Resolution 2023-32488RESOLUTION NO., 2023-32488
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE
CITY MANAGER, PURSUANT TO REQUEST FOR QUALIFICATIONS (RFQ)
2023-008-WG FINANCIAL ADVISORY SERVICES, AUTHORIZING THE
ADMINISTRATION TO ENTER INTO NEGOTIATIONS WITH PFM FINANCIAL
ADVISORS LLC, AS THE TOP -RANKED PROPOSER; AND, IF THE
ADMINISTRATION IS NOT SUCCESSFUL IN NEGOTIATING AN AGREEMENT
WITH THE TOP -RANKED PROPOSER, AUTHORIZING THE
ADMINISTRATION TO NEGOTIATE WITH PUBLIC RESOURCES ADVISORY
GROUP, THE SECOND -RANKED PROPOSER; AND, IF THE
ADMINISTRATION IS NOT SUCCESSFUL IN NEGOTIATING AN AGREEMENT
WITH. THE SECOND RANKED PROPOSER, AUTHORIZING THE
ADMINISTRATION TO NEGOTIATE WITH FIRST TRYON ADVISORS, LLC,
THE THIRD -RANKED PROPOSER; AND FURTHER, AUTHORIZING THE CITY
MANAGER AND CITY CLERK TO EXECUTE THE AGREEMENT UPON
CONCLUSION OF SUCCESSFUL NEGOTIATIONS BY THE
ADMINISTRATION.
WHEREAS, On November 16, 2022, the Mayor and City Commission approved the
issuance of. RFQ 2023-008-WG for Financial Advisory Services; and
WHEREAS, on January 10, 2023, the City received proposals from the following four (4)
firms: First Tryon Advisors, LLC, PFM Financial Advisors LLC, Public Resources Advisory Group
and RBC Capital Markets, LLC; and
WHEREAS, on January 27, 2023, RBC Capital Markets withdrew its proposal and
received no further consideration; and
WHEREAS, on February 3, 2023, the Evaluation Committee appointed by the City
Manager comprised of Maria Cerna, Division Director, Capital Improvements Projects, Vyomie
Greene, Assistant Director, Finance Department, Maria, Hernandez, GO Bond Program Director,
Office of the City Manager and Allison Williams, Contractor, Finance Department, convened to
consider the proposals received; and
WHEREAS, the Committee was provided an overview of the project, information relative
to the City's Cone of Silence Ordinance, the Government Sunshine Law, and general information
on the scope of services and a copy of each proposal; and
WHEREAS, the Committee was instructed to score and rank each proposal pursuant to
the evaluation criteria established in the RFQ; and
WHEREAS, the evaluation process resulted in the proposers being ranked by the
Evaluation Committee in the following order:
1 st ranked — PFM Financial Advisors LLC
2nd ranked — Public Resources Advisory Group
3rd ranked — First Tryon Advisors, LLC
WHEREAS, after reviewing all of the submissions, the City Manager concurs with the
Evaluation Committee and finds PFM Financial Advisors LLC, the top -ranked firm, to be the best -
qualified firm to provide financial advisory services for the city of Miami Beach; and
WHEREAS, PFM Financial Advisors LLC, the larger of three firms, has an impressive
portfolio of previous experience, similar financial modeling to that of the City, and
WHEREAS, PFM Financial Advisors LLC have a local presence and are familiar with the
Bond and Disclosure Councils; and
WHEREAS, the second -ranked and third -ranked firms, Public Resources Advisory Group
and First Tryon Advisors, LLC, are well -qualified and should be considered, in order of rank, if
negotiations with PFM Financial Advisors LLC are not successful; and
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby accept the recommendation of the City Manager, pursuant to Request for
Qualifications (RFQ) 2023-008-WG Financial Advisory Services, authorize negotiations with PFM
Financial Advisors LLC, as the top -ranked proposer; and, if the Administration is not successful,
authorize the Administration to enter into negotiations with Public Resources Advisory Group, as
the second -ranked proposer; and, if the Administration is not successful in negotiating an
agreement with the second ranked proposer, authorize the Administration to enter into
negotiations with First Tryon Advisors, LLC, as the third -ranked proposer; and further authorize
the City Manager and City Clerk to execute an agreement upon the conclusion of successful
negotiations by the Administration.
PASSED AND ADOPTED this P
ATTEST:
MAR 3 1 2023
RAFAEt E. GRANADO, CITY CLERK
day of ,rc4VC"--2023.
