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Home My WebLink AboutR-91-0507J-91-583 7/2/91 91 -- c, 0 7 RESOLUTION NO. A RESOLUTION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXTEND THE EXISTING AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, BETWEEN THE CITY OF MIAMI AND RAYMOND JAMES & ASSOCIATES, INC. & HOWARD GARY AND COMPANY FOR THE PROVISION OF FINANCIAL ADVISORY SERVICES FOR A ONE-YEAR PERIOD, WITH COMPENSATION FOR SUCH SERVICES BEING ALLOCATED FROM APPROPRIATED CAPITAL IMPROVEMENT PROJECT NO. 311016. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is hereby authorized to extend the existing agreement)/, in substantially the attached form, between the City of Miami and Raymond James & Associates, Inc. and Howard Gary & Company for the provision of financial advisory services for a one-year period, with compensation for such services being hereby allocated from appropriated Capital Improvement Project No. 311016. Section 2. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 11th day / July-- 1 , 1991. SUARE Z ,"' MAYOR ATT T• MAT HIRAI CITY CLERK 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. I- em ['MwlrsQir CAPITAL BUDGET REVIEW: EDUARDO,_RODFdGUEZ CAPITAL PROJECTS MANAGER PREPARED AND APPROVED BY: RAF IE 0. DIAZ CHIEF ASSISTANT CITY TORNEY APPROVED AS TO FORM AND CORRECTNESS: n_r� A -- Z JO E L . RN. CI 77pllEY ROD:gb:M2346 i AMENDMENT NO... 2. This is an Amendment to the Professional Services Agreement hereinafter ("Agreement") dated Gth of April., 1989 by and between the City of Miami, a municipal corporation of the State of Florida (hereinafter "CITY"), and Raymond James & Associates, Inc. and Howard Gary & Company (hereinafter "FINANCIAL ADVISORS"). WHEREAS, Resolution No. 88-787 authorized the City Manager to execute an agreement with the FINANCIAL ADVISORS to provide financial advisory services to the City for a period of two (2) years, beginning October 1, 1988, with two (2) one-year renewals exercisable at the option of the CITY; and WHEREAS, Resolution approved the renewal of the second one-year agreement; NOW, THEREFORE, the parties agree to extend the Agreement for one (1) year, beginning October 1, 1991. It is further understood that all conditions outlined under the original Agreement dated Gth of April 1989 shall remain in full force and effect without modification except as reflected herein. :4 I Witness our hands and seals this day of 1991. ATTEST: MATTY HIRAI, CITY CLERK ATTEST: CORPORATE SECRETARY ATTEST: CORPORATE SECRETARY APPROVED BY: CITY OF MIAMI, a municipal Corporation of the State of Florida BY: — CESAR H. ODIO CITY MANAGER FINANCIAL ADVISORS: BY: _ RAYMOND JAMES & ASSOCIATES, INC. BY: HOWARD GARY & COMPANY HUMBERTO HERNANDEZ ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: JORGE L. FERNANDEZ CITY ATTORNEY •2- i Q-QRPORATE_RESOLUTION WHEREAS, Raymond James & Associates, Inc. (the "Corporation") desires to amend its agreement with the City of Miami, Florida (the "City"); and WHEREAS, the Board of Directors at a duly held corporate meeting has considered the matter in accordance with the Bylaws of the Corporation; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS that the Senior Vice President and Secretary are hereby authorized and instructed to amend said agreement in the name and on behalf of this Corporation with the City upon the terms contained in the proposed amendment to which this resolution is attached. DATED this day of , 1991. Van C. Sayler Senior Vice President (seal) Corporate Secretary 91-- 507 91- 507 CORPORATE RESOLUTION WHEREAS, Howard Gary & Company (the "Corporation") desires to amend its agreement with the City of Miami, Florida (the "City"); and WHEREAS, the Board of Directors at a duly held corporate meeting has considered the matter in accordance with the Bylaws of the Corporation; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS that the President and Secretary are hereby authorized and instructed to amend said agreement in the name and on behalf of this Corporation with the City upon the terms contained in the proposed amendment to which this resolution is attached. DATED this day of , 1991. Howard V. Gary President and C.E.O (seal) Howard V. Gary Secretary CITY OF MIAMI, FLORIDACA=20 INTER -OFFICE MEMORANDUM _ TO : Honorable Mayor and Members DATE JUN 2 7 1991 FILE of the ity Commission V�wJJ SUBJECT - Agenda Item FROM REFERENCES Cesar H. Odio