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HomeMy WebLinkAbout059401-R1 - General - Contract - JPMorgan Chase Bank, N.A.CSC No. 59401-R1 CITY OF FORT WORTH CONTRACT RENEWAL August 24, 2026 JPMorgan Chase Bank, N.A. Attn: Mike Wilson 420 Throckmorton Street, Suite 400 Fort Worth, Texas 76102 Re: Contract Renewal CSO Contract No. 59401 (the "Contract") Renewal Term No. 1: October 1, 2026, to September 30, 2027 The above referenced Contract with the City of Fort Worth expires on September 30, 2026 (the "Expiration Date"). Pursuant to the terms of Contract, the Contract may be renewed by the mutual written agreement of the parties for up to two one-year renewal terms. This letter will serve as the mutual written agreement of the parties to renew the Contract for its first renewal term, which will begin immediately after the Expiration Date. All other terms and conditions of the Contract remain unchanged. Please return this signed contract renewal letter to the address set forth below. Please log onto PeopleSoft Purchasing at http://fortworthtexas.goy/purchasing to ensure that your company information is correct and up-to-date. If you have any questions concerning this Contract Renewal, please contact me at this telephone number (817) 392-2268. Mail this contract renewal to the attention of Jay Rutledge at 100 Fort Worth Trail, Fort Worth, Texas 76102. Sincerely, 56. /`— y utledge J. 1/ OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX CSO No. 59401 Contract Renewal Page I of 2 ACCEPTED AND AGREED: CITY OF FORT WORTH: _ CONTRACT COMPLIANCE MANAGER: J By signing I acknowledge that I am the person By: Jay Chapa (Aug 26, 2026 14:55:00 CDT) responsible for the monitoring and administration Name: Jesus "Jay" Chapa of this contract, including ensuring all Title: City Manager performance and reporting requirements. Date: 08/26/2026 APPROVAL RECOMMENDED: By: Reginald Zeno (Aug 26, 2026 13:55:42 CDT) Name: Reginald Zeno Title: Director and CFO p44��Rrnq� ATTEST: p � F,00.00>o.�Y�� p0 OVo °=0 0 v 14 Zo*E7[ 6s44 IN Name: Jannette Goodall Title: City Secretary VENDOR: JPMorgan Ch se k, N By: Name: ichael Wilson Title: Aut orized Officer Date: o"LC7c3 LQ spy RLMeld gel By: Jay Rut edge (Aug 26, 2026 :41:47 CDT) Name: Jay Rutledge Title: Financial Services Manager APPROVED AS TO FORM AND LEGALITY: M C�V Name: Gavin Midgley Title: Assistant City Attorney CONTRACT AUTHORIZATION: M&C: 23-0206 OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX CSO No. 59401 Contract Renewal Page 2 of 2 M&C Review Page 1 of 3 Official site of the City of Fort Worth, Texas A CITY COUNCIL AGEND FoRTI Create New From This M&C REFERENCE **M&C 23- 13P RFP 23-0013 DATE: 3/21/2023 NO.: 0206 LOG NAME: BANKING SERVICES TD FMS CODE: P TYPE: CONSENT PUBLIC NO HEARING: SUBJECT: (ALL) Authorize Execution of an Agreement with JPMorgan Chase Bank, N.A. to Provide Banking and Depository Services for Financial Management Services Department for an Annual Amount Up to $500,000.00 for an Initial Three -Year Term and Two One-year Renewal Options for the Same Annual Amount RECOMMENDATION: It is recommended that the City Council authorize execution of an agreement with JPMorgan Chase Bank, N.A. to provide banking and depository services for the Financial Management Services Department for an annual amount up to $500,000.00 for an initial three-year term and two one-year renewal options for the same annual amount. DISCUSSION: The Treasury Division of the Financial Management Services Department approached the Purchasing Division for assistance with securing an agreement to provide banking and depository services. The services will be used to deposit all incoming revenue as well as for paying City liabilities and expenses for all City departments. In order to procure these services, Purchasing staff issued Request for Proposal (RFP) No. 23-0013. The RFP consisted of detailed specifications describing the banking services requirements. The RFP was advertised in the Fort Worth Star -Telegram on December 7, 2022, December 14, 2022, December 21, 2022, and December 28, 2022, January 4, 2023, and January 11, 2023. Two responses were received. An evaluation panel consisting of representatives from the Financial Management Services and Water Department evaluated and scored the responses using Best Value criteria. The individual scores were averaged for each of the criteria and the final scores are listed in the table below. Bidders I Evaluation Criteria a0®0® e0 Total JPMorgan Chase Bank, N.A. 8.2 16 21 22.5 2.8 70.50 UMB Bank, N.A. JL3.6 6.8 10.5 12.5 2.5 35.90 Best Value criteria: (a) Earnings potential (b) Responsiveness and ability to provide services and reports required (c) Experience, references and continuity of bank and bank officials (d) Creditworthiness and stability of the bank (e) CRA Rating and other community development activities After evaluation, the panel concluded that JPMorgan Chase Bank, N.A. ("Chase Bank") presents both the best value and the necessary coverage for the City. Therefore, the panel recommends that http://apps.cfwnet.org/council_packet/mc_review.asp?ID=30833&councildate=3/21/2023 8/26/2026 M&C Review Page 2 of 3 Council authorize agreements with Chase Bank. No guarantee was made that a specific amount of services would