HomeMy WebLinkAboutReso RDA 56-1985 RESOLUTION NO. 56
'REDEVEOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION ACCEPTING THE PROPOSAL OF
BARTLEWELLS ASSOCIATES FOR PROFESSIONAL
SERVICES IN CONNECTION WITH THE SALE OF
TAX ALLOCATION BONDS
BE IT RESOLVED by the Redevelopment Agency of the City of South San Francisco
that:
1. Approval of Proposal.
A proposal entitled "PropOsