HomeMy WebLinkAboutR-89-004011
1180LUTION NO
A RESOLUTION AUTHORIZING
THE CITY
MANAGER TO DISTRIBUTE AND
ADVERTISE
THE ATTACHED REQUESTS FOR
PROPOSALS
(RFP) FOR THE PROVISION OF
MANAGING
BOND UNDERWRITING SERVICES, AND
AUTHORIZING THE APPOINTMENT
OF
SELECTION COMMITTEES BY
THE CITY
COMMISSION TO EVALUATE THE
SUBMITTED
PROPOSALS.
WHEREAS, the City has entered into a lease contract with the
General Service Administration for financing and constructing a
building; and
WHEREAS, the City of Miami is also proposing the
construction of several capital improvement projects;
WHEREAS, it is in order at this time to procure managing 'A
bond underwriting services for financing these projects, and for
other'future 1989 debt issuances; and
WHEREAS, it is in the City's best interest to have
Selection Committees review and evaluate the responses to the
City's RFP based upon the criteria as described in the RFP; and
WHEREAS, said Selection Committees will, subsequent to the
review and evaluation of the submitted proposals, report to the
City Manager their rankings of proposers; and
WHEREAS, the City Manager will make recommendations to the .4
City Commission regarding the Bond Underwriter Service Providers;
F NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CI
TY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to - - - - - - -
distribute and advertise the two (2) attached Requests for
Proposal (RFP) for the provision of bond underwriting services.
N 41
Section 2. The appointment of two five member committeeir
for the review and evaluation of submitted proposals is h
ereO
aka
authorized by the City Commission.
C!TTY c
J AN
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X IS L. SU EZ
M A Y
MAT Y HIRAI, CITY CLERK_'
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9
PREPARED AND APPROVED BY*
d Y u ,v ?yf y4.e its.
F
ROBERT F. C ARK
CHIEF DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
T'. - . -� .�' .^c. '4.�;+'m;k *� "�"'`'��`S(�'�4 .� •( a S%~
JORG L.PONAND Z
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CITY ATTORNEY
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. ,kLQVHSV ,FOR PROPOSALS AND QUAL2102CATZONS
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MANAGING UNDERWRITERS
!Or
Tim_ FEDERAL LAW EMORCEMENT PROJECTS XXAMIp
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TIM rZVZRRL LAW lC"0VtC1:MRXT VX WSCTr NZAH11 FLUR2h11
The City of Miami, Florida (the "city„) hereby invites all Yt=
Interested investmdnt banking firms to submit their proposal
and qualifications to serve as managing underwriters for The
rederal Law Enforcement Project, Miami, Florida (the
"Project„).
The City of Miami and the United states of America, acting by
and through the General services Administration ("GSA"),
j entered into a ''Memorandum of Understanding" expressing their
t interest to enter into negotiations for the city to construct
and lease to GSA a building to house the U.S. Attorney's
Office and other U.S. Law Enforcement Agencies in Miami.
Public Law 99-591 was passed by the Congress of the'United
States authorizing GSA to lease a building in Miami not to
exceed 250,000 sq. ft. acquired or constructed by the city.
On July 23, 1987, the city commission adopted Resolution 87-
7A4d authorizing the city Manager to execute a negotiated
"Lease Agreement" between the City and GSA setting forth the
terms and conditions for the City to construct and lease to
GSA an approximately 250, 000 sq. ft. building for a period not
- F to exceed thirty (30) years with renewal options by GSA.
On October 22, 1987, the city Commission adopted Resoilutti.on'-
87-916 declaring that the most advantageous method for the
City to construct a building for subsequent lease to'GSA iti- t
by procurement of an integrated package from the private
sector that includes site acquisition of a, specified 12-lot
land parcel in downtown Miami, planning and design, and
construction.
f ' S
The City and GSA have agreed that the amountof the lease
payment will be a negotiated figure calculated to reimburs+ei A
the City for all direct and indirect expenses incurred while
facilitating the delivery of suitable office space to GSA` try
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on Matdh lot 196gr the city adopted the Rag6lution authorisiftt <M,
the issuan+co of a naguent for Qualifitsatib»s for yual f'!od ;
I dav8l+opexa as Core -qualifying procedures prior to issuance at {,
of a Request for Proposals for land acquisition, planning and
design, and construction of a building in Miami to be occupied
by the U.S. Law Enforcement Agenriee. The city Of Miami
{ further selected an indopandant certified public accounting
i firm to assist in analyzing submissions of rinancia f
qualifications and development proposals. 7?
jl The managing underwriters will be responsible for thb
structuring and marketing of a taxable bond issue to tinanae
the project for the City. The bond issue will be secured by
the revenues derived from a Lease Agreement between the City
and the General set -vices Administration.
ii
Xte SUBM=BBXON INBTAUCTIOUP
{
? A. Respondents are advised to submit their proposals by 5:00.
p.m. on February 3, 19e9 to the following address;
i;
Carlos E. Garcia, CPA
Director
Department of Pinnnee
;? City of Miami, Florida
;i 3006 Aviation Avenue; Third Floor
Miami, Flori.do 33133
' 8. Submittals received after tine noted ;line and date` will
not be accepted.
