HomeMy WebLinkAbout20- RFP Underwriting Issuance of Midtown TIF Bonds, Series 2020Page 1 of 11
REQUEST FOR PROPOSALS (RFP)
FOR UNDERWRITING SERVICES FOR ISSUANCE OF TAX
INCREMENT URBAN RENEWAL REVENUE BONDS,
(MIDTOWN URBAN RENEWAL DISTRICT), SERIES 2020 CITY
OF BOZEMAN, MONTANA
MIDTOWN URBAN RENEWAL DISTRICT
REVENUE BONDS, SERIES 2020
CITY OF BOZEMAN
Bozeman, MT
City of Bozeman
PO Box 1230
Bozeman, MT 59771-1230
January, 2020
NOTICE IS HEREBY given that the City of Bozeman (City) is seeking proposals from Underwriting
firms to issue a loan evidenced by a bond to its Midtown Urban Renewal Tax Increment Financing
District (the “District”). The District has annual tax increments available to make loan payments.
For the last tax year, the District increment revenue was $644,686 and the current tax year is
estimated to be $1,089,328. The District currently has no other debt.
Copies of the Request for Proposals are available on the City’s website at
https://www.bozeman.net/government/city-clerk/bids-rfps-rfqs.
All proposals must be in the format specified, enclosed in a sealed envelope and clearly identified
with RFP title, company name and due date, and transmitted via hard copy.
Deliver RFPs to the City Clerk by Wednesday, February 12, 2020 at 3:00 p.m. MST. It is the sole
responsibility of the proposing party to ensure that proposals are received prior to the closing
time as late submittals will not be accepted and will be returned unopened.
The physical address is:
City Clerk’s Office, Suite 200, (upstairs) City Hall, 121 N. Rouse Avenue, Bozeman, Montana.
The mailing address is:
City Clerk’s Office, City Hall, P.O. Box 1230, Bozeman, Montana, 59771
(USPS only, shipping companies should be sent to the physical address)
NON-DISCRIMINATION
The City of Bozeman is an Equal Opportunity Employer.
Discrimination in the performance of any agreement awarded under this RFP on the basis of race,
color, religion, creed, sex, age, marital status, national origin, or actual or perceived sexual
orientation, gender identity or disability is prohibited. This prohibition shall apply to the hiring
and treatment of the awarded entity’s employees and to all subcontracts.
As such, each entity submitting under this notice shall include a provision wherein the submitting
entity, or entities, affirms in writing it will not discriminate on the basis of race, color, religion,
creed, sex, age, marital status, national origin, or because of actual or perceived sexual
orientation, gender identity or disability and which also recognizes the eventual contract will
contain a provision prohibiting discrimination as described above and that this prohibition on
discrimination shall apply to the hiring and treatment of the submitting entity’s employees and
to all subcontracts.
Failure to comply with the above may be cause for the City to deem the submittal non-responsive.
Any administrative questions regarding proposal procedures should be directed to: Mike Maas,
Interim City Clerk (406) 582-2321, agenda@bozeman.net.
Questions relating to the RFP should be directed to: Kristin Donald, Finance Director, (406) 582-
2318, kdonald@bozeman.net.
DATED at Bozeman, Montana, this 22nd day of January, 2020.
Mike Maas
Interim City Clerk
City of Bozeman
For publication on:
Sunday, January 26, 2020
Sunday, February 2, 2020
I. INTRODUCTION
The City of Bozeman (Owner), is seeking proposals from firms to underwrite The District in a
fixed rate loan in the estimated amount of $5,010,000, payable in equal semi-annual
installments over a period of 25 years to fund infrastructure improvements in the District in
FY20.
This RFP shall not commit the Owner to enter into an agreement, to pay any expenses incurred
in preparation of any response to this request, or to procure or contract for any supplies, goods
or services. The Owner reserves the right to accept or reject all responses received as a result of
this RFP if it is in the Owner’s best interest to do so.
