Broward County Commission Regular Meeting

MOTION TO ADOPT Resolution No. 2019-051 of the Board of County Commissioners of Broward County, Florida, approving and authorizing execution of the agreement between the Housing Finance Authority of Broward County, Florida (“Housing Finance Authority”), and Zomermaand Financial Advisory Services, L.L.C., for financial advisory services (RLI No. 20190414-FAS2) (“Agreement”); authorizing the proper Officers of the Housing Finance Authority to execute all other documents and do all things necessary or advisable in connection with entering into the Agreement; and providing for severability and an effective date.

ACTION:  (T-10:55 AM)  Approved.  

VOTE: 9-0.  Commissioner Geller voted in the affirmative telephonically.

Broward County Ordinance No. 79-41, requires that the Housing Finance Authority of Broward County obtain the approval of the Board of County Commissioners of Broward County, prior to entering into any agreements.

This action will allow the Housing Finance Authority of Broward County to enter into an agreement with Zomermaand Financial Advisory Services, LLC to provide 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.

None.

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 operation, per bond charges from $1 to $1.50 per $1,000 value of bonds depending on direct bonds or conduit financing, $10,000 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 January 16, 2019 board meeting, the HFA approved Resolution 2019-001 (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.

 Ralph Stone, Director, Housing Finance and Community Redevelopment Division, (954) 357-5320