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<br /> <br />TO: <br /> <br />VIA: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />City of Sunny Isles Beach <br />18070 Collins A venne <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3 II 3 Fax <br />(305) 947.2150 Building Department <br />(305) 947-5 I 07 Fax <br /> <br />City Commission <br />Normlln S. Edelcur. Mayor <br />Lewis J. Thaler. Vice Mayor <br />RosJyn 8rezln. Commissioner <br />Gerry Goodman, Commissioner <br />George "Bud" Scholl, Commls.sioner <br /> <br />A. John SzcrlRg, Clly Manager <br />Ilans OlJinol. Cif}' AI/orney <br />Jane A, Hincs, Clly Clerk <br /> <br />MEMORANDUM <br /> <br />The Honorable City Comm ission <br /> <br />A. John Szerlag, City Manager ''{f1rY <br />Douglas Haag, Assistant City Manager-Finance 0 <br /> <br />January 17,2008 <br /> <br />FINANCIAL CONSULTING AGREEMENT WITH FIRST SOUTHWEST <br />COMP ANY <br /> <br />RECOMMENDATION: <br />Approve the attached agreement with First Southwest Company for financial advisory services on an <br />hourly basis for a not to exceed amount of $] 3,000 for assistance in developing a comprehensive <br />financing plan for the City, ]n addition, First Southwest Company may assist the City in securing a credit <br />rating from third party rating agencies. These services will also be provided on an hourly basis for the not <br />to exceed amount of$12,OOO, <br /> <br />Additional fees may apply, per the anached, depending on the actual type and amount of financing, For <br />example, if the City issues $40 million in bonds, the additional fee to First Southwest Company would be <br />$51,250 ($17,500 for the first $10 million, the next $15 million @ $1,25/$1,000 + the next $15 million @ <br />$] .00/$1,000). <br /> <br />BACKGROUND: <br />To complete the overall capital project development plans for the City, we wil] like]y require significant <br />bond financing, First Southwest Company assisted the City in 2002 in developing a comprehensive <br />financing plan for projects tinder development at that time - property acquisition, park improvements, <br />government center, etc. That agreement recently expired and we are proposing the attached as a renewal <br />of those services. These services are all the more essential given current economic conditions, pending <br />tax reforms, instability in the financial markets, postponement of private development projects, etc, <br /> <br />We will evaluate all options including but not limited 10 use of the Florida Mllnicipal Loan Council, <br />separate bond issue by the City, general obligation bonds, ballk loan, voter referendum, revenue bonds, <br />private/public partnersh ips, etc. <br /> <br />FUllds were recently transferred to 20-600-5313 for general consulting services. <br /> <br /> <br />t\pprm,.I: <br /> <br /> <br /> <br />Fun"ing .v.il.ble: <br /> <br />10 <br /> <br />Fin.nce D<:pnrtment <br /> <br />Agen"" It<:m Nn,; <br /> <br />C;nmmi",jon Meeting I)"t.'; -1- I -, - 0 '5? <br />