TRANSMITTAL LETTER FOR BOARD MEETING OF MARCH 20, 2025
COMMITTEE ON PROCUREMENT
Mr. Brian A. Perkovich, Executive Director
Title
Authority to increase purchase order and amend the agreement with The Northern Trust Corporation formally known as The Northern Trust Company, for Contract 17-RFP-10 Commercial Banking and Investment Custody Services, in an amount of $7,500.00, from an amount of $245,444.44 to an amount not to exceed $252,944.44, Account 101-11000-612430, Purchase Order 3104902
Body
Dear Sir:
On November 15, 2018, the Board of Commissioners authorized the Director of Procurement and Materials Management to issue a purchase order and enter into an agreement with The Northern Trust Corporation, formally known as The Northern Trust Company (“Northern Trust”), for Commercial Banking and Investment Custody Services, in an amount not to exceed $225,000.00. On November 2, 2023, the purchase order was increased and extended to an amount not to exceed $245,444.44. This purchase order expired on January 31, 2025.
As of March 6, 2025, the following change orders have been approved.
Original Contract Amount $225,000.00
Date of Board Approval 11/15/2018
Cumulative Change Order (3/06/2025) $20,444.44
% Change of Original Contract Value 9.09%
Current Contract Value $245,444.44
Requested Increase $7,500.00
New Contract Value $252,944.44
% Change of Current Contract Value 3.06%
Total % Change of Original Contract Value 12.42%
This change is required to pay an outstanding invoice for services rendered during 2024.
This change order is in compliance with the Illinois Criminal Code since the change is due to circumstances not reasonably foreseeable at the time the contract was signed and is in the best interest of the District.
It is hereby recommended that the Board of Commissioners authorize the Director of Procurement and Materials Management to execute a change order to increase purchase order and amend the agreement for Contract 17-RFP-10 in an amount of $7,500.00 (3.06% of the current contract value), from an amount of $245,444.44, to an amount not to exceed $252,944.44.
Funds are available in Account 101-11000-612430.
Requested, Steven J. Lux, Treasurer, SJL:WNS
Recommended, Darlene A. LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Precious Brady-Davis, Chairperson, Committee on Procurement
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for March 20, 2025
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