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Home My WebLink AboutVI (C) Selection of Financial Advisor AGENDA 4-18-95 "CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" Item VI C Ocoee VAINU KUKIri COMMISSIONERS RUSTY JOHNSON w TAO D. CITY OF OCOEE PAUL W.FOSTER 150 N.LAKESHORE DRIVE SCOTT A.GLASS OCOEE,FLORIDA 34761-2258 JIM GLEASON (407)656-2322 f � CITY MANAGER Of GOOD ELLIS SHAPIRO MEMORANDUM DATE: April 7, 1995 TO: The Honorable Mayor and Board of City Commissioners FROM: Montye E. Beamer, Director Administrative Services SUBJECT: Results of the Expression of Interest for Financial Services On February 14, 1995 at 10:30 AM the four (4) Expressions of Interest plus one (1) response of no participation were opened and distributed to the Selection Committee (Commissioner Johnson, Jim Shira, Wanda Horton, Janet Resnik and Montye Beamer). At the Committee's March 2, 1995 meeting rankings based upon independent evaluations of the submittals were reviewed; these scores totaled: First Union Capital Markets Group 277 Nations Bank 230 Public Financial Management 293 SunTrust Capital Markets, Inc. 266 The Committee selected the three high scorers (which excluded Nations Bank) and asked each to prepare a presentation which focussed on the topics as listed (1) Special Assessments — under what circumstances were these established and how were they handled? (2) Water, Wastewater and Stormwater—size of issue, required financial viability and problems with issuance. (3) Comparable Cities vs. Counties/School Boards — size of issue and difference in treatment. (4) General Obligation Bond —using a 5 to 10 million dollar issue for Ocoee Parks, explain steps in process and how your company would be involved. The presentations were scheduled for March 22, 1995; the results yielded scores of: 1. First Union Capital Markets Group 237 2. Public Financial Management 210 3. SunTrust Capital Markets, Inc. 159 When added to the original scores, the rankings consisted of: 1. First Union Capital Markets Group 514 2. Public Financial Management 503 3. SunTrust Capital Markets, Inc. 425 First Union Capital Markets Group indicated its willingness to comply with the terms of the agreement as attached to the Expression of Interest. There is one disclosure, however, that must be inserted; it deals with First Union National Bank Corporate Trust Department's role as paying agent for the City's $8,555,000.00 Water and Sewer System Refunding and Improvement Revenue Bonds, Series 1993. This has not been seen as a conflict of interest but will be disclosed in the agreement nonetheless. The tabulations as well as the correspondence to the three firms and listings to whom expressions were mailed are attached for your review. A copy of each of the submittals has been given to the City Clerk. The Selection Committee recommends the award for Financial Services be given to First Union Capital Markets Group and requests that the City Commission authorize the Selection Committee to negotiate with First Union Capital Markets Group. MEB/jbw Attachments FIRST UNION CAPITAL MARKETS CORP. tiff}'::�i:•.•:;;iii•:{tiimmiS{':r:•'rr�::::+}::ti>.:i•-•-vim; +0: `•Y`i\�1,�`,`•:2ti\1\`,\iv``,':iv`V 4`,i,'•�'A.`,�`L:'}i'h'`'h\U\\\`,`:.\\''::•4•':h4'`•\�Q ..\Ulk..4}h..........n..\\\`:,\....\.....1,:.\.\\.......• •"'::}.\::�:i:v :r\k4.;v':. '��• •ii: `•�,,, ,� 1 `:,\''3.\`vk,`,\\'``i ,,,,, „ti,• „`.+.;`,,:v`:S.\t.CC.Cha.'.:;s'::$:vti::`::.;i,'k,::Y':\"vv �i��.�,,,�.,, .:::C' i v[?1 4..1..\\. ,:. :tea: •,:at`.'`.i\\••.• `v :�• �\\\ i:...:•. ,,,,�`...`'�. ''',• ;.\'i•`''�`:\::\\::•.:::;•:..:.::.�:::::::::.,•:::::\::\\�:\\\\\`�v\\:;\``.•``,`::t.,;�...:...: ,,,•:a!RR::•\\\f yap..�...,..':�.:.�.`.:......-..•�••.••.+,.••.•:`;, , A\\ ':':\•:':'thi+pr\\v,,,,.•:.:rr'xpr:,\•.:,•.rv.::'•:::......: :.:.:4:..•:\'3:•:,;;::ti'.''t:'r:;''•::•.ri'•:•v, ..i.,::%:':':+':: ':y i c ? `k,. :.�^.`��«v.\Cr��.�<�4'+`:':+:`��: `i. yyyy:'•\.`\\\\\\J.:.:. ,•:.,.,Q\\k,:.:..:::r,.::i;,:,,`.,,,: ,.,'.,a+.;.ii:;:,;?:;i:•`,`•i:: ,,..`vc;.+.ka,�:?o`•+�• \.....\.............'.,`'>.....\'`, :: ��i�*,.�,Y!!`.r..::�x•.............r:..;:......................,::::.r..r:<c;;rr.,,.,r.,,,,,` `:,r:.rrrrrrr rrrrrrr:+kari::: .:,,,,.r,:...y:•, r.....:..:..... .............!.::>r'•rr.......` ::rrrrr>;•r;•>;•iso:�•`.•:::.........:�.,•::::.,,,•::::..•::,,,•� :: :............::....,,,... ...:, \,. 