TO: Mayor and Commissioners
FROM: Laura Thezine, Acting Finance Director
THROUGH: Neal de Jesus, Interim City Manager
DATE: May 16, 2017
Title
AWARD OF AN AGREEMENT TO PFM FINANCIAL ADVISORS LLC FOR FINANCIAL ADVISORY SERVICES IN A NOT-TO-EXCEED AMOUNT OF $75,000.00
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Recommended Action:
Recommendation
Motion to Award a three year Agreement to PFM Financial Advisors LLC for financial advisory services in the not to exceed amount of $75,000.00 for services not related to a bond issue for the Agreement term.
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Background:
On January 16, 2017, a Request for Proposals No. 2017-025 for Financial Advisory Services was advertised. Three proposals were received from First Southwest, PFM Financial Advisors LLC and RFC Capital Markets. Proposals were evaluated based upon the criteria in the RFP. Upon completion of the technical evaluations, the committee agreed that no further information or clarifications were necessary and interviews were not required. The final ranking of firms is as follows:
Firm Score
PFM 76.9
First Southwest 72.3
RBC 68.1
The City of Delray Beach has a very aggressive capital improvement plan over the next few years which will require financing. The financial advisor will assist the City in reviewing its capital structure and outstanding indebtedness and provide recommendations regarding the types, terms, timing and other elements of such financing issues. Other services include assisting the City with consultations and presentations to rating agencies to secure the most favorable and economical credit rating. The Agreement staff is presenting to Commission is for a not-to-exceed amount of $75,000.00 for services not related to a bond issuance for the three year term of the Agreement. Bond transaction fees will be included in any bond transaction which will be brought before Commission for approval. Bond transaction fees will be a percentage of the bond issue amount and will vary de...
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