DATE: April 7, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator / CFO
Mike Lowe, Comptroller
Lawrence Sullivan, Assistant City Recorder for Revenue / City Court Clerk
Brian Wilcox, Purchasing Manager
SUBJECT:
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Consideration Of Procurement Award To Pinnacle Bank Of Nashville, Tennessee For General Banking, Lockbox Processing And Purchasing Card Services, For A Term Of Award Of One (1) Year, To Be Effective July 1, 2017, With Four (4) One-Year Options To Extend The Term Of Award Thereafter, For The Finance, Revenue Management And Purchasing Functions Of The City (Purchasing Office Procurement Solicitation No. 2017-011; Contract No. 2017-0088) (04/13/17 FINANCE 3-0)
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Purpose
The purpose of this procurement is to purchase general banking, lockbox processing and purchasing cards services, for a term of award of one (1) year, to be effective July 1, 2017, with four (4) one-year options to extend the term of award thereafter, for the Finance, Revenue Management and Purchasing functions of the City.
Background
The City published on February 2, 2017 a Notice to Bidders in the Williamson Herald for comprehensive banking services, including general banking, lockbox processing, and purchasing cards. In addition, solicitation documents were sent on or about the same date directly to 27 potential proposers known or thought to be interested in this solicitation. Proposals from eight (8) financial institutions were publicly opened at the submittal opening held on March 7, 2017. A tabulation of the proposals received for this solicitation is attached.
Financial Impact
The proposal ranked highest by the interview team, from Pinnacle Bank of Nashville, Tennessee, includes $250,000 in estimated interest earnings per year and $40,577 in estimated annual fees, resulting in a net amount for those two financial considerations of $209,423 per year. As the term of award is schedu...
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