1 Did the firm submit: a. A written proposal Y Y Y Y b. The "Exceptions" form Y Y Y Y 2 How well did the firm answer the required questions: a. An overall descriptive summary of your firm, its scope of business, the 6 6 5 6 location of your principal office and any office in close proximity to Ocoee, Florida,and general qualification to serve as Financial Advisor to the City. b. A summary of the professional qualifications of those personnel in your 6 6 6 5 firm who would be assigned to the City. Outline briefly their areas of expertise, their availability,and the extent to which they may be available at all times, upon reasonable request, to meet with commission and staff. c. A summary of your ability,experience and knowledge in the field of 7 7 5 8 financing as defined above for public bodies in the State of Florida. d. A list of references which may be contact in order to ascertain their 5 5 5 3 evaluation of your past service as a Financial Advisor. e. A description of what you perceive to be your function in developing and 7 7 7 7 structuring a financing package. f. Have you been investigated or are you now under investigation by any law 8 8 8 8 enforcement or regulatory agency in connection with your participation in any financing by a unit of local government in Florida or otherwise? If so, explain the nature and status of the investigation and the identity of the particular financing. g. Indicate whether you are in compliance with the requirements of all 8 8 8 8 regulatory agencies where compliance would be required while serving as Financial Advisory to the City. h. Submit any further supplemental information which you feel will be 6 5 4 6 valuable to the City in evaluating your qualifications to serve as the Financial Advisor. 3 Can the firm handle all the Services requested(i.e. answer to number 1 Y Y Y Y Exception(s)to Service Requested)? 56 55 51 61 54 1 (1) Special Assessments-under what circumstances were these established and 4 4 4 9 0 how were they handled? (2) Water,Wastewater and Stormwater-size of issue, required financial 5 3 4 9 3 viability and problems with issuance. (3) Comparable Cities vs. Counties/School Boards-size of issue and difference 4 6 5 7 0 in treatment. (4) General Obligation Bond-using a 5 to 10 million dollar issue for Ocoee 6 4 0 16 0 Parks,explain steps in process and how your company would be involved. 2 Did the presenter appear to be prepared? 5 6 5 9 1 3 Were there additional hand=outs to explain the answer? 2 4 4 8 3 4 Did they include financial information about Ocoee? 6 9 8 10 5 5 Overall rating-what characteristics did you consider in this rating? 9 14 13 18 5 41 50 43 86 17 NATIONS BANK 1 Did the firm submit: a. A written proposal Y Y Y b. The "Exceptions" form N N N N 2 How well did the firm answer the required questions: a. An overall descriptive summary of your firm, its scope of business, the 5 5 5 6 location of your principal office and any office in close proximity to Ocoee, Florida, and general qualification to serve as Financial Advisor to the City. b. A summary of the professional qualifications of those personnel in your 5 6 5 4 firm who would be assigned to the City. Outline briefly their areas of expertise, their availability, and the extent to which they may be available at all times, upon reasonable request, to meet with commission and staff. c. A summary of your ability, experience and knowledge in the field of 5 6 4 6 financing as defined above for public bodies in the State of Florida. d. A list of references which may be contact in order to ascertain their 6 4 6 3 evaluation of your past service as a Financial Advisor. e. A description of what you perceive to be your function in developing and 6 7 5 7 structuring a financing package. f. Have you been investigated or are you now under investigation by any law 4 3 6 7 enforcement or regulatory agency in connection with your participation in any financing by a unit of local government in Florida or otherwise? If so, explain the nature and status of the investigation and the identity of the particular financing. g. Indicate whether you are in compliance with the requirements of all 8 8 8 8 regulatory agencies where compliance would be required while serving as Financial Advisory to the City. h. Submit any further supplemental information which you feel will be 6 4 4 4 valuable to the City in evaluating your qualifications to serve as the Financial Advisor. 3 Can the firm handle all the Services requested (i.e. answer to number 1 Y N N Y Exception(s)to Service Requested)? 