TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, Interim City Manager
TITLE: Agreement with Loomis Armored US, LLC, to provide armored car services.
Recommended Action
Approve Service Agreement with Loomis Armored US, LLC.
Background Information
The Finance Department processes all cash receipts for the City of North Port and prepares the daily bank deposits. In order to securely and safely transport the funds received by the City to the bank, the City contracts with an armored car carrier. Since December, 2015, this service has been provided by Loomis Armored US, LLC. When the City obtained quotes to issue a new purchase order, Loomis Armored US, LLC informed us that they would need a signed service agreement.
Four companies received the Request for Quotation for Armored Car Services and only two of the four companies chose to provide a response. Loomis Armored US, LLC proposed services that are the most advantageous to the City. Loomis will take the deposits directly to the local bank for a same day deposit eliminating the loss of interest to the City. Dunbar will transport the deposits to a Fort Myers banking location for deposit the next day resulting in a loss on interest to the City.
The agreement brought to Commission for approval on April 11th was rejected due to concerns over several of the terms and conditions. Staff reviewed the agreement proposed by the secondary vendor, Dunbar Armored, Inc. and found their agreement to also contain standard industry language and terms not favorable to the City. Neither company will accept a purchase order in lieu of an agreement. The City is still in need of armored car services, so staff has worked with Loomis Armored US, LLC and the City Attorney's Office to negotiate additional changes to the agreement addressing concerns expressed by Commission.
The auto renewal or evergreen clause has been removed and replaced with an initial two-year service agreeme...
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