THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
On February 21, 2018, the HFA board approved the Request for Letters of Interest (RLI) No. 20190414-FAS2, to provide the HFA with financial advisory services in the area of housing tax exempt and/or taxable private activity bonds, and assist the HFA with capital and strategic planning (Financial Advisory Services). The RLI was published in the Sun-Sentinel on April 25, 2018. One firm submitted a proposal in response to the RLI.
The Office of Economic and Small Business Development has no Business Enterprise goal for the Housing Finance Authority (the “HFA) financial advisory services solicitation.
On August 15, 2018, the HFA board approved the final ranking for RLI No. 20190414-FAS2 and selected Zomermaand Financial Advisory Services, LLC for a three-year term with the option to extend the Agreement for two one-year extensions at the HFA’s sole discretion. This Agreement will cover Financial Advisory Services for the HFA from April 14, 2019 through April 13, 2022, and includes two optional one-year extensions providing for years 2023 and 2024. The compensation for services includes the following: $5,600 per month for on-going general services and advice regarding HFA operations and serving on the HFA Investment Committee, per bond charges from $1 to $1.50 per $1,000 value of bonds depending on direct bonds or conduit financing, $10,000.00 for Mortgage Credit Certificate bonds and a fixed rate of $150 per hour for special reports and/or analysis requested outside of regular services.
At its October 17, 2018 board meeting, the HFA approved Resolution 2018-024 (Exhibit 2) authorizing execution of an Agreement with Zomermaand Financial Services LLC to provide Financial Advisory Services. The Resolution was approved as to form by the Office of the County Attorney.
Adoption of this Resolution authorizes the HFA to enter in to an Agreement with Zomermaand Financial Services LLC to provide Financial Advisory Services.
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