Placement: Consent Agenda
Action Requested: Motion / Vote
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Award Contract #20230066 for Financial Advisory Services.
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Submitted By: Nathaniel Rubel, Assistant Director Procurement, Office of Management and Budget.
Strategic Plan Link: The City's Mission to be financially responsible.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Nathaniel Rubel, Assistant Director Procurement, Office of Management and Budget.
2. Parties: City of Port St. Lucie and PFM Financial Advisors LLC.
3. Purpose: Financial/Municipal Advisory Services to the City.
4. New/Renewal/Modified: New.
5. Duration: The initial term of the contract is for three (3) years with one, three (3)-year renewal option.
6. Benefits to Port St. Lucie: Financial Advisor will provide the City with access to specialized expertise in cost saving and strategic financial planning leading to more effective debt management and financial stability.
7. Cost to Port St. Lucie (Annual and Potential): The Financial Advisory Services will be approximately $50,000.00 annually for assisting the City in determining the appropriate method of sale (competitive, negotiated, private placement, direct bank loan, etc.), structure, sale timing, fairness of pricing, and obtaining credit ratings for Bonds and other Debt.
Presentation Information: N/A.
Staff Recommendation: Move that the Council award Contract #20230066 and enter into a Contract with PFM Financial Advisors LLC for Financial Advisory Services.
Alternate Recommendations:
1. Move that the Council amend the recommendation and award Contract #20230066.
2. Move that the Council not approve the recommendation and provide staff with direction.
Background: The City utilizes independent financial advisors to provide comprehensive financial advisory services to the City including but not limited to: (1) assisting the City in the review of debt policies and guidelines for the deployment of various debt strategies on tax exemption and arbitrage; (2...
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