!� C. Please have the following noted prominently on the
package containing your submission:
PROPOSALS AND QUALIFICATIONS
TO SERVE AS MANAGING UNDERWRITERS
FOR THE FEDERAL LAW ENFORCEMENT PR0.7ECT, MIAMI, FIARIDA
j D. Respondents are advised to submit fifteen (l5) COPis or.
1
E their proposals.
f
E. A letter of transmittals not exceeding two (2) pages' t`
signed by the individual who will have primary
t responsibility for the management of this transaction and
who has the necessary authority to Commit the firm(s) to
the provisions of the underwri.tinq services desired by
-i the City, must accompany each submission. This letter
— should summarize the contents of the submission. The j
total response, including letter of transmittal and
t answers to attached "Questions of Respondents", shall not r
' exceed fifteen (15) pacyes. '
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The elty+will select the underwritibi team or
savia9ars an it Beams in its best Interests
driteria will Include, but not be limited tot
tlumbarybi'
!Sales and marketing capabilities and esxpertine. �-
Experience to
p provide the required services.
Professignal backgrounds of personnel assigned.
The structure and capital base of the firm. E
Past performance based upon evaluations or former
and current clients.
Compliance with the City►s Minority participation
Pan. (The City has a minority participation goal
or 17% Black, 27% Hispanic and 17% women -Owned firms f
(# on all contracts. For additional information, please
{r contaut: Ms. Adrienne MaReth at 579.3366) ,
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j# 7. Suggested gross spread, including management rasa
and expenses.
II2. PROVO$ED TIMETABLE.
[ Request issued: January 16, 1989 E
Responses Dues: !February 3, 1989
Underwriter Selection: March 9, 1989
{ Please direct all inquiries with respect to this RFP&Q to: V
Mr. Herbert Bailey Carlos R. Garcia, CPA -
Assistant City Manager Finance Director
City of Miami, Florida or city of Miami, Florida
3500 Pan American Drive 3006 Aviation Avenuo
Miami, Florida 33133 Miami, Florida 33133
(305) 579-6040 (305) 579•-6350 E<
or
FINANCIAL ADVISORS _ t
Mr. Charles A. Citrin� 3z
Raymond James and ,. F'c ]�► Assoaiatea Inc. 2N
1110 Hrickell Avenue, Suite 201
t Miami, Florida 33131 t
T
• (305) 381-8829 _ S
r
— 1 Mr. Howard V. Gary y
Howard Gary & Company ,LAN
3050 Biscayne Boulevard, Suite .603
a
— Miami, Florida 33137-4163
(305) 573•-1632
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V ttEdi'f61i8 01' 198POiMENTS.
3 !t
A• Describe the financ:iny structure you recommend be
Utilized tor this pi -a coca.
;{
h. dive three examples of . '
and market taxbbXe bonds
firms ability to structure
ands for mu>>icipai issuers.
7 �• Describe your firms experience as ftenlo�r manager of
municipal issues with
�r simile a s. c;overnment_ or cuaranl.ec�
kp�rience.
'L D• Describe your firm'g experience with municipal ]eases
f
financings.
�• Describe. the municipal f S nanci ngs your Pirm has c,_ompxc�t:ed
as senior manager since January, 1988 in the state of
Florida which demonstrates your firms ability to
structure and market municipal financincJs in the State,
Pi Discuss examples of your firms l.nvolveme nianar�er i n Calendar Year 1988 with minority -owned as senior
serving as cd-managers. cite specific examples of fi
of. th se
involvements, in detail, in Florida as well as other
$ States. Moreover, how were the bonds allocated to the
i minority -owned firma in these transactions.
G. Will the financing be marketed through your municipal department or another department?'Explfirms
1.
afn.
Discuss your firms ability and willingness to underwrite
bonds under volatile market conditions.
[
List the amount of municipal financings your firm hats
+ senior managed for the period January 1, 1986 to the
x present.
4:
A J .