DAN GELBER, MAYOR
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
City Attomey nd1 Date
Competitive Bid Reports - C2 A
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Alina T. Hudak, City Manager
DATE: March 27, 2023
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF
THE CITY MANAGER, PURSUANT TO REQUEST FOR QUALIFICATIONS
(RFQ) 2023-008-WG FINANCIAL ADVISORY SERVICES, AUTHORIZING
THE ADMINISTRATION TO ENTER INTO NEGOTIATIONS -WITH PFM
FINANCIAL ADVISORS LLC, AS THE TOP -RANKED PROPOSER; AND, IF
THE ADMINISTRATION IS NOT SUCCESSFUL IN NEGOTIATING AN
AGREEMENT WITH THE TOP -RANKED PROPOSER, AUTHORIZING THE
ADMINISTRATION TO NEGOTIATE WITH PUBLIC RESOURCES
ADVISORY GROUP, THE SECOND -RANKED PROPOSER; AND, IF THE
ADMINISTRATION IS NOT SUCCESSFUL IN NEGOTIATING AN
AGREEMENT WITH THE SECOND RANKED PROPOSER, AUTHORIZING
THE ADMINISTRATION TO NEGOTIATE WITH FIRST TRYON ADVISORS,
LLC, THE THIRD -RANKED PROPOSER; AND FURTHER, AUTHORIZING
THE CITY MANAGER AND CITY CLERK TO EXECUTE THE AGREEMENT
UPON CONCLUSION OF SUCCESSFUL NEGOTIATIONS BY THE
ADMINISTRATION.
RECOMMENDATION
The Administration recommends that the Mayor and City Commission of the City of Miami
Beach, Florida, approve the Resolution accepting the City Manager's recommendation,
pursuant to RFQ 2023-008-WG, for financial advisory services. The Resolution authorizes the
Administration to enter into negotiations with. PFM Financial Advisors LLC, as the top -ranked
proposer, and, if unsuccessful, enter into negotiations with Public Resources Advisory Group,
as the second -ranked proposer, and, if unsuccessful, enter into negotiations with First Tryon
Advisors, LLC, as the third -ranked proposer. ,The Resolution also authorizes the City Manager
and City Clerk to execute the agreement upon the conclusion of successful negotiations.
This solicitation is currently under the cone of silence.
BACKGROUND/HISTORY
The City's external financial advisor assists the Administration with debt issuance, including
bonds, and the development of timetables, preparation of preliminary and final official
statements, the Resolutions, and other documentation required. Further, the financial advisor
Page 25 of 1292
makes recommendations for appropriate credit structures, evaluates the use of various credit
enhancements, participates in presentations to the rating agencies, and reviews the marketing
and sale of any debt before, during, and after sale.
They also assist the City in developing and implementing various financing strategies, including
research and evaluation of the structuring, timing, and procurement of financing instruments.
On April 24, 2017, the City of Miami Beach ("City') executed a three (3) year agreement, with
three (3), one (1) year renewal options, for financial advisory services with RBC Capital Markets,
LLC. The agreement is currently set to expire on April 24, 2023: To consider'a replacement
° agreement, the City issued the RFQ requesting proposals from firms qualified to provide
financial advisory services.
ANALYSIS
On November 16,,2022, the Mayor and City Commission approved the issuance of RFQ 2023-
008-WG for financial advisory services. The Procurement Department issued bid notices to
13,104 companies utilizing the City's e-procurement system, 'with 59 prospective bidders
accessing the solicitation. RFQ responses were due and received on January 10, 2023. The
City received proposals from the following firms: First Tryon Advisors, LLC, PFM Financial
Advisors LLC, Public Resources Advisory Group, and RBC Capital Markets, LLC.
On January 27, 2023 RBC Capital Markets withdrew its proposal and, accordingly, received no
further ,consideration. On February 3, 2023, the Evaluation Committee appointed by the City
Manager convened to consider the three remaining proposals. The Committee was comprised
of Maria Cema, Division Director, Capital Improvements Projects, Vyomie Greene,. Assistant
Director, Finance Department, Maria, Hernandez, GO Bond Program Director, Office of the
City Manager and Allison Williams, Contractor, Finance Department.
The Committee was provided an overview of the project, and information relative to the City's
Cone of Silence Ordinance and the Government Sunshine Law. The Committee was also
provided with general information on the scope of services and a' copy of each proposal. The
Committee was instructed to score and rank each proposal pursuant to the evaluation criteria
established in the RFQ.
The evaluation process resulted in the proposers being ranked by the Evaluation Committee in
the following order (See Attachment A):
1st ranked — PFMFinancialAdvisors
2nd ranked — Public Resources Advisory Group
3rd ranked — First Tryon Advisors
The following is a summary of the firms.
PFM Financial Advisors LLC (PFM).
Public Financial Management, Inc., a former affiliate of PFM Financial Advisors LLC, was
founded in 1.975 to provide independent financial advisory services to the public sector. PFM is
160% owned by managing directors who set the firm's strategic direction and manage specific
practice areas. Working together with clients in helping them to achieve immediate and long-
term objectives, PFM and its affiliates bring a broad and deep range of expertise and
Page 26 of 1292
experience to bear on their client engagements. As of January 1, 2023, PFM consisted of more
than 340 employees, including 219 financial advisory personnel, located in 31 offices across the
United States.
