2007-26484 Reso
RESOLUTION NO. 2007-26484
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 PROPOSALS (RFP) NO. 20-06/07, FOR FINANCIAL ADVISORY SERVICES,
FOR A FIVE-YEAR PERIOD WITH FIVE ONE-YEAR RENEWAL OPTIONS; AUTHORIZING THE
ADMINISTRATION TO ENTER INTO NEGOTIATIONS WITH THE TOP RANKED FIRM OF RBC
CAPITAL MARKETS; AND FURTHER AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A PROFESSIONAL SERVICES AGREEMENT UPON CONCLUSION OF
SUCCESSFUL NEGOTIATIONS BY THE ADMINISTRATION.
WHEREAS, RFP No. 20-06/07 for Financial Advisory Services for a Five-Year Period with
Five One-Year Renewal Options (the "RFP") was issued on December 19, 2006, with an opening
date of January 31, 2007; and
WHEREAS, the RFP seeks competitive pricing for financial advisory services involving
the financial planning, project financial analysis, investment management, debt issuance, reporting,
evaluation of proposals, and the development of financial strategy for capital projects taking into
consideration the City's short and long term financial needs, available financing options and
alternative debt structures, and computer support and modeling for complex financial analysis; and
WHEREAS, a pre-proposal conference was held on January 8, 2007; and
WHEREAS, BidNet issued bid notices to 35 prospective firms, RFP Depot issued bid
notices to 1602 prospective firms, and 100 prospective firms viewed the RFP documents, which
resulted in the receipt of four (4) proposals; and
WHEREAS, the City Manager, via Letter to Commission (LTC) No. 058-2007, appointed an
Evaluation Committee ("the Committee") consisting of the following individuals:
. James Sutter, Director Internal Auditing, CMB
. Georgina Echert, Assistant Director Finance, CMB
. Larry Herrup, Resident and Independent CPA
. James Bryant Kirkland III, CPA and Graduate of the Leadership Academy
. Sanford Horwitz, Resident and Graduate of the Leadership Academy
. Mark Gidney, Florida CPA
. Alex Mendez, CFO, Mt. Sinai; and
WHEREAS, on March 7, 2007, the Committee convened to rank the proposals; and
WHEREAS, the Committee members were provided with general information on the scope
of services, and Performance Evaluation Surveys, for all the firms being evaluated; and
WHEREAS, the Committee reviewed and evaluated all four (4) proposals, and they
unanimously recommended RBC as the top-ranked Firm; and
WHEREAS, the City Manager concurs with the Committee's rankings, and would
recommend that the City Commission authorize the Administration to negotiate with the top ranked
firm; and
WHEREAS, the City Manager further authorizes the Mayor and City Clerk to execute a
Professional Services Agreement upon conclusion of successful negotiations by the
Administration.
NOW, THEREFORE, BE IT 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 pertaining to the ranking of proposals pursuant to Request
for Proposals (RFP) No. 20-06/07, for Financial Advisory Services for a Five-Year Period with Five
One-Year Renewal Options; authorize the Administration to enter into negotiations with the top
ranked firm of RBC Capital Markets; and further authorizing the Mayor and City Clerk to execute a
Professional Services Agreement upon conclusion of successful negotiations by the Administration
PASSED AND ADOPTED THIS 14th
DAY OF March
2007.
ATTEST:
Robert Parcher
fJlwd' r L\A~
CITY CLERK
Michael Gongora
Vice-Mayor
T :\AGE N DA \2007\mar1407\Consent\RF P-20-06-07 FinancialAdvisoryServices - Resolution .doc
APPROVED AS TO
FORM & LANGUAGE
& Fa CUllON
COMMISSION ITEM SUMMARY
Condensed Title:
Accept the City Manager's Recommendation Pursuant To Request For Proposals No. No. 20-06/07,
For Financial Advisory Services, For A Five-Year Period With Five One-Year Renewal Options;
Authorizing The Administration To Enter Into Negotiations With The Top-Ranked Firm of RBC Capital
Markets; And Further Authorizing The Mayor And City Clerk To Execute A Professional Services
A reement U on Conclusion Of Successful Ne otiations B The Administration.