Now much negotiated taxable debt did 1988? your firm manage aa; senior manager in s
r, '` x• Discuss the
likely purchasers of the City•e
the allocation of the bonds amon issue, and
st
Underwriters and Syndicate 9 the co -Managing
T
? Y ate or Selling Croup MemtaQrs. z
Discuss Why your firm should be chosen to be investment
banker to the city fox this tinancing� including any special services that q y
your firm could
provide.
7sX,
'r M. Suggested
gross spread, including management fees and �' "iY d��
s�
yyu p h hpr�y ;t"I -yyjt'
Yl.
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# tEti$ #!►fiE! i'atnuery 16t 1969.
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le1ANAhiNG ttXt7►XRITER5 Fdht TtM CITY Or MtAM#
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MUM CAPITAL TMPROVEMENT SPECIAL OBLTOATrOtf
BONDS AND OTHER 1989 NEGOTIATED BOND I$AilILS -
x".
ISSUING AGENCYt City of Miamin Florida.
Amur)..
All. Proposals are binding for a period or
ninety (90) days from they date of receipt or
_
the Proposal with, and in favor of, the City
of Miami Floridan with respect to the Capital
Improvement special obligation Bond Issue.
PP-RIOV OF
CONTRACT: From date of award through completion of
tinnncing.
_
Responses to Request For proposals and
Qualifications for the furnishing or the
services deHcribed herein shall be received
Until 5: 00 P.M., February '3 n 1989.
k
x2JQt;IR=E5:
All inquiries for information should be
directed to the following:
r:
Carlos H. Garcia, CPA
Director
DepartMent of Finance
City of Miami, Florida
'
3006 Aviation Avenue, Third Floor
Miami, P102 -da 33133
(305) 579-6530
7F
orr
` F_inanalai Advisorrs
Mr. Charles A. Cltrin
Raymond names and Aswociateof ino.
1110 Arickell Avenue, suite 201
a
Miami, Florida 33131
i ?
(305) 381-8829
ul i.
Mr. Howard V. Gary x
1
Howard Glary & Company
3050 Biscayne Boulevard, Suite 603 a rx
Miami, rloridd 33237-4163
(305) 573-1632�Ff�
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SNITS a"
ItI er)'Vll"Oe With tills Request For pro oaeYs and h
and subject to all, conditions imposed therein, the �undersigned ia
duly authorised, offers and agrees to furnish the services in
d accordance with the attached proposal, or as mutually agreed b
subsequent negotiation.
i; Moreover, the, undersigned hereb certify's that i have reviewed
R! the information submitted herewith and have taken all reasonable
steps under the circumstances to verify its accuracy.
� ; ! SIGNATURE t I
NAME:
Y .
TXTLIC i
7.
t{ '
FIRM ?rAMFz
it A1)DRMISS
:
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TELEPIfoNE ,NO. z
. yv(�
TY rt C 1J
TELECOPIER NO.: t ��° Y � j
DATE;
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The fniibw3nq triterja will be utilitttd to select the 'ulldet`iit
teem or Managers, t
number of maha managers The
City will select the underwriting tOalk fir
g e, u deems it its best interest. Beir.+�ti�n
criteria will include, but is net limitOd to: ' r
1• Sales and marketing -capabilities and expertise. y
21 ExPOrience to provide the required services.
3. Professional backgrounds of person
nel nei assigned.
' 4. The structure and c:apitai base of the fib.
S. Past performance based upon evaluations
elientn. of former and current
j � 6• Compiittnce h witthe Cit 's
t City has a with t y Minority Participation plan. (The
ahas Y Partic:ipation goal or 17-S Black, 17*
p , and 17% women -owned firms on all contracts. For
at information, please contact Ms. Adrit
3366) , enne DicHpL•h
7. Suggested gross spread, including management fees and
xpeneea.
t aabbe of
Romig."
The underwriting team or managers will participate with the c
Of Miami staff, including the Department of Fnance the ity
i
Attorneys office Bond counsel, and the tructurin
9 thFinancial Advisors yin
se Capital Improvement sp,
ecial obligation Bonds
assisting in the presentation of this credit to the bond ingr
agencies and Insurers, and in the marketing and underwriting of the
Bond Issue. 9
q"eX*A-Z.r9PAAAl Revuirea Lenter
:}µ
T 1 RFP60 R tr,r,� .,ses0frerors
,.