47 44 44 48 47 PUBLIC FINANCIAL MANAGEMENT, INC. . :.:::::::....... NNOR l Did the firm submit: a. A written proposal Y Y Y Y b. The "Exceptions" form Y Y Y 2 How well did the firm answer the required questions: a. An overall descriptive summary of your firm, its scope of business, the 6 7 7 8 location of your principal office and any office in close proximity to Ocoee, Florida, and general qualification to serve as Financial Advisor to the City. b. A summary of the professional qualifications of those personnel in your 6 8 8 8 firm who would be assigned to the City. Outline briefly their areas of expertise, their availability, and the extent to which they may be available at all times, upon reasonable request,to meet with commission and staff. c. A summary of your ability, experience and knowledge in the field of 6 8 8 8 financing as defined above for public bodies in the State of Florida. d. A list of references which may be contact in order to ascertain their 6 8 8 8 evaluation of your past service as a Financial Advisor. e. A description of what you perceive to be your function in developing and 7 8 7 8 structuring a financing package. f. Have you been investigated or are you now under investigation by any law 5 2 6 6 enforcement or regulatory agency in connection with your participation in any financing by a unit of local government in Florida or otherwise? If so, explain the nature and status of the investigation and the identity of the particular financing. g. Indicate whether you are in compliance with the requirements of all 8 8 8 8 regulatory agencies where compliance would be required while serving as Financial Advisory to the City. h. Submit any further supplemental information which you feel will be 8 8 7 8 valuable to the City in evaluating your qualifications to serve as the Financial Advisor. 3 Can the firm handle all the Services requested(i.e. answer to number 1 Y Y Y Y Exception(s)to Service Requested)? 55 59 62 52 65 1 (1) Special Assessments-under what circumstances were these established and 5 7 7 7 2 how were they handled? (2) Water,Wastewater and Stormwater-size of issue, required financial 5 6 8 8 3 viability and problems with issuance. (3) Comparable Cities vs. Counties/School Boards-size of issue and difference 0 6 6 8 3 in treatment. (4) General Obligation Bond-using a 5 to 10 million dollar issue for Ocoee 7 0 0 16 0 Parks,explain steps in process and how your company would be involved. 2 Did the presenter appear to be prepared? 4 7 7 9 2 3 Were there additional hand=outs to explain the answer? 2 5 5 8 3 4 Did they include financial information about Ocoee? 0 0 0 0 0 5 Overall rating-what characteristics did you consider in this rating? 9 9 17 15 4 32 40 50 71 17 SUNTRUST CAPITAL MARKETS, INC. .:r ?'Yi;{i:i:i}:•i iiiiii:•:�::i::::iii:Si'•i i::•i::iii'+.iiii:i::ii'+.:i'i:?:i;:'::{i::::::..::::: ... .........:....................................;:.:..........................;... ::::'O:•:Y'� �y ::.. ................................... ........ ... .:..:.. ....................................... :.::::::::::::::::::::::::.:::..iii'.. �1:::: ;:. :::i::?:i• .i>ii>:•>:^:•i i:;;;'t.:::: �:>: •::: ��:i::ii;>:::::i:;>::>:;:iiiii:>i::<::::i::isii:�<::::<:::;:i:::»::>:i:::>::»::::::::>::. .a�t � :.::.:.:..... . .............. ..:......... 1 Did the firm submit: a. A written proposal Y Y Y Y b. The "Exceptions" form Y Y Y 2 How well did the firm answer the required questions: a. An overall descriptive summary of your firm, its scope of business,the 5 7 6 6 location of your principal office and any office in close proximity to Ocoee, Florida,and general qualification to serve as Financial Advisor to the City. b. A summary of the professional qualifications of those personnel in your 6 8 6 6 firm who would be assigned to the City. Outline briefly their areas of expertise, their availability,and the extent to which they may be available at all times, upon reasonable request, to meet with commission and staff. c. A summary of your ability,experience and knowledge in the field of 5 7 5 8 financing as defined above for public bodies in the State of Florida. d. A list of references which may be contact in order to ascertain their 6 5 6 5 evaluation of your past service as a Financial Advisor. e. A description of what you perceive to be your function in developing and 6 7 4 5 structuring a financing package. f. Have you been investigated or are you now under investigation by any law 6 8 8 7 enforcement or regulatory agency in connection with your participation in any financing by a unit of local government in Florida or otherwise? If so, explain the nature and status of the investigation and the identity of the particular financing. g. Indicate whether you are in compliance with the requirements of all 8 8 8 8 regulatory agencies where compliance would be required while serving as Financial Advisory to the City. h. Submit any further supplemental information which you feel will be 6 5 4 5 valuable to the City in evaluating your qualifications to serve as the Financial Advisor. 