Ke Intended Outcome Su orted:
1m rove The Cit 's Overall Financial Health and Maintain Overall Bond Ratin
Issue:
I Shall the City Commission approve the City Manager's recommendation?
Item Summary/Recommendation:
RFP No. 20-06/07 was issued on December 19, 2006 with an opening date of January 31,2007. A pre-
proposal conference to provide information to firms submitting a response was held on January 8,2007.
BidNet issued bid notices to 35 prospective firms, RFP Depot issued bid notices to 1602 prospective firms,
and 100 prospective firms viewed the RFP documents, which resulted in the receipt of the following four
(4) proposals:
1. P.G. CORBIN & COMPANY
2. PUBLIC FINANCIAL MANAGEMENT, INC.
3. PUBLIC RESOURCES ADVISORY GROUP
4. RBC CAPITAL MARKETS
The City Manager via Letter to Commission (LTC) No. 058-2007. appointed an Evaluation Committee (lithe
Committee") that convened on March 7, 2007.
The Committee reviewed and evaluated all four (4) proposals, and they unanimously recommended RBC
as the top-ranked Firm. In addition to submitting an excellent proposal, RBC has provided excellent
services to the City for the last five (5) years.
ACCEPT THE CITY MANAGER'S RECOMMENDATION
Advisory Board Recommendation:
I N/A
Financial Information:
Source of Amount Account Approved
Funds: 1 None
D 2
3
4
OS PI Total
Financial Impact Summary: Fees are paid at the time of bond issuance from bond funds.
islative Trackin
POW
\mar1407\Consent\RFP-20-06-07 FinancialA
City Manager
JMG
It\
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MIAMIBEACH
AGENDA ITEM
DATE
t17J
3--Itj-d7
lD
MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
COMMISSION MEMORANDUM
FROM:
Mayor David Dermer and Members of the City Commission
Jorge M. Gonzalez, City Manager ) ~ 0-
March 14, 2007 {l
TO:
DATE:
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 PROPOSALS (RFP) NO. 20-
06/07, FOR FINANCIAL ADVISORY SERVICES, FOR A FIVE-YEAR PERIOD
WITH FIVE ONE-YEAR RENEWAL OPTIONS; AUTHORIZING THE
ADMINISTRATION TO ENTER INTO NEGOTIATIONS WITH THE TOP-RANKED
FIRM OF RBC CAPITAL MARKETS; AND FURTHER AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE A PROFESSIONAL SERVICES
AGREEMENT UPON CONCLUSION OF SUCCESSFUL NEGOTIATIONS BY
THE ADMINISTRATION.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANAL YSIS
On December 6, 2006, the Mayor and City Commission approved the issuance of Request
for Proposals (RFP) No. 20-06/07 for Financial Advisory Services, for a Five-Year Period
with Five One-Year Renewal Options. The RFP seeks competitive pricing for financial
advisory services involving the financial planning, project financial analysis, investment
management, debt issuance, reporting, evaluation of proposals, and the development of
financial strategy for capital projects taking into consideration the City's short and long term
financial needs, available financing options and alternative debt structures, and computer
support and modeling for complex financial analysis. The selected firm will also assist in the
selection of investment banking teams for the City.
The firm selected will participate in future bond issues by assisting the City with development
of timetables, preparation of preliminary and final official statements, bond resolution, and
other documentations as may be required. Further, the Financial Advisor will make
recommendations of appropriate credit structures, evaluate the use of various credit
enhancements, participate in presentations to the rating agencies and review the marketing
and sale of any debt prior to, during and after the pricing of bonds.
Pursuant to the City Key Intended Outcome to Improve the City's Overall Financial Health
and Maintain Overall Bond Rating, the City's Finance Department is in need of a "best value"
solution.
