M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: May 20, 2015
Re: Resolution Authorizing Banking Services Agreement with TD Bank, N.A.
(City of Sunny Isles Beach, FL Request for Proposal # 14-04-02)
REQUESTTitle
A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF CUTLER BAY, FLORIDA, SELECTING TD BANK, N.A. FOR BANKING SERVICES; PROVIDING FOR WAIVER OF COMPETITIVE BIDDING; PROVIDING FOR AUTHORIZATION; AND PROVIDING FOR AN EFFECTIVE DATE.
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BACKGROUND AND ANALYSIS
In February 2015, Town Staff commenced in-depth negotiations with TD Bank, N.A. (the "Bank") regarding the possible re-financing of certain of the Town's outstanding loans and this process culminated in proposed offers, from the Bank which, were presented to the Town Council in the form of an Ordinance for first reading in April 2015. Under the terms of the proposed offers, which are scheduled to be heard by the Council for Second Reading, on May 20, 2015, the Town would agree to move its primary operating account to the Bank. Before agreeing to that provision in the proposed offers, Town Staff performed its due diligence to make sure that the terms and conditions that were offered to the Town for such a banking relationship were the result of a competitively bid process.
In that regard, Town Staff reached out to the Staff at Sunny Isles Beach which recently issued a Request for Proposal (the "RFP") # 14-04-02; for Banking Services which, was subsequently awarded to TD Bank, N.A. after an in-depth review by Sunny Isles Beach's professional staff, and became effective in July 2014. For the Council's consideration, I have attached the Sunny Isles Beach's City Manager's award recommendation, as Attachment "A".
TD Bank has offered the Town the same terms and conditions for Banking Services that were offered to Sunny Isles Beach, FL pursuant to its RFP award. Sunny Isles Beach has given TD Bank sta...
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