The proposed bill seeks to modify Contract No. CFOPD-17-C-009 with Paymentech LLC by exercising Option Period Four, which extends the contract's performance period from May 19, 2026, to May 18, 2028, with an additional funding allocation of $10,000,000. This modification increases the total cumulative contract amount from $54,750,000 to $64,750,000 and is in compliance with existing regulations. The contract is part of a larger agreement that includes a base period and multiple option periods, and the contractor has been confirmed to be current with its District taxes.

Additionally, the bill proposes a waiver of the subcontracting requirement for the contract CFPOD-14-R-071 due to insufficient market capacity for the required services. This waiver applies specifically to the base year of the contract, valued at $4,000,000 over five years. The bill emphasizes the need for transparency by requiring documentation of efforts to engage Certified Business Enterprises (CBEs) and mandates that the determination of insufficient market capacity be publicly posted. It also outlines requirements for future waiver requests, including market research and alternative engagement methods for CBEs, while ensuring compliance with Payment Card Industry (PCI) Security Standards for data protection during electronic transactions.