TITLE
Recommendation to adopt Specifications No. RFP FM21-070 and award contracts to Frasca & Associates, LLC, of New York, NY; KNN Public Finance, LLC, of Los Angeles, CA; PFM Financial Advisors, LLC, of Los Angeles, CA; and, Public Resources Advisory Group, Inc., of Los Angeles, CA, to provide municipal advisory services, in an annual aggregate amount not to exceed $800,000, for a period of five years, with the option to renew for two additional one-year periods; and, authorize City Manager, or designee, to execute all documents necessary to enter into the contracts, including any necessary amendments. (Citywide)
DISCUSSION
City Council approval is requested to enter into contracts with Frasca & Associates, LLC, KNN Public Finance, LLC, PFM Financial Advisors, LLC, and Public Resources Advisory Group, Inc., to provide the City with as-needed specialized municipal advisory services.
Municipal advisory services are used on an as-needed basis for various projects related to the General Fund, Enterprise Funds, and Special Districts Assessments. The firms use their technical expertise and financial experience to provide debt-related analytical, financial, and industry expertise to the City, including the Airport, Harbor, and Water Departments. Access to municipal advisory services firms is necessary to preserve the City's ability to address financial, legal, and regulatory developments comprehensively and timely.
An RFP was advertised in the Long Beach Press-Telegram on June 29, 2021, and 398 potential proposers specializing in professional municipal advisory services were notified of the RFP opportunity. Of those proposers, 34 downloaded the RFP document via the City's electronic bidding system. The RFP document was made available through the Purchasing Division, located on the sixth floor of City Hall, and the Division's website at www.longbeach.gov/purchasing. An RFP announcement was also included in the Purchasing Division's weekly update of Open Bid Oppo...
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