3 Can the firm handle all the Services requested (i.e. answer to number 1 Y Y Y Y Exception(s)to Service Requested)? 51 58 50 54 53 1 (1) Special Assessments-under what circumstances were these established and 4 4 5 6 1 how were they handled? (2) Water,Wastewater and Stormwater-size of issue, required financial 4 4 5 7 1 viability and problems with issuance. (3) Comparable Cities vs. Counties/School Boards-size of issue and difference 3 2 3 7 1 in treatment. (4) General Obligation Bond-using a 5 to 10 million dollar issue for Ocoee 6 0 0 14 0 Parks, explain steps in process and how your company would be involved. 2 Did the presenter appear to be prepared? 5 4 5 7 1 3 Were there additional hand=outs to explain the answer? 2 3 3 7 3 4 Did they include financial information about Ocoee? 0 0 0 0 0 5 Overall rating-what characteristics did you consider in this rating? 8 9 10 12 3 32 26 31 60 10 "CENTER OF GOOD LIVING - PRIDE OF WEST ORANGE" MAYOR• COMMISSIONER. S. SCOTT VANDERGRIFT Ocoee OcO COMMISSIONERS �` .44 K:11 .. CITY OF OCOEE RUSTY JOHNSON +.• Q. PAUL 1h.FOSTER v 150 N.LAKESHORE DRIVE SCOTT A.GLASS �. 1:: i ?C� OCOEE,FLORIDA 34761-2258 JIM GLEASON 'j' \ •A` (407)656-2322 CITY MnNAGfR �f G00��` ELLIS SHAPIRO L. March 14, 1995 Phillip E. Roberts, Vice President/Manager First Union Capital Markets Corp. Public Finance Group 20 North Orange Orlando, Florida 32801 Rick Patterson, Senior Managing Consultant Public Financial Management, Inc. 201 South Orange Avenue, Suite 720 Orlando, Florida 32801 Jerry W. Ford, Managing Director SunTrust Capital Markets, Inc. 200 South Orange Avenue Orlando, Florida 32801 Dear Sirs: The Selection Committee for Financial Services has short-listed three firms. The twenty minute presentations with ten additional minutes for questions/answers are scheduled as: March 22, 1995 at 10:30 AM First Union Capital Markets Corp. March 22, 1995 at 11:00 AM Public Financial Management, Inc. March 22, 1995 at 11:30 AM SunTrust Capital Markets, Inc. ' Your Expression of Interest answered general questions concerning your firm. The twenty-minute presentation should be focused on the following topics: (1) Special Assessments — under what circumstances were these established and how were they handled; (2) Water, Wastewater and Stormwater— size of issue, required financial viability and problems with issuance; (3) Comparable Cities vs. Counties/School Boards — size of issue and difference in treatment. } March 14, 1995 - Page Two (4) General Obligation Bond — using a 5 to 10 million dollar issue for Ocoee Parks, explain steps in process and how your company would be involved. Should you have any questions, please contact me at (407) 656-2322 extension 125. A copy of the City's FY94 audit is attached for your use. Sincerely, CITY OF OCOEE Montye E. Beamer, Director Administrative Services MEB/jbw Attachment cc: Selection Committee ? nkd.- licAilq FMR & Associates 420 East Ridgewood Street Altamonte Springs, Florida 32701 331-4070 Shelley Robertson SunTrust 200 South Orange Avenue, SOAB 7 Orlando, Florida 32801 237-4579 Jerry W. Ford / Jeffrey T. Larson Harcourt Ryder Capital, Inc. 390 North Orange Avenue, Suite 1480 Orlando, Florida 32801 246-8833 James Roy Chasteen Barnett Securities, Inc. 390 North Orange Avenue, Suite 700 Orlando, Florida 32802-3200 420-2702 Phillip E. Roberts Public Financial Managements, Inc. 201 South Orange Avenue, Suite 720 Orlando, Florida 32801 648-2208 Rick W. Patterson / Phillip N. Brown Manning & Napier Advisors, Inc. 1800 Second Street, Suite 852 Sarasota, Florida 34236-5904 813-955-1179 J. Montieth Estes SVBK Consulting Group 201 South Orange Avenue, Suite 1020 Orlando, Florida 32801-3477 872-1500 Jeffrey J. McGarvey Associated Investor Services, Inc. 2699 Stirling Road, Suite B-100 Fort Lauderdale, Florida 33312 800-741-5602 Deborah G. Etkin Meridian, Dunhill & Co., Inc. 909 Fannin, 40th Floor Houston, Texas 77010 713-655-9600 / 800-270-1820 Robert C. Hennecke Orrick, Herrington & Sutcliffe 400 Sansome Street SanFrancisco, California 94111 415-392-1122 Government Financial Advisors 174 West Comstock, Suite 220 Winter Park, Florida 32789 Thomas B. Holley KPMG Peat Marwick 1 Progress Plaza, Suite 1600 St. Petersburg, Florida 33701 Ron Barton DUNN & ASSOCIATES Utility Financial &Management Consultants STEVE DUNN 6821 Southpoint Drive North Suite 110 Tel: (904) 296-8081 Jacksonville, FL 32216 Fax: (904) 296-1561