City Manager ENCLOSURES: RECOMMENDATION: It is recommended that the attached resolution authorizing the City Manager to extend the existing agreement between the City of Miami and Raymond James & Associates, Inc. and Howard Gary & Company for the provision of financial advisory services for a one-year period with compensation for such services being - allocated from appropriated capital improvement project No. 311016, be approved. The City Commission adopted resolution No. 88-787 on September 8, 1988, accepting the proposal of Raymond James & Associates and Howard Gary & Company for the provision of financial advisory services for a two-year period ending September 30, 1990. This action was the result of a request for proposals issued by the City in April, 1988 for financial advisory services for a two-year period with two one-year renewals exercisable at the option of the City. Financial advisors assist the City in the structuring, timing and negotiations related to sale of City bonds and other related financial transactions, particularly: Review and evaluation of financial condition, policies and plans. Assist in developing a financial plan. Assist in dealings with bond rating agencies. Preparation for bond sale. Development of market for the bonds. Compensation to the financial advisors is based on a fee schedule of $1.00/$1,000 bond sale on a competitive basis, and $1.25/$1,000 bond sold on a negotiated basis, subject to a minimum fee of $25,000 per bond issue and upon successful completion of the related debt issuance. For services not C �-ao -i 91- 507 Agenda Item page -2- specifically related to a pending bond issue financial advisors are compensated based on the following hourly rates: President and Senior Vice President $150 Vice President 125 Assistant Vice President 100 Associates 75 Analyst 50 Out of pocket expenses are reimbursed as approved by the City. At this time it is recommended that the second one-year option be exercised to extend this agreement. � ., V� 0 100 12A THE MIAMI HERALD, WEDNESDAY, JULY 10, 1991 JOHN S. KNIGHT (1894.1981) JAMES L. KNIGHT (1909-1991) DAVID LAWRENCE JR., Publisher and Chairman ROBERTOSUAREZ President JOANNA D.WRAGG Associate Editor JIM HAMPTON Editor DOUGLAS C. CLIFTON Executive Editor PETE WEITZEL Managing Editor Moan over, Miami N OVERTOWN market -- in city - owned. property leased to former Miami City Manager Howard Gary, who in turn subleased it to the Yahwehs to operate has shut down abruptly, with nary a forewarning. That's a double pity. First, neighborhood residents who appreciated the market's respectful ser- vice, cleanliness, and well -stocked shelves are again left in the lurch. Second, the city — chronically careless with its own grop- erty -- is again left holding the bag. It's time for the city to be much'more- skeptical and a lot less overeager to do good while ignoring all the bells, whistles, and alarms that signal danger ahead. Cash -flow problems _ now plague the Yahwehs. Their insurance on the grocery was canceled just before it closed. The sect recently lost con- trol of its Sunny Isles motel. After being awarded the lease for the store at 1490 NW Third Ave., Mr. Gary — who obviously had a leg up by being a for- mer city manager won major conces- sions from the city in order to sublease the store to the Yahwehs. Mr. Gary pried two years of free rent (due to kick in this October), $150,000 CITY GETS TAKEN -- AGAIN worth of store equipment, extermination, and lawn and freezer maintenance out of the. city's slippery grip. And ultimately he got permission to lease the store to the Yah- wehs, a controversial religious sect that pol- iticians : have almost always sought to please, no matter what. In 1989 a Federal judge levied $940,000 in fines against sect leader Yahweh Ben' Yahweh for running a "terrorist occupation strategy" against tenants in a building that the Yahwehs owned. Even as the city was handing over the store to the Yahwehs in 1990, a Federal grand jury in Miami was investigating the sect for alleged extortion, fire-bombing, and murder in a Yahweh tem- ple. Now Yahweh Ben Yahweh is awaiting trial on charges of ordering 14 murders and of racketeering conspiracy. And so Yahweh's First Rate Foods gro- cery store joins the long line of shaky prom- ises that the city literally has bought into. What is it, something in the water, that turns good motives into bad judgment? i 91- 507