HomeMy WebLinkAboutItem 06.i
Item No.
APPROVE PROFESSIONAL SERVICES AGREEMENT FOR
MUNCIPAL ADVISORY SERVICES
Proposed Action
Staff recommends adoption of the following motion: Move to approve a Professional Services
Agreement with Northland Securities Inc. to provide Municipal Advisory Services.
Overview
Staff prepared and issued Requests for Proposals (RFP) for municipal advisory services. A
minimum five-year agreement was contemplated. Firms were asked to provide information
including experience with comparable-sized cities, financial planning and debt management
services, debt issuance, economic development, tax increment financing, and so on, as well as a
fee schedule to provide these types of services.
Four proposals were received. Staff reviewed the proposals. Three firms were asked to participate
in oral interviews with the City Administrator, Finance Director, Community and Economic
Development Director, a Finance Committee member and an Economic Development
Commission member.
Staff evaluated the fee proposals submitted. The fees were relatively competitive amongst the
firms.
Staff is recommending that a professional services agreement be executed with Northland
Securities Inc to provide municipal advisory services for the City.
Primary Issues to Consider
• Budget Impact. The fees incurred will vary depending on the size of the transaction (i.e.
debt issuance par value) or the type of service (i.e. long-term financial planning model,
etc.).
Supporting Information
• Professional Services Agreement
Financial Impact: $ Budgeted: Y☒ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: Good Value for Public Services
Report Completed by: Jerilyn Erickson, Finance Director
January 6, 2020
Varies Various Funds
Budget