PFM's Coral Gables office will have responsibility for the engagement with the City, with
auxiliary support from other offices in Florida and across the country as needed. PFM has been
providing independent financial advisory services to Florida clients for over 36 years.
Public Resources Advisory Group (PRAG)
PRAG is an independent, municipal advisory -only firm, and its only business is advising state
and local governments, agencies, authorities, and non -profits both nationally and in Florida.
PRAG's team brings a unique perspective to their advisory services given their diverse and
complementary skill sets, backgrounds, and experiences in investment banking/ underwriting,
commercial banking, Florida bond and tax law, municipal advisory, public -private partnerships,
and municipal accounting.
PRAG believes it is a leader in the municipal advisory industry nationally and in Florida. PRAG
has the ability to provide the City a comprehensive scope of financial advisory services.
First Tryon Advisors, LLC
First Tryon Advisors, LLC is an independent and privately -owned municipal advisory firm that
has been in business for over 25 years. They have a total of 25 employees located throughout
the Southeast and mid -Atlantic. Their proposed lead advisors are based in Naples and Orlando,
Florida. First Tryon's business consists exclusively of financial advisory work, and its proposed
advisory team is comprised of professionals dedicated exclusively to providing financial
advisory services.
First Tryon Advisors' experienced team consists of professionals with legal, underwriting,
advisory, and government finance backgrounds, offering their clients immediate access to a
wealth of diverse experiences and perspectives to help them solve their problems. Its,
professionals have served over 350 different state and local governments, agencies, and
authorities. This experience includes governmental bond financings aggregating over $10 billion
in total issuance amount over the past five years.
SUPPORTING SURVEY DATA
Not Applicable
FINANCIAL INFORMATION
The City does not budget for these services. Financial advisory services are usually funded
from the bond or other debt proceeds at the time of issuance. In consideration of the services
to be provided, the advisory firm shall be compensated based on negotiated hourly rates on a
per -project basis.
CONCLUSION
After reviewing the proposal and the results of the Evaluation Committee process, the
Administration finds PFM Financial Advisors, the top -ranked proposer, to be well -qualified to
provide financial advisory services for the City. While all of the proposing firms have sufficient
experience to provide services needed by the City, P F M Financial Advisors, the largest of three
Page 27 of 1292
firms, has an impressive portfolio of previous experience, with many clients similar to the City
and with Miami -Dade County. The firm has an existing local presence and is very familiar with
the Bond and Disclosure Counsel.
The second and third -ranked firms, Public Resources Advisory Group and First Tryon Advisors,
respectively, are also well qualified and should be considered in the event that negotiations with
PFM Financial Advisors are not successful.
For the reasons stated herein, the Administration recommend that the Mayor and City
Commission approve the Resolution accepting the City Manager's recommendation, pursuant
to RFQ 2023-008-WG, for financial advisory services, authorizing the Administration to enter
into negotiations with PFM Financial Advisors LLC, as the top -ranked proposer, and, if
unsuccessful, enter into negotiations with Public Resources Advisory Group, as the second -
ranked proposer, and, if unsuccessful, enter into negotiations with First Tryon Advisors, LLC, as
the third -ranked proposer. The Resolution also authorizes the City Manager and City Clerk to
execute the agreement upon the conclusion of successful negotiations.
Is this a "Residents Right
to Know" item, pursuant to
City Code Section 2-14?
No
Legislative Tracking
Finance/Procurement
ATTACHMENTS:
Description
❑ Attachment A
❑ Resolution
Does this item utilize G.O.
Bond Funds?
No
Page 28 of 1292
RFQ 2023.008•WG Financial
rn
rn
rn
is
on
Advisory Services
Maria Came
V omie Greene
Y
Maria Hernandez
S
Allison Williams
Low
c
c
Agg egate
rc
�
Totals
K
Qualitative
Quantitative
Subtotal
Qualitative
Quantitative
Subtotal
Qualitative
Quantitative
Subtotal
Qualitative
Quantitative
' Subtotal
First Tryon Advisors, LLC
92
0
92
3
83
0
83
3
75
0
75
3
60
0
60
3
12
3
PFM Financial Advisors LLC
97
0
97
2
95
0
95
1
95
0
95
1
100
0
100
1
5
1
Public Resources Advisory Group
98
0
98
1
86
0
86
2
85
0
85
2
80
0
80
2
7
2
Quaniltativo Pointe 1
Proposer
M I'Um Point.+
Vatorana Polnis
Total Quantltative
(Ceet+Veteren'e)
First Tryon Advisors, LLC
s
o
0
PFM Financial Advisors LLC
s
o
0
Public Resources Advisory Group
s
o
0