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HomeMy WebLinkAboutR-00-0180J-00-156 2/10/00 RESOLUTION NO. A RESOLUTION OF THE MIAMI CITY COMMISSION REJECTING THE PROCESS FOR THE SELECTION OF A FINANCIAL ADVISOR; FURTHER, _AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE AN AGREEMENT(S), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH THE FIRMS OF FIRST SOUTHWEST COMPANY, JOINT VENTURE OF DUNLAP AND ASSOCIATES, INC./FIDELITY FINANCIAL SERVICES, L.C., DAIN RAUSCHER, INC., HANIFEN, IMHOFF, INC., AND P.G. CORBIN AND COMPANY, INC. FOR SAID PURPOSE. WHEREAS, on November 12, 1999, the City issued a Request for Proposals ("RFP") for the selection of a financial advisor; and WHEREAS, five firms submitted proposals to provide such services - First Southwest Company, Dunlap and Associates, Inc./Fidelity Financial Services (joint venture), Dain Rauscher, Inc., Hanifen, Imhoff, Inc., and P.G. Corbin and Company; and WHEREAS, after further review of the evaluation criteria for the financial advisor, the Administration, with the approval of the Finance Committee, has determined that it is in the City's best interest to have more than one financial advisor in the event of potential conflicts of interest, and to reject the proposals received pursuant to the RFP process and enter into competitive negotiations with all five responsive and responsible CITY COMUSSIOA� MEETING OF FEB 17 2000 , heonN . ^ firms; and WHEREAS, it is the desire of the City Commission that the firms recommended by the City Manager also be made available and engaged by the Miami Sports and Exhibition Authority, the I Bayfront Park Management Trust, the Downtown Development Authority, the Community Redevelopment Agency (s), and any other agency) or instrumentality of the City that requires such financial services; and WHEREAS, the City Commission further expresses its desire I that the Administration recommend only those firms that do not provide such financial services to Miami -Dade County; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY I OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in the Section. Section 2. The process outlined in the RFP for the selection of a financial advisor is hereby rejected and the City Manager is hereby authorized" to enter into competitive negotiations and execute an agreement(s), in a form acceptable to the City Attorney, with the firms of First Southwest Company, Dunlap', and Associates, Inc./Fidelity Financial Services (joint venture), Dain Rauscher, Inc., Hanifen, Imhoff, Inc. and P.G. Corbinland Company for said purpose. �i The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. 60- 1180 Page 2 of 3 Section 3. This Resolution supersedes any prior resolution outlining the selection process for financial advisor. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor./ PASSED AND'ADOPTED this 17th day of February , 2000. JOE CAROLLO, MAYOR 1W accordance with Miami Code Sec. 2-30, since the Mayor did not indicate approval of '—"dation dation by sirning it in the designated pi e provided, said legislation now 'ta.._.., :.ifective with thc-.apse "n n (10) da om the date of Commis acticri r4ar6ing same, without the Mayo exe isi to. ATTEST: Wa er J. o ity Clerk WALTER J. FOEMAN CITY CLER APPRO TOiFORM RRECTNESS:- 7Y -ATTORNEY W4161:hdb:RCL:BSS If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective .immediately upon override of the veto by the City Commission. Page 3 of 3 r =77C-r--0. 14- FORM 8B MEhnORANDUM OF VOTING CONFLICT FOR COUNTY, MUNICIPAL, AND OTHER LOCAL PUBLIC OFFICERS LAST NAME- FIRST NAME -MIDDLE NAME NAME OF BOARD, COUNCIL, COMMISSION. AUTHORITY. OR COMMITTEE I F2END r2QCT OF 66mr-7i5sf-cM� MAILING ADDRESS �{ O N w I /� j'1 �e , THE BOA D. COUNCIL, COMMISSION. AUTHORITY OR COMMITTEE ON WHICH 1 SERVE IS A UNIT OF: )( CTTY O COUNTY O OTHER LOCAL AGENCY CITY COUNTY NAME OF POLITICAL SUBDIVISION: M�aM� MSA �• UA i dF iA - - TE ON WHICH VOTE OCCURRED - 1 -1 - OO r2-1-1-00 MY POSITION IS: ELECTIVE O APPOINTIVE WHO MUST FILE FORM &B This form is for use by any person serving at the county, city, or other local level of government on an appointed or elected board, council, commission, authority, or committee. It applies equally to members of advisory and non -advisory bodies who are presented with a voting conflict of interest under Section 112.3143, Florida Statutes. Your