Submitted By
Steven Drazner, CFO
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving An Armored Car Services Agreement with Davis Bancorp From July 1, 2017 Through December 31, 2018 in an Amount Not to Exceed $28,500 During the Initial Term with One Year Automatic Extensions Thereafter and Authorizing Its Execution
End
Overview
Overview
The Village previously contracted with Davis Bancorp in March 2016 as the armored car service for coin pickups related to the Village's various parking operations. Davis picks up, counts, and deposits coins into a separate Village account as Forest Park National Bank. The Village pays a fixed fee to Davis every four weeks in the amount of $1,580.00 for providing this service.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
Fees totaling $28,440 through December 31, 2018.
Background
The Village executed an agreement with Davis Bancorp in March 2016 for amored car services which includes pickup, delivery to secure facility, and counting of the Village's coins collected from its various parking operations. For audit and tracking purposes, Davis deposits these funds via ACH into a separate account at Forest Park National Bank opened by the Village for this sole purpose.
The initial term of the contract with Davis was from March 11, 2016 through March 31, 2017 at a monthly rate (every four weeks) of $1,580. The new agreement with provide for an initial term of July 1, 2017 through December 31, 2018 at the same rate of $1,580. Thereafter, Davis may increase on an annual basis the fixed fee by 3.0% or the Chicago-Gary-Kenosha CPI rate for the most recent preceding calendar year, whichever is less. In addition, the agreement shall automatically renew unless either party exercises the termination clause as outlined in the agreement.
Alternatives
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Previous Board Action
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Anticipated Future Actions/Commitments
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