Commission Memorandum - RFP-20-06/07
March 14, 2007
Page 2 of 3
RFP No. 20-06/07 was issued on December 19, 2006 with an opening date of January 31,
2007. A pre-proposal conference to provide information to firms submitting a response was
held on January 8, 2007.
Bid Net issued bid notices to 35 prospective firms, RFP Depot issued bid notices to 1602
prospective firms, and 100 prospective firms viewed the RFP documents, which resulted in
the receipt of the following four (4) proposals:
1. P.G. CORBIN & COMPANY
2. PUBLIC FINANCIAL MANAGEMENT, INC.
3. PUBLIC RESOURCES ADVISORY GROUP
4. RBC CAPITAL MARKETS
The City Manager via Letter to Commission (LTC) No. 058-2007, appointed an Evaluation
Committee ("the Committee") consisting of the Following individuals:
. James Sutter, Director Internal Auditing, CMB
. Georgina Echert, Assistant Director Finance, CMB
. Larry Herrup, Resident and Independent CPA
. James Bryant Kirkland III, CPA and Graduate of the Leadership Academy
. Sanford Horwitz, Resident and Graduate of the Leadership Academy
. Mark Gidney, Florida CPA
. Alex Mendez, CFO, Mt. Sinai
On March 7,2007, the Committee convened with five committee members in attendance.
Larry Herrup and Sanford Horwitz were unable to attend. The Committee unanimously
nominated Mark Gidney as Chair of the Committee
Georgina Echert, Assistant Finance Director, addressed the Committee and provided
information relative to the scope of services currently being provided by the current firm;
RBC Capital Markets (RBC). The Committee members were also provided with Performance
Evaluation Surveys received from clients of the four (4) firms being evaluated. The
Committee members did not require presentations from the firms being evaluated.
The following Evaluation Criteria was used to evaluate and rank the groups or individuals:
1. Experience and Qualification of the Firm (30 points)
2. Experience and qualification of the team assigned to work with the
City (20 points)
3. Proposed fees (40 points)
4. Past successful performance as Financial Advisor (10 points)
The Committee reviewed and evaluated all four (4) proposals, and they unanimously
recommended RBC Capital Markets as the top-ranked Firm. In addition to submitting an
excellent proposal, RBC Capital Markets has provided excellent services to the City for the
last five (5) years.
The Committee then discussed the possibility of recommending a second or third firm,
should negotiations with RBC Capital Markets be unsuccessful. A motion was made and
unanimously agreed upon, that should negotiations with RBC Capital Markets be
unsuccessful, the Committee at this time is reluctant in recommending one of the other
Commission Memorandum - RFP-20-06/07
March 14, 2007
Page 3 of 3
firms.
Instead, they recommended that the Committee re-convene and bring the other three (3)
firms in for presentations and a question and answer (O&A) session, after which time they
would either recommend another firm(s) or recommend that the City issue another Request
for Proposals (RFP).
The final scoring is as follows:
James Georgina J. Bryant
Sutter Echert Kirkland III
LOW
AGGREGATE
TOTALS
P.G. CORBIN & COMPANY
PUBLIC FINANCIAL
MANAGEMENT, INC.
PUBLIC RESOURCES
ADVISORY GROUP
13
14
18
RBC CAPITAL MARKETS
5
RFP No. 20-06-07 (#'s 1) (#'s 2) (#'s 3) (#'s 4)
P.G. CORBIN & COMPANY 3 1 1
PUBLIC FINANCIAL
MANAGEMENT, INC. 2 2 1
PUBLIC RESOURCES
ADVISORY GROUP 2 3
RBC CAPITAL MARKETS 5
CONCLUSION
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 Proposals
(RFP) No. 20-06/07, for Financial Advisory Services, for a Five-Year Period with Five One-
Year Renewal Options; Authorizing the Administration to enter into negotiations with the top-
ranked Firm of RBC Capital Markets; and further Authorizing the Mayor and City Clerk to
execute a Professional Services Agreement upon conclusion of successful negotiations by
the Administration.
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