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HomeMy WebLinkAboutVII(F) Discussion/ Action Re: Qualifications For Investment Banking Services Agenda 4-7-98 Item VII F "CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER S.SCOTT VANDERGRIFT niOcoee COMMISSIONERS CITY OF OCOEE DANNY HOWELL 150 N.LAxEsxoRE DR[vE SCOTT ANDERSON SCOTT A.GLASS OCOEE,FLORIDA 34761-2258 NANCY J.PARKER C U...00 v (407)656-2322 ny �. CITY MANAGER vfG/p0� ELLIS SHAPIRO MEMORANDUM TO: The Honorable Mayor and Board of City Commissioners FROM: Wanda Horton, Finance Director DATE: April 2, 1998 RE: REQUEST FOR QUALIFICATIONS FOR INVESTMENT BANKING SERVICES As part of our on going process of reviewing qualifications and keeping current with an ever changing financial market, staff proposes to solicit responses from qualified institutions for the above referenced services. The City currently has an excellent relationship with our current underwriters, William Hough and Company, however, with a current low interest rate environment and with upcoming capital improvements over the next few years we feel it is in the City's best interest to review investment banking qualifications at this time. It is staff's intent to expand our investment banking team to provide the City with greater flexibility. Attached is a draft of the Request for Qualifications (RFQ) for Investment Banking Services. We propose to advertise this on April 12, 1998. A review committee has been appointed by the City Manager to review responses to this RFQ and make a recommendation to the City Commission. Action Requested Staff requests that the City Commission appoint a member to serve on the selection committee for the review of responses for investment banking services. Lb CITY OF OCOEE, FLORIDA REQUEST FOR QUALIFICATIONS FOR INVESTMENT BANKING A. SUBMITTAL 1. The City of Ocoee, Florida(the"City") shall receive Request for Qualifications ("RFQ")until April 24, 1998, at 1:30 P.M. EST, from qualified institutions for the purpose of securing investment banking services to assist the City in financing their capital improvement program. 2. All submittals must be received by the City at the location stated in paragraph 4 not later than 1:30 P.M. on April 24, 1998. Any submittal received after the above stated time and date shall not be considered. It shall be the sole responsibility of the Proposer to have its package delivered to the Ocoee City Hall by U.S. mail, hand delivery, or any other method available to them; however, facsimile or telegraphic submittals will not be accepted. Delay in delivery shall not be the responsibility of the City. Submittals received after the deadline shall not be considered, and may be returned only at the Proposer's expense. 3. Each Proposer shall examine all documents and shall determine all matters relating to the interpretation of such documents. 4. One (1) original and five (5) signed copies of the RFQ must be submitted to the Ocoee City Hall in one package, clearly marked on the outside, "Request for Qualifications for Investment Banking Services for the City of Ocoee", with opening time and date, and sent or delivered to: City of Ocoee Attn: Joyce Meridith, Buyer 150 North Lakeshore Drive Ocoee, Florida 34761-2258 In addition,two (2)copies of the RFQ should be delivered to: Mr. Mark Galvin • First Union Capital Markets, a Division of Wheat First Securities,Inc. 20 N. Orange Avenue, 1st floor Orlando,Florida 32801 5. The RFQ shall clearly indicate the legal name, Federal taxpayer identification number, address, and telephone number of the Proposer. The person signing the RFQ on behalf of the Proposer shall have the authority to bind the Proposer to the submitted proposal. 6. The City shall not be liable for any expenses incurred in the preparation or presentation of the proposals. 7. The City reserves the right to accept or reject any or all proposals, to waive irregularities and technicalities, and to request resubmission or toreadvertise for all or any part of the services. The City shall be the sole judge of the submittals and the resulting negotiated agreement that is in the City's best interest, and the City's decision shall be final. 9. The successful proposal shall be required to execute an agreement, in form and content acceptable to the City, indemnifying and holding harmless the City, its officials, officers, employees, and agents from all claims. 10. Proposers, their agents, and associates shall refrain from contacting or soliciting any City staff or City Commissioners regarding this RFQ during the selection process. Failure to comply with this provision may result in the disqualification of the proposer. All request for clarification or additional information should be made to: Ms. Wanda Horton Finance Director (407) 656-2322 ext. 150 or Mark Galvin City's Financial Advisor (407) 649-5504 B. PROPOSAL- SUBMITTALS 1. Any Person submitting a response to this Request for Qualifications must execute the enclosed form PUR. 7068, SWORN STATEMENT UNDER SECTION 287.133 (3) (a), FLORIDA STATUTES, ON PUBLIC ENTITY CRIMES, including proper check(s), in the space(s), in the space(s)provided, and enclose it with his/her Proposal. Corrections to the form will not be allowed after the opening time and date. Failure to complete this form in every detail and submit it with your proposal will result in immediate disqualification of your company. PROPOSALS SHALL INCLUDE: 1. A letter of transmittal stating the Proposer's understanding of the work to be performed and the names and titles of the persons who will be authorized to make representations for the Proposer(two page limit). 