responsibilities under the law when faced with a measure in which you have a conflict of interest will vary greatly depending on whether you hold an elective or appointive position. For this reason, please pay close attention to the instructions on this form before completing the reverse side and filing the form. INSTRUCTIONS FOR COMPLIANCE WITH SECTION 1123143, FLORIDA STATUTES A person holding elective or appointive county, municipal, or other local public office MUST ABSTAIN from voting on a measure which inures to his special private gain. Each elected or appointed local officer also is prohibited from knowingly, voting on a measure which inures to the special gain of a principal (other than a government agency4 by whom ,be is retained (including the parent organization or subsidiary of a corporate principal by which he is retained); to the special priva' a gain of a relative; or to the special private gain of a business associate. Commissioners of community redevelopment agencies -under Sec. 163.356 or 163.357, F.S., and officers of independent special tax districts elected on a one -acre, one -vote basis are not prohibited from voting in that capacity. For purposes of this law, a -relative" includes only the officer's father, mother, son, daughter, husband, wife, father-in-law, mother-in- law, son-in-law, and daughter-in-law. A 'business associate" means' any person or entity engaged in or carrying on a business enterprise with the officer as a partner, joint venturer, coowner of property, or corporate sgareholder (where the shares of the corporation are not listed on any national or regional stock exchange). ELECTED OFFICERS: In addition to abstaining from voting in the situations described above, you must disclose the conflict: PRIOR TO THE VOTE BEING TAKEN by publicly stating to the assembly the nature of your interest in the measure on which you are abstaining from voting; and WITHIN 15 DAYS AFTER THE VOTE OCCURS by completing and filing this form with the person responsible for recording the minutes of the meeting, who should incorporate the form in the minutes. APPOINTED OFFICERS: Although you must abstain from voting in the situations described above, you otherwise may participate in these matters. However, you must disclose the nature of the conflict before making any attempt to influence the decision, whether orally or in writing and whether made by you or at your direction. IF YOU INTEND TO MAKE ANY ATTEMPT TO INFLUENCE THE DECISION PRIOR TO THE MEETING AT WHICH THE VOTE WLL BE TAKEN: • You must complete and file this form (before making any attempt to influence the decision) with the person responsible for recording the minutes of the meeting, who will incorporate the form in the minutes. • A copy of the form must be provided immediately to the other members of the agency. • The form must be read publicly at the next meeting after the form is filed. CE FORM BB - 10.91 PAGE I IF YOU MAKE NO ATTEMPT TO 177' LUENCE THE DECISION EXCEPT BY WCUSSION AT THE MEETING: • You must disclose orally the nature of your conflict in the measure before participating. • You must complete the form and file it within IS days after the vote occurs with the person responsible for recording the minutes of the meeting, who must incorporate the form in the minutes. A copy of the form must be provided immediately to the other members of the agency, and the form must be read publicly at the next mating after the form is filed. DISCLOSURE OF LOCAL OFFICER'S INTEREST �21�r-�� a c `� 1 'a000 ,hereby disclose that on , }9��! (a) A measure came or will come before my agency which (check one) Xinured to my special private gain; X inured to the special gain of my business associate, inured to the special gain of my relative, inured to the special gain of by whom I am retained; or inured to the special gain of , which is the parent organization or subsidiary of a principal which has retained me. (b) The measure before my agency and the nature of my conflicting interest in the measure is as follows: j W ►�\r �e, Date Filed Si NOTICE: UNDER PROVISIONS OF FLORIDA STATUTES §112.317 (1991), A FAILURE TO MAKE ANY REQUIRED DISCLOSURE CONSTITUTES GROUNDS FOR AND MAY BE PUNISHED BY ONE OR MORE OF THE FOLLOWING: IMPEACHMENT, REMOVAL OR SUSPENSION FROM OFFICE OR EMPLOYMENT, DEMOTION, REDUCTION IN SALARY, REPRIMAND, OR A CIVIL PENALTY NOT TO EXCEED S5,000. Li FORM 99 • t69I 00- PAGE 2 �--4 � Tj 10 : CARTER N. MCDOWELL _ � t" MCI ATTO RN EY AT LAW IMQD .