Tesponse to this RFP&Q Fifteent 15ubmit a complete signed
must be submitted to the Department of Copies Financeeach
attheProposal
f listed below; ddtess
Carlos E. Garcia, CPA
Director T
bepartment of Finance Y
f City of Miami
Florida "
3006 Ayiatiorl Avenue
Miami, Florida Third FloorYk
33133 ti
r a:
VOTE REBPpNSE TODUE `
MCI-tON
9, 1lE9, 4►T 'OBP M EA TERN STANDARD FEBRUA$Y �g
i ARD TII�dE.�'i
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ti ..
} n very �t
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4+
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9 rt `li'. 7 �� ° 4 Ei s..: `zaNcr�"+, -•Y r'" 1 -# iilviV3.
2 1, w - a^ � rr Y k r. sr-a'SM� Y. i �,• s�w f ry-3tir' "'4! d•!�rS.��nr"i�cf2•r�c�T+ �'y-i
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v *4 4 'S" CS � W G b J S A P- 1 H A" it: it 3 b IE PT �.• : r �t, � �ti si
� Y
A* Your Proposal should ve united to direct responses
k the questions below. naah question should b6gin 6h a now
page and the question should be restated at tics
(• th• page.
b, The city has solicited proposals from a large number or
national and regional firms, therefore, to facilitate the
review process, we are requesting that each firm make a
special effort to keep its response short and to the x
point. Total submission, excluding cover letter and
Transmittal Page, should not exceed sixteen (16) pages*
where appropriate statistical information should be shown
in tabular form and text information in bullet form. if
possible, summarize key information or points you want
to make for each question at the beginning of your answer ;.
to that question.
f,
N
{{ Offeror, Provide the following:
a. Name of the firm submitting the Proposal.
b. Name and Title of the individual preparing and e
j responsible for the Proposal. This person may.. b0*
different From the individual signing the 'Transmittal
page.
r
c.' Mailing Address.
d. Telephone and Telecopier numbers of offeror,
f
e. indicate whether your firm is interested in be
considered as a Senior HanaVing Underwriter or as a Co -
Managing Underwriter. All firms not considered as senior
Manager will be considered as co -Manager unless otherwise
requested.
4
r. Question No. 2..
Please prepare a table that includes the following information ,t
' based on the most recent date with reference to Capital; -
'Total Capital:
Equity Capitals.
b
-� Excess Net Capital: h f�
Uncommitted capital (Daily average over the most recent twdlvQ
=t (12) months):
� t
1 -04 d
i �' .+ • � -. t''��3'fisj���'k.i`"� �iR �" 'Xh r^ .�*''5.,� ���' - f .: ff l� ; _
tkJ� .i f �� +� Y`�'.•'�' ' ./�* J � � k� .�'2- 3T ,gyp }�'t }a, ���Iy,-.- � � k 4 'n",Q'i� p { k' -
P�t_-
2cy
i. t s YM� ,rrtr4 -Ys i7, ..j''.s1.ra t"W Y
'; Mi fit��'kt ��.'£'+.y .a '��� ,�� `. rgi�{"� �.a w#z5� ��': ,: e`!'.h•°� ,' K
M. v rx w } Y y • 1 n k { 1
RttU'ti'J�AJC'+['{��'plYt`.v�i
j.� 6 `�5 $� �.g iy—
s ,� _ f"+.iZM #d,:7 5'.`'Y t - # },�', M �,� �:i.`'' A,`�
f� S
A brief L'usuan as to the experienae of spacif a Individuals'
within your firm who Would be assigned to tha financjfl t . and _ ;
the name of the professional with primary responnibili p t6r*
the relationship, if selectod. }
i
I Qga$tion i�o. _ 4.
i Provide a brief description of your public finance and
municipal underwriting departments and municipal 0strfbution
}! system, -including size, average years of experience or
3 employees, organization, and aroan of involvement.
} s.
Do you maintain full -,time public finance and municipal
underwriting offices in the city of Miami or in the State of
Florida; if so, how would such offices participate in and
assist with the financing.
3 �u�s�on rrd. d
,t Provide concisely in tabular form your exp�erienca as a f Manager, Cc -Manager, or financial Advisor for tax-exempt nand
taxable financin
gs in F1orI9e for the past three (3) years,
f
Additionally, please indicate your experience for the past
three (3) years in the areas of tax increment and advance!
+' refunding financings.
i Qgeation, No`7,;.
Provide your thoughts on the percentage of an issue for which
} you like to have orders prior to making a cpmmi.tment to
underwrite and the circumstances you consider in making such
a decision.
