Title
Report regarding resolution authorizing the City Manager to execute a banking services agreement and a Select Government Merchant Payment Card Processing Agreement with J.P. Morgan Chase Bank N.A. for a five (5) year period ending on September 1, 2029, with an option to extend for an additional two (2) five-year extensions. (Karen Chang, Director of Finance)
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RECOMMENDATION
Recommendation
Staff recommends the City of South San Francisco to approve a five-year banking services agreement and a Select Government Merchant Payment Card Processing Agreement with J.P. Morgan Chase Bank N.A., with an option to renew for two five-year extensions and to authorize the City Manager to execute the agreements.
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BACKGROUND/DISCUSSION
J.P. Morgan Chase Bank N.A. has provided the City of South San Francisco with commercial banking and merchant services since 2017. Government Finance Officers Association (GFOA) Best Practices recommend a full-scale competitive process at the end of the term. According to the City's Purchasing Policy, when City desires to procure consultant or professional services, the expertise and professional skills of the consultant will be important considerations and the City may desire to use an RFP so that it is able to negotiate based on values other than price.
To ensure that the City receives high quality services at a competitive rate, the City published a Request for Proposals (RFP) on September 21, 2023. The RFP was posted on the City's website. The City sent direct solicitations to, and received three qualified proposals from the following banking institutions:
* BMO Bank (formerly Bank of the West);
* J.P. Morgan Chase; and
* Wells Fargo Bank
The City invited all three banks for interviews the week of December 11, 2023. The evaluation panel included the following City staff members:
* Karen Chang, Finance Director;
* Jason Wong, Deputy Finance Director;
* Jennifer Clemente, Financial Services Manager; and
* Steven...
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