HomeMy WebLinkAbout03-23-20 City Commission Packet Materials - C3. PSA with Stifel Nicolaus and Company for Midtown TIF Series 2020 Bonds
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Kristin Donald, Finance Director
SUBJECT: Professional Services Agreement with Stifel, Nicolaus & Company for
Underwriting Services for the issuance Midtown Urban Renewal Tax
Increment Financing District series 2020 bonds.
MEETING DATE: March 23, 2020
AGENDA ITEM: Consent
RECOMMENDATION:
Authorize the Interim City Manager to sign the Professional Services Agreement with Stifel,
Nicolaus & Company for underwriting services for the issuance of Midtown Urban Renewal Tax
Increment Financing District series 2020 bonds.
BACKGROUND:
In February, the City put out a request for proposals for underwriting services for the bond
issuance for the Midtown Urban Renewal Tax Increment District 2020 series bonds. 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. Stifel, Nicolaus & Company have been selected as underwriter.
ALTERNATIVES: As suggested by the commission
FISCAL EFFECTS:
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Underwriting Costs are part of the bond issuance costs and planned as part of the project, but are
determined when closing and rates are finalized.
Attachments: Professional Services Agreement
Scope of Services
Report compiled on March 13, 2020
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