SUBJECT
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Approve the Agreement with the Selected Respondent to Provide Municipal Financial Advisory Services to the PRWC (Action)
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DESCRIPTION
At the August 4, 2021 PRWC Board of Directors meeting the Board approved an agreement with RBC Capital Markets, LLC to provide Municipal Financial Advisory services to the PRWC. These services have been instrumental to the PRWC in securing two FDEP SRF loans, a line of credit increase and extension from Wells Fargo, the EPA WIFIA loan, and the Truist loan to fund the construction of the Southeast and West Polk Wellfield Projects. The agreement expires on August 4, 2024 and RBC Capital Markets, LLC has indicated they do not plan to renew the agreement.
The PRWC Executive Director has reached out to a number of firms to solicit interest in providing advisory services to the PRWC into the future. PRWC staff, in conjunction with General Counsel, developed a Request for Proposals that was advertised on the PRWC website and supplied to firms expressing an interest in providing these services to the PRWC. On July 3, 2024, the PRWC received proposals from three firms. PRWC staff have reviewed the proposals and find that all three firms can provide the necessary services at a high level. The three firms are ranked as follows:
1. PFM Financial Advisors LLC
2. Ford and Associates, Inc.
3. Public Resources Advisory Group, Inc. (PRAG) - the response did not meet the requirements for the Request for Proposal
Staff recommend that the PRWC retain PFM Financial Advisors LLC to provide Municipal Financial Advisory services based upon the following key points:
1) PFM Financial Advisors provided the lowest overall fee structure, including fees related to issuance of debt, with the lowest minimum fee. They also provided the lowest fees for non-transactional services and lowest hourly fees for staff.
2) PFM Financial Advisors have extensive experience in Polk County, including providing services currently for Polk County, Lake...
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