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File #: R2025-129    Version: 1
Type: Resolution Status: Consent Agenda
File created: 7/10/2025 In control: City Council
On agenda: 8/19/2025 Final action:
Title: Consider approving Resolution No. 2025-129 awarding a primary depository services contract to JPMorgan Chase Bank, N.A. for an initial two-year term beginning September 1, 2025, through August 31, 2027, with the option to extend the contract for three additional one-year periods, not to exceed five years, authorizing the City Manager to execute all agreements necessary to implement the contract; and take appropriate action.
Attachments: 1. Resolution No. 2025-129, 2. Valley View Consulting, LLC Project Recap. 2025
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Title
Consider approving Resolution No. 2025-129 awarding a primary depository services contract to JPMorgan Chase Bank, N.A. for an initial two-year term beginning September 1, 2025, through August 31, 2027, with the option to extend the contract for three additional one-year periods, not to exceed five years, authorizing the City Manager to execute all agreements necessary to implement the contract; and take appropriate action.
Body
BACKGROUND:
Chapter 105 of the Texas Local Government Code requires that the City of Farmers Branch competitively solicit Financial Institutions to provide Primary Depository Services at least every five (5) years.

The City's current five-year Depository Contract terminated on April 30, 2025. The City requested and received a six-month extension of the contract to carry the contract through October 31, 2025, to allow for completion of the RFA project. The new agreement will commence on September 1, 2025, and terminate on August 31, 2027. At the option of the City, the contract may be extended for three additional one-year periods under the same terms and conditions.

The City, with the assistance of Valley View Consulting, LLC, conducted the required solicitation and received two applications to provide primary depository services to the City.

After a detailed review and analysis of the applications, it was determined that the incumbent bank, JPMorgan Chase Bank, provided the most advantageous application to serve as the City's Primary Depository Services provider.

JPMorgan Chase Bank has served the City well during the current contract period, and based on its application, is expected to continue to be a good business partner with the City.

FISCAL IMPACT:
The potential impact of the award will be an overall net income to the City of $58,840 over the initial two-year term of the contract and $127,698 over the full five-year term if the one-year extension periods are approved.

POSSIBLE COUNCIL ACTION:
1. I move to approve...

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