Describe what pre -marketing and other services you would` = �'
j provide to stimulate investor interest for the proposed 'f
financing." �.
ouestiola No, 9_
3 i
Discuss your approach tothe Rating process, and what factors -
Particular to this special obligation financing of the City
Of Miami, Florida should be addressed, if any.&
s
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'- dasdribe an In
:lovatianm wthiC
municiiai rinancs in the past three
h your fii•tn rise ii�atio in
particular im ortancg ) �`eays. .
t Plt�r.ida finan ins to speoial obligation; fln ncin of
benefit to 9 ; or otherwise would R
the city s finanCin bg of artiatt i
on theme. 9, do not hesitate to eiaborstr
to
JL
Any prospective underwriter must make an a
to the effect affirmative state
result in that their retention, me a conflict or interest with selected nt
afft�cted under y part shall not
Potential o thi;s financing. Alternative) y which may be
r eXistin
t Underwriter, said g conflict be known by y' shaUid any
part prospective underwriter mst prospective
f nature with which the conflict exists or or the conriict, and might PeclCy he
' underwriter would or would not d whether saidarise, the
ste
en9a9ement or representation areap aside or resignProspective
of the city of Miami g the conflict in
that
Florida.
favor
on
Please provide of three f
would be a list
allowed to cunt ac:t . (3) reference$ thrtt the City
Describe your
firm s minority Kirin _S
Programs. 4 ;
Minority How does your firm 9/affirmntiVe aQtion�#
X Participation Plan• plan to comply .
t, A y with the
M.
Provide y
an other additional information of s
Importance which You believe
. r the seieotion Ve would be of igniticance and
q't,
process for this financing value Ci4 the CI,
in `f
{� be "elected?).
¢s ,;g (may, should our Y rat r•
Station No � s Y f1
k
+ e
J
mona would be your sus.
'Management fees and ggested gross s
expenses Dread, inrludin
h �t
°*n
Di,
Discuss howx
You would allocate the
;
amlont the co -Mans distribution of w.
Selling Group Mecjsmb zing Underwriters
and the 3 the boncla `!• ' A
yndic-ate z3xa.
r or bhp e
,- i,u
CITY Olr MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
of the City Commission DATE- JAN - 4 1989 FILM
suPEcr: Agenda item
Bond Underwriters RFP's
RROM:
Cesar Odi RERERENCEsm
City Manag
ENCLOSURES:
RECOMMENDATION:
It is respectfully recommended that the attached resolution
x
fi
authorizing the City Manager to distribute and, advertise the
attached requests for q proposals (RFP) for the provision of
managing bond underwriting services, and - hereby appointing
selection committees by the City Commission to evaluate. the
submitted proposals, be approved.
*TS
BACKGROUND: ry
The Finance Department recommends the distribution of two YYY
requests for proposals for underwriting services and: theta
`appointment of selection committees by the City Commission, each
composed of five individuals.
'
7�1
The City Commission has approved a lease with the G.S.A. of the:
Federal. Government for the financing and construction
building in downtown Miami. This financing requires the s=�
services`
of.managing bond underwriting firms in order to issue the required'
:debt instruments.
The City Commission also approved a $10,000,000 application for:{
bond pool proceeds from the City of Gulf Breeze, Florida.:: Thee
pledges required by the insurance companies behind the Gulf Breeze�j�Y
,r
y
bonds, after application was filed, are considered,to be
excessive, therefore, the Finance Department is recommending.tha {�Z
r
the pity sell. bonds directly to., underwriters to Pittance : auta tsh�
Currently, Y IsFinance:'
visors
finaheialp and bond counsel are
a r1arana-cat; Kk�` ;
P fin nct at;
this
plan for .,capital improvements special obligation. bond -sal
At •this time, it is necessary to commence the process°; of $e� a i�,ry .
4nderwriters for both of these issues. t
Since...
: und+t►�trib� f�
talent$ heeded to optimize these bond
y
:sales are dPfere(Ot'e
separate RFP+s have been: ':pettier
1 ;
:
Prepared in :order to t�t
regsi.rementa with 'know-how. The scope of the RFP for.'.tha. eb'F1
:'
tnprQvements special obligation bond sale .has been
'the
+ha f
.tQp threR;" grAups of firms may, , be rgtated; ft�>* gthe'
�_' p
(�
ns+ptiata bond sa7,ss duri�n. Calendar
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`t •,g {saM;Fyi' r rt "e i9 FA
o �4,fiti city � Comlealon �;:y',' „�: '.. - �« ie ,; 1�+; ti.�i`.? Jia 'ir r'r�'�`< ..��Y'`.•t+�yht
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It is suggested that !two. five -member 4eleotion Rwvon�nittees
appoint6d by the • City Commission to "seleC't ',,both'" gro 'p -:of f�-rms`
City, staff will provide support ',to both eomaUttees. ;•+" `;.
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