HomeMy WebLinkAbout80A - JOINT-FINANCIAL CONSULTING SVCS
REQUEST FOR AGENCYI
COUNCIL ACTION
MEETING DATE:
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CLERK OF COUNCIL USE ONLY:
FEBRUARY 21, 2006
TITLE:
APPROVED
D As Recommended
D As Amended
D Ordinance on 1 st Reading
D Ordinance on 2nd Reading
D Implementing Resolution
D Set Public Hearing For
AGREEMENT WITH CSG ADVISORS,
INC. FOR FINANCIAL CONSULTING
SERVICES
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CITY MANAGER EXECUTIVE DIRECTOR
CONTINUED TO
FILE NUMBER
RECOMMENDED ACTION
CITY COUNCIL ACTION
Direct the City Attorney to prepare and authorize the Executive Director
of the Community Development Agency or designee to execute an agreement
wi th CSG Advisors, Inc. in an amount not to exceed $40,000 to provide
financial consulting services.
COMMUNITY REDEVELOPMENT AGENCY ACTION
Direct the Agency General Counsel to prepare and authorize the Executive
Director or designee to execute an agreement with CSG Advisors, Inc. in
an amount not to exceed $60,000 to provide financial consulting services.
COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION
1. Recommended that the City Council direct the City Attorney to
prepare and authorize the Executive Director of the Community
Development Agency or designee to execute an agreement with CSG
Advisors, Inc. in an amount not to exceed $40,000 to provide
financial consulting services.
2. Recommended that the Community Redevelopment Agency direct the
Agency General Counsel to prepare and authorize the Executive
Director or designee to execute an agreement with CSG Advisors, Inc.
in an amount not to exceed $ 60,000 to provide financial consulting
services.
80A-1
Agreement With CSG Advisors, Inc.
For Financial Consulting Services
February 21, 2006
Page 2
By a vote of 6: 0 (Turner Absent) at its Regular Meeting of January 17,
2006.
DISCUSSION
The Community Development Agency of the City of Santa Ana creates and
implements programs that eliminate slum and blight wi thin its proj ect
area and that offer economic development and affordable housing
opportunities within the City. Periodically, Agency staff requires
professional consulting services to ensure the economic viability of the
design and implementation of these programs.
CSG Advisors, Inc. (CSG) is a nationally recognized financial consulting
firm with offices in Atlanta, New York, San Francisco and Cleveland. The
firm specializes in bond financing, development negotiations, and
financial strategies and programs. They have assisted in the structuring
of more than $50 billion in bond sales and serves as financial advisor to
more than 50 local governments and several state housing finance
agencies. In addition, CSG has been a national consultant to the federal
government working with distressed properties through the Resolution
Trust Corporation and with the Department of Housing and Urban
Development to evaluate FHA multi-family refunding requests. CSG has
served as the financial advisor to the Housing Authority of the City of
Santa Ana for all past tax-exempt bond issuances and is currently working
with the Agency and Authority on various projects.
Under the proposed contract, CSG will work on an hourly basis as needed
and as requested by the Executive Director. The scope of work may
include financial consulting on new or existing bonds issued by the
Housing Authority, Industrial Development Authority or the Redevelopment
Agency; development or review of strategies for revitalization and
redevelopment; review of development proposals; and review of strategies
for rehabilitation of rental and owner-occupied housing.
The hourly billing rate for CSG will be $275 for a Principal, $250 for a
Vice President or Senior Associate, $210 for an Associate, and $180 for
an Analytical Associate plus reimbursable expenses.
80A-2
Agreement With CSG Advisors, Inc.
For Financial Consulting Services
February 21, 2006
Page 3
FISCAL IMPACT
Funds are available in the Tax Increment Housing Set-Aside Fund (account
no. 507-508-6291), HOME Program (account no. 130-148-6291), Redevelopment
(account nos. 570-933~6291, 570-935-6291, and 570-932-6291) .
APPROVED AS TO FUNDS AND
cfJe. e-tJ~
Patricia C. Whitaker
Executive Director
Community Development Agency
ACCOUNTS:
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II Francisco Gutierrez
U~Executive Director
Finance and Management
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Services Agency
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