Title
Title, Escrow and Title Insurance Services for Citywide Projects (Ordinance S-48160)
Description
Request to authorize the City Manager, or his designee, to enter into contracts with the title, escrow and title insurance vendors listed below. Further request authorization for the City Controller to disburse funds related to this item. The aggregate contract value shall not exceed $2,250,000.
Report
Summary
The Finance Department Real Estate Division implements the use of a Qualified Vendor List (QVL) for title, escrow and title insurance services for Citywide projects on an as-needed basis for a contract period beginning Dec. 1, 2021, through Nov. 30, 2026. The Real Estate Division contracts with title, escrow and title insurance services for needs related to the acquisition of real property, as requested by City departments.
Procurement Information
The Finance Department released a Request for Qualifications (RFQu) for Title, Escrow and Title Insurance Services on Aug. 10, 2021. The RFQu was conducted in accordance with Administrative Regulation 3.10. Three proposals were received in response to the RFQu, all of which were deemed responsive to the requirements of the RFQu.
The Title, Escrow and Title Insurance Services providers on the QVL are:
1. Chicago Title Agency, Inc.
2. Pioneer Title Agency, Inc.
3. Security Title Agency, Inc.
Contract Term
The five-year contract term will begin on or about Dec. 1, 2021. Provisions of the contract include that at the City's discretion, additional procurements may be issued in order to expand the QVL.
Financial Impact
The aggregate contract value shall not exceed $2,250,000. Funds are available in various departments' budgets.
Department
Responsible Department
This item is recommended by City Manager Jeffrey Barton and the Finance Department.