...Title
Report on Request for Proposal for General Banking, Lockbox, Merchant Card, and Investment Custodial Services.
...Recommendations
Accept the report on the Request for Proposal and adopt a resolution authorizing the City Manager or her designee to:
(a) Negotiate and execute agreements with JPMorgan Chase Bank, N.A., for general banking and merchant card processing services with an initial term beginning on the date the agreements are executed by the parties through June 30, 2032, with a total compensation not to exceed $13,000,000, and the annual compensation amount, subject to the appropriation of funds;
(b) Negotiate and execute amendments to any of the agreements with JPMorgan Chase Bank, N.A., subject to appropriation of funds by the City Council to add new banking services, revise existing banking services, and adjust compensation based on the volume of services provided; and
(c) Exercise up to two two-year options to extend the term of the agreements through June 30, 2036, subject to the appropriation of funds.
CEQA: Not a Project, File No. PP17-003, Agreements/Contracts (New or Amended) resulting in no physical changes to the environment. (Finance)