� BILZIN SUMBERG DUNN PRICE & AXELROD LLP 2500 FIRST UNION FINANCIAL CENTER • MIAMI, FLORIDA 33131-2336 z DIRECT LINE (305)350-2355 • E-MAIL CmCdowell@bilzin.CCrt1 FAX (305)3747593 Date Filed Si NOTICE: UNDER PROVISIONS OF FLORIDA STATUTES §112.317 (1991), A FAILURE TO MAKE ANY REQUIRED DISCLOSURE CONSTITUTES GROUNDS FOR AND MAY BE PUNISHED BY ONE OR MORE OF THE FOLLOWING: IMPEACHMENT, REMOVAL OR SUSPENSION FROM OFFICE OR EMPLOYMENT, DEMOTION, REDUCTION IN SALARY, REPRIMAND, OR A CIVIL PENALTY NOT TO EXCEED S5,000. Li FORM 99 • t69I 00- PAGE 2 TO FROM CITY OF MIAMI. FLORIDA INTER -OFFICE MEMORANDUM The Honorable Mayor and Members of the /n. ssion arshaw City Manager RECOMMENDATION • 15 DATE : February 9, 2000 SUBJECT: Financial Advisor Recommendation REFERENCES: ENCLOSURES: FILE: Staff recommends approval of the attached resolution requesting that the "Request For Proposal' process for the selection of a financial advisor be rejected and that the Administration be directed to enter into competitive negotiations with all five firms submitting proposals. Further, that the Administration be directed to recommend to the Finance Committee and City Commission two, but no more than three, firms to be used at the discretion of the City. This recommendation, and the reasons therefore, was discussed and ultimately approved by the Finance Committee. To summarize, the Evaluation Committee and the Finance Committee expressed- concerns about the price proposed by the highest ranked firm, which proposed a retainer of $150,000. Second, this process only provides for one financial advisor. If, for some reason, a potential conflict of interest were to arise, the City, could be without a financial advisor for that issue. A pool would provide the City with options. BACKGROUND On November 12, 1999, the City released the RFP for the selection of a financial advisor. A voluntary Pre -Proposal Conference was held on November 23, 1999, and the deadline for submission of proposals was December 8, 1999. An evaluation committee, consisting of Frank Hinton, Miami Dade County Finance Department; Rudy Rodriquez, Comptroller, Miami -Dade County Schools; Carlos Enriquez, President, America Government Certificates; Bertha Henry, Assistant City Manager; and Julie Weatherholtz, Finance Director, was appointed to review and make recommendations to the Finance Committee. The evaluation committee assigned points based on the following criteria: Qualifications, experience and ability Overall approach Fee Proposal Maximum of 40 points Maximum of 25 points Maximum of 20 points M/WBE Certificate/Minority participation Maximum of 05 points Local Preference Maximum of 10 points Total Total Points Available 100 The evaluation committee .initially met on December 10, 1999 to review the rating criteria _and to receive the formal proposals from prospective service providers. The City received five proposals for financial `advisory services: Dain Rauscher, Inc.; Joint Venture -Dunlap and` As and Fidelity Financial; First Southwest Company; Hanifen Imhoff, Inc.; and P.G. Corbin. The evaluation committee met again on January10, 2000 to discuss the proposals and to "short-list" candidates for'oral presentations. The evaluation committee decided to invite all five firms for oral presentations, which were held on January 31, 2000. . Total averaged points from the evaluation committee, by Proposer following presentations, resulted in the following: Ranking First Southwest Company 81.875 Retainer 9 of $150,000 flours 600 Dunlap and Associates,' and'Fidelity Financial 81.25 10,000 80 Dain Rauscher, Inc., 79.25 35,000 360 Hanifen Imhoff, Inc. 79.25 20,000 150 P.G. Corbin & Company, Inc. 68.75 40,000 300 Both the 'Evaluation and Finance Committees spent a fair amount of time discussing the disparity in cost of the provider with the highest points assigned; the pros and cons of a single advisor; and the method by which staff would determine how they would be used. The Finance Committee. agreed that it: would not be in the City's best interests to select the top ranked firm as its, Financial Advisor at this time. Instead, the competitive negotiation process would enable the City to secure a pool of qualified firms at a competitive price.