This procurement is governed by the laws of the State of Montana and venue for all legal
proceedings shall be in the 18th Judicial District Court, Gallatin County. By offering to perform
services under this RFP, all Submitters agree to be bound by the laws of the State of Montana
and of the Owner, including, but not limited to, applicable wage rates, payments, gross receipts
taxes, building codes, equal opportunity employment practices, safety, non-discrimination, etc.
II. PROJECT BACKGROUND AND DESCRIPTION
We are planning to issue bonds for Midtown infrastructure projects with the hope of having
received acceptable bids by the end of January and issuing bonds to allow us to accept those
bids by the beginning of March. We have expanded the projects for which we wish to bond, but
all are basic public infrastructure unconnected to any specific development agreement.
N. 7th Streetscape $3,513,000
Aspen Festival Street $1,090,000
5th Ave Parking and Sidewalk Improvements $216,000
5th Ave Multi-use Path $191,000
Total: $5,010,000
The successful firm will be required to coordinate work with the City’s Bond Counsel, Dorsey &
Whitney, LLP, Missoula, MT.
Below is the Tax information for the TIFF:
III. SCOPE OF SERVICES
The City of Bozeman (Owner), is seeking proposals from firms for underwriting services for The
District for bonding in the amount of $5,010,000, payable in equal semi-annual installments
over a period of 25 years to fund infrastructure improvements in the District in FY20.
IV. PROPOSAL REQUIREMENTS
Firms interested in providing the services described above are requested to submit the following
information. Responses to each item should appear in the same order as in this RFP and should
identify the item to which the responses applies.
1. All firms must include an original executed copy of Appendix A, found on the last page of this Request.
No proposals will be considered without this document.
2. Deadline: Proposals must be RECEIVED, at the address below, no later than 3:00 pm, Friday, February 7,
2020.
3. All proposals should be submitted to:
City of Bozeman
Att: City Clerk
P O Box 1230
Bozeman, MT 59771-1230
4. Any questions must be directed to: Kristin Donald, Finance Director, P.O. Box 1230, Bozeman, MT.
59771-1230, kdonald@bozeman.net with a subject line of: “URBAN RENEWAL BOND ISSUANCE RFP
QUESTION”
5. Financial Institutions submitting proposals shall respond to the following items:
a) Provide a description of your firm’s experience in providing underwriting services to
local governments for comparably sized issues in the past three years. Please
provide names, addresses, and phone numbers of contact persons. Briefly describe
Tax Revenues
- Fiscal Year
Incremental
Taxable Value Mills
Calculated
Collection
Actual
Collected diff
2016 1,055,385$ 689.72 727,920$ 677,429$ (50,492)
2017 1,003,546$ 687.01 689,446$ 651,886$ (37,560)
2018 948,716$ 642.25 609,313$ 600,687$ (8,626)
2019 982,574$ 688.13 676,139$ 644,686$ (31,452)
2020 1,714,155$ 635.49 1,089,328$
Midtown Urban Renewal District
the work performed, including the dollar amount of the issues represented or other
financing.
b) Outline your firm’s experience during the past two years with the major rating
agencies. Discuss this experience and its applicability to the City, in the context of
this underwriting.
c) Provide a listing of the Sources and Uses of Funds for the anticipated issuance.
d) Provide financing schedules that show Proposed Bond Structure, Interest Rates, and
Costs of Issuance.
e) Provide a proposed timeline for completion of this issuance.
f) Describe any relevant terms and conditions for the issuance proposal.
V. TIMELINES, DELIVERY DEADLINE, AND INSTRUCTIONS
EVENT DATE/TIME
Publication dates of RFP Sunday, January 26, 2020
Sunday, February 2, 2020
Deadline for receipt of proposals Friday, February 7, 2020 – 3:00 PM
Evaluation of proposals TBD
Interviews (if necessary) and Selection of
consultants
TBD
With the exception of the advertising dates and advertised due date, the City reserves the right
to modify the above timeline.