be purchased. Staff certifies that the recommended vendor bids met specifications. Under the proposed Agreement, fees are calculated on a per -service basis. Although total fees for the services that are forecast to be required during a year period is estimated in the amount of $500,000.00, Chase Bank is offering a competitive earnings credit rate on cash balances, which can be used to offset fees. Because of the City's financial policy to keep a certain amount of ready cash to maintain liquidity, staff anticipates that the liquid cash maintained at the bank will earn enough credit to offset fees, resulting in little or no out-of-pocket cost to the City. If the accounts do not earn sufficient credits to offset the fees in their entirety, staff will identify budgetary savings to offset the net banking expenses and plan accordingly in future budgets. Chase Bank is the City's current provider of banking and depository services. Chase Bank has a proven track record of meeting the City's ever -evolving service needs and has provided city staff with excellent customer service. In addition, Chase Bank offers many innovative banking solutions that the City will likely consider in the future such as outsourced check print, virtual and real-time payment options, etc. Chase Bank has over 2,000 state and local government clients including 9 of the top 10 cities for depository, treasury, and lending needs. It is the largest bank in Texas and is the only bank in the U.S. qualified to accept government deposits in all 50 states. In its most recent Community Reinvestment Act (CRA) examination, Chase Bank received a satisfactory CRA rating. In the state of Texas, Chase Bank received a satisfactory rating as well. In addition, Chase Bank issued over 2,250 single-family mortgage loans totaling $642 million, of which more than 28\% were made to low- and moderate -income (LMI) communities. Chase Bank's Community Development Banking Team promotes affordable housing, economic development, and the revitalization of LMI communities across the country. Chase Bank is active in the City community through its community engagement team and dedicated community engagement managers. DIVERSITY AND INCLUSION (DVIN) - A waiver of the goal for Business Equity subcontracting requirement is approved by the DVIN-BE, in accordance with the Business Equity Ordinance, because the purchase of goods or services is from sources where subcontracting or supplier opportunities are negligible. AGREEMENT TERMS - Upon City Council approval, this agreement shall begin upon execution and expire three years from that date. RENEWAL TERMS -This agreement may be renewed for two additional one-year renewal periods. This action does not require specific City Council approval provided that the City Council has appropriated sufficient funds to satisfy the City's obligations during the renewal term. ADMINISTRATIVE CHANGE ORDERS - In addition, an administrative change order or increase may be made by the City Manager up to the amount allowed by relevant law and the Fort Worth City Code and does not require specific City Council approval. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that approval of the recommendation will have no material effect on City funds. BQN\\ TO Fund Department Account Project Program Activity Budget Reference # Amount ID ID Year Chartfield 2 FROM Fund Department Account Project Program Activity Budget Reference # Amount ID ID Year (Chartfield 2) Submitted for City Manager's Office by: Reginald Zeno (8517) http://apps.cfwnet.org/council_packet/mc_review.asp?ID=30833&councildate=3/21/2023 8/26/2026 M&C Review Page 3 of 3 Originating Department Head: Additional Information Contact: ATTACHMENTS Reginald Zeno (8517) Jo Ann Gunn (8525) Taylor Dean (7648) 221201 Dept Waiver signed Banking Services 22-0001 RFP.pdf (CFW Internal) JPMorgan Chase Bank NA.pdf (CFW Internal) http://apps.cfwnet.org/council_packet/mc_review.asp?ID=30833&councildate=3/21/2023 8/26/2026 FORT WORTH. City Secretary's Office Contract Routing & Transmittal Slip Contractor's Name: JPMorgan Chase Bank, N.A. Subject of the Agreement: Banking services M&C Approved by the Council? * Yes 9 No ❑ If so, the M&C must be attached to the contract. Is this an Amendment to an Existing contract? Yes ❑ No 8 If so, provide the original contract number and the amendment number. Is the Contract "Permanent"? *Yes ❑ No 8 If unsure, see back page for permanent contract listing. Is this entire contract Confidential? *Yes ❑ No 0 If only specific information is Confidential, please list what information is Confidential and the page it is located. Effective Date: 10/01/2026 If different from the approval date. Expiration Date: 09/30/2027 If applicable. Is a 1295 Form required? * Yes ❑ No M *If so, please ensure it is attached to the approving M&C or attached to the contract. Project Number: Ifapplicable. *Did you include a Text field on the contract to add the City Secretary Contract (CSC) number? Yes 8 No ❑ Contracts need to be routed for CSO processing in the following order: 1. Katherine Cenicola (Approver) 2. Jannette S. Goodall (Signer) 3. Allison Tidwell (Form Filler) *Indicates the information is required and if the information is not provided, the contract will be returned to the department.