File #: ID#19-5619    Version: 1 Name: Award five-year agreements to Hilltop Securities and Public Resources Advisory Group, Inc. to provide Financial Advisor services.
Type: Action Item Status: Passed
File created: 1/16/2019 In control: Finance
On agenda: 2/7/2019 Final action: 2/7/2019
Title: Award five-year agreements to Hilltop Securities and Public Resources Advisory Group, Inc. to provide Financial Advisor services and authorize the appropriate officials to execute same. (consent)
Attachments: 1. 11-19 Financial Advisor Services.pdf, 2. Hilltop Securities Proposal.pdf, 3. Hilltop-Clearwater FA Service Agreement.pdf, 4. PRAG Proposal.pdf, 5. PRAG-Clearwater Engagement Letter and G-42 1 2 19.pdf

SUBJECT/RECOMMENDATION:

Title

Award five-year agreements to Hilltop Securities and Public Resources Advisory Group, Inc. to provide Financial Advisor services and authorize the appropriate officials to execute same. (consent)

 

Body

SUMMARY: 

The former City Financial Advisor (Stifel Nicolaus and Company) elected to discontinue providing municipal advisory services. The City issued RFP 11-19 soliciting proposals from qualified firms interested in providing financial advisory services to the City.

 

Two proposals were received from Hilltop Securities and Public Resources Advisory Group, Inc.

 

The Selection Committee determined that both firms were well qualified to provide quality service to the City and that there is significant value in having both firms available to the City. Therefore, the committee unanimously recommends the Council award five-year agreements to both firms.

 

The cost for their services are very similar and will be paid from proceeds of any future financing transactions.