VI. AMENDMENTS TO SOLICITATION
Any interpretation or correction of this request will be published on the City’s webpage. The
deadline for questions related to this document is 12:00 PM MST on January 30, 2020.
VII. CONTACT INFORMATION
Any administrative questions regarding proposal procedures should be directed to: Mike Mass,
City Clerk, (406) 582-2321, agenda@bozeman.net
Questions relating to scope of services should be directed to: Kristin Donald, Finance Director,
(406) 582-2318, kdonald@bozeman.net
VIII. RFP – FORM AND CONTENTS
Deliver one (1) original, three (3) copies, and one digital copy (via flash drive), prepared as
follows:
As the initial submittal to the Owners, PROPOSALS IN RESPONSE TO THIS RFP MUST BE
DELIVERED NO LATER THAN 3:00 PM, MOUNTAIN TIME, February 7, 2020, in a sealed box or
envelope with company name shown clearly on the outside, addressed to:
MIDTOWN URBAN RENEWAL
DISTIRCT REVENUE BONDS,
SERIES 2020
Bozeman City Clerk
City Hall
121 North Rouse Avenue
Bozeman, MT 59715
RESPONSES THAT ARE UNSIGNED OR SUBMITTED BEYOND THE DEADLINE SHALL
NOT BE CONSIDERED AND SHALL BE REJECTED.
IX. SELECTION PROCEDURE
A review committee will evaluate all responses to the RFP that meet the submittal requirements
and deadline. Submittals that do not meet the requirement or deadline will not be considered.
The review committee will rank the proposals and may arrange interviews with the finalist(s) prior
to selection. Selection may be made directly based on the written RFP submission.
If interviews occur, the selection of finalists to be interviewed will be made by a selection
committee representing the City of Bozeman. The selection of interview candidates will be based
on an evaluation of the written responses to the RFPs.
All submitted proposals must be complete and contain the information required as stated in the
"Request for Proposals.”
X. SELECTION CRITERIA
Proposals will be evaluated based on the following criteria:
• Experience in Municipal Bond Underwritings in Montana or Rocky Mountain Region, and
• Experience in Underwriting Urban Renewal District Bonds, and
• Estimated Sources and Uses.
• Any other factors necessary to establish the “lowest most responsible bidder.”
XI. FORM OF AGREEMENT
The Contractor will be required to enter into a contract with the City in substantially the same
form as the professional services agreement attached as Attachment B.
XII. CITY RESERVATION OF RIGHTS / LIABILITY WAIVER
A. All proposals submitted in response to this RFP become the property of the City and
public records and, as such, may be subject to public review.
B. The City reserves the right to accept or reject any and all proposals; to add or delete
items and/or quantities; to amend the RFP; to waive any minor irregularities,
informalities, or failure to conform to the RFP; to extend the deadline for submitting
proposals; to postpone award for up to 30 days; to award one or more contracts, by
item or task, or groups of items or tasks, if so provided in the RFP and if multiple awards
or phases are determined by the City to be in the public interest; and to reject, without
liability therefore, any and all proposals upon finding that doing so is in the public
interest.
C. The City of Bozeman reserves the right to reject the proposal of any person/firm who
previously failed to perform properly to the satisfaction of the City of Bozeman, or
complete on time agreements of similar nature, or to reject the proposal of any
person/firm who is not in a position to perform such an agreement satisfactorily as
determined by the City of Bozeman.
D. The City of Bozeman reserves the right to determine the best qualified Contractor and
negotiate a final scope of service and cost, negotiate a contract with another Contractor
if an agreement cannot be reached with the first selected Contractor, or reject all
proposals. The professional services contract between the City of Bozeman and the
successful Contractor will incorporate the Contractor's scope of service and work
schedule as part of the agreement (see Appendix B for form of professional services
agreement. The professional services agreement presented to the Contractor may
differ from this form as appropriate for the scope of services).
