-term.
4. TD Bank's fees are competitive, and we have been satisfied with their services for the past ten
years.
ADDITIONAL INFORMATION:
The RFP contained Minimum Qualification Requirements that proposals must meet in order to be
determined responsive. The MQRs included:
1. The Proposer shall hold the proper license/qualifications to perform the Scope of Work set forth
within this solicitation to including but not limited to the following:
• Federal or State of Florida Charter Bank
• Certified as a "Qualified Public Depository" under Chapter 280 Florida Statutes, "Security
for Public Deposits";
• Member of FDIC; and
o Member of Federal Reserve System
2. The Proposer shall be a Federal or Florida chartered bank with a principal Branch office located
within a five (5) mile radius of the city of Sunny Isles Beach, Florida, from the zip code 33160. It is
preferred to have a branch bank located in Sunny Isles Beach.
3. The Proposer must have received an unqualified opinion in its audited financial report for each of
the last two (2) years.
4. The Proposer must have at least five (5) years' experience having provided the scope of services
as outlined in the RFP and provide details of this experience.
5. The Proposer shall provide reference letters for five (5) verifiable clients with a minimum of three
(3) municipalities/local governments, for projects of similar scope as outlined in this RFP.
6. The Proposer must submit most recent audited financial statements to substantiate the financial
stability of the Proposer.
ATTACHMENTS:
Resolution
TD Bank Submission
Item Number: 10.13