2. General information about the Proposer, including location of the office(s) from which the work will be performed, the name of the contact person and other members of the financing team (six page limit). 3. A discussion of the Proposer's marketing strategy and distribution capabilities, include number of offices, sales professionals nationally and in Florida(three page limit). 4. Provide separate lists of the Proposer's refunding experience either as senior managed or financial advisor both nationally and in Florida over the last five years. Your response should also include a summary table by year and role. 5. A description of Proposer's quantitative capabilities, unique or innovative financing concepts, and, or products that may be beneficial to the City that your firm has used or proposed in the last six months for other municipal clients. (three page limit) 6. Provide separate lists of the Proposer's underwriting and financial advisory experience both nationally and in Florida over the last five years. Include for each financing the following information: Issue size, Issuer name, dated date, gross spread by components, tic., and your firms role. Your response should also include a summary table by year and role. 7. Identify three (3) clients the City may contact as references with respect to the firm's work performance. For each reference include contact person's name, title, address and phone number. 8. Provide the names of three law firms that may be retained as underwriter's counsel should your firm be appointed as senior manager. 9. A description of any litigation or regulatory action filed against the Proposer in the last five (5)years; and the resolution thereof. 10. Include the "sworn statement" pursuant to section 287.13(3a)(a). Florida Statutes, on public entities crimes. 11. Provide any additional information you feel would assist the City in evaluating your proposal. (three page limit) C. SELECTION CRITERIA The City desires to select the Proposer(s) that demonstrates the ability to provide the highest quality of service at the best cost. To accomplish this goal, the City's criteria for selection shall include, but not be limited to the following: 1. Quality, quantity and relevance of Proposer's experience and resources. 2. Ability to meet requirements. 3. Completeness of proposal. Evaluation of proposals will be made by an Evaluation Committee. All respondents to this request will be notified in writing as to the final outcome of this process. It is anticipated that notifications will be mailed within 45 days of the contract being awarded. D. NEGOTIATIONS AND CONTRACT AWARD It is the City's goal to select the top ranked firm as senior manager. The City also reserves the right to designate co-managers from the second and third ranked firms. The terms of.the engagement will be for a two year period with the City retaining the option to renew the engagement. After the evaluation is completed, the City will attempt to negotiate an agreement with the top- ranked Proposer which will be in the best interest of the City. If no agreement is reached with the top-ranked Proposer, negotiations will be terminated and initiated with the second-ranked Proposer, and so on,until an agreement is reached. The City reserves the right, before awarding the contract, to require a Proposer to submit such evidence of qualification as it may deem necessary. The City shall be the sole judge of the. competency of the Proposers. Upon the successful negotiation of an agreement, a formal contract will be prepared and submitted to the City Commission for approval, and executed by both parties. The City reserves the right to name co-managers, rotate senior managers and to comprise it's financing team as it deems appropriate. PUBLIC ENTITY CRIME INFORMATION STATEMENT: All invitations to bid as defined by Section 287.012(11), Florida Statutes, requests for proposals as defined by Section 287.012(16), Florida Statutes, and any contract document described by Section 287.058, Florida Statutes, shall contain a statement informing persons of the provisions of paragraph (2)(a) of Section 287.133, Florida Statutes, which reads as follows: " A person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a bid on a contract to provide any goods or services to a public entity, may not submit a bid on a contract with a public entity for the construction or repair of public building or public work, may not submit bids on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017, for CATEGORY TWO for a period of 36 months from the date of being placed on the convicted vendor list." All vendors who submit a Bid or Request for Proposal to the City of Ocoee are guaranteeing that they have read the previous statement and by signing the bid documents are qualified to submit a bid under Section 287.133, (2)(a), Florida Statutes. so • REQUEST FOR QUALIFICATIONS FOR INVESTMENT BANKING SERVICES FOR THE CITY OF OCOEE Responses to a Request for Qualifications will be received by the City of Ocoee for Investment Banking Services. Copies of the required submittal will be furnished upon request by contacting Joyce Meridith at (407) 656-2322. All proposals must be received by 1:30 P.M. on April 24, 1998 at the Ocoee City Hall, 150 North Lakeshore Drive, Ocoee, Florida 34761. No facsimile or telegraphic submittal will be accepted. The City of Ocoee reserves the right to reject any or all responses to the Request for Qualifications. FURTHER INFORMATION MAY BE OBTAINED BY CALLING (407) 656-2322, EXT. 150 City Clerk April 12, 1998