E. This RFP does not commit the City to award a contract. The City assumes no liability or
responsibility for costs incurred by firms in responding to this request for proposals or
request for interviews, additional data, or other information with respect to the
selection process, prior to the issuance of an agreement, contract or purchase order.
The Contractor, by submitting a response to this RFP, waives all right to protest or seek
any legal remedies whatsoever regarding any aspect of this RFP.
F. The City reserves the right to cancel, in part or in its entirety, this RFP including, but not
limited to: selection procedures, submittal date, and submittal requirements. If the City
cancels or revises this RFP, all Contractors who submitted proposals will be notified
using email.
G. Projects under any contract are subject to the availability of funds.
XIII. NONDISCRIMINATION POLICY
The City of Bozeman requires each entity submitting under this notice shall affirm, on a
separate form provided, that it will not discriminate on the basis of race, color, religion, creed,
sex, age, marital status, national origin, or because of actual or perceived sexual orientation,
sexual preference, gender identity, or disability in fulfillment of a contract entered into for the
services identified herein and that this prohibition on discrimination shall apply to the hiring
and treatment of the submitting entity’s employees and to all subcontracts it enters into in
the fulfillment of the services identified herein. Failure to comply with this requirement shall
be cause for the submittal to be deemed nonresponsive.
XIV. MISCELLANEOUS
A. No Oral Agreements. No conversations or oral agreements with any officer, employee, or
agent of the City shall affect or modify any term of this solicitation. Oral communications
or any written/email communication between any person and City officer, employee or
agent shall not be considered binding.
B. No Partnership/Business Organization. Nothing in this solicitation or in any subsequent
agreement, or any other contract entered into as a result of this solicitation, shall
constitute, create, give rise to or otherwise be recognized as a partnership or formal
business organization of any kind between or among the respondent and the City.
C. Employment Restriction and Indemnity. No person who is an owner, officer,
employee, contractor, or consultant of a respondent shall be an officer or employee of
the City. No rights of the City’s retirement or personnel rules accrue to a respondent,
its officers, employees, contractors, or consultants. Respondents shall have the
responsibility of all salaries, wages, bonuses, retirement, withholdings, worker’s
compensation and occupational disease compensation, insurance, unemployment
compensation other benefits and taxes and premiums appurtenant thereto concerning
its officers, employees, contractors, and consultants. Each Respondent shall save and
hold the City harmless with respect to any and all claims for payment, compensation,
salary, wages, bonuses, retirement, withholdings, worker’s compensation and
occupational disease compensation, insurance, unemployment compensation other
benefits and taxes and premiums in any way related to each respondent’s officers,
employees, contractors and consultants.
D. Accessibility. Upon reasonable notice, the City will provide assistance for those persons
with sensory impairments. For further information please contact the ADA Coordinator
Mike Gray at 406-582-3232 or the City’s TTY line at 406-582-2301.
E. Procurement. When discrepancies occur between words and figures in this solicitation,
the words shall govern. No responsibility shall attach to a City employee for the
premature opening of an RFP not properly addressed and identified in accordance with
these documents.
F. Governing Law. This solicitation and any disputes arising hereunder or under any future
agreement shall be governed and construed and enforced in accordance with the laws
of the State of Montana, without reference to principles of choice or conflicts of laws.
XV. ATTACHMENTS
The following exhibits are incorporated in this RFP:
Appendix A: Non-Discrimination Affirmation
Appendix B: Form of Professional Services Agreement
END OF RFP
APPENDIX A
NONDISCRIMINATION AFFIRMATION
____________________________________(name of entity submitting) hereby affirms it will not
discriminate on the basis of race, color, religion, creed, sex, age, marital status, national origin,
or because of actual or perceived sexual orientation, gender identity or disability and
acknowledges and understands the eventual contract will contain a provision prohibiting
discrimination as described above and this prohibition on discrimination shall apply to the hiring
and treatments or proposer’s employees and to all subcontracts.
______________________________________
Name and title of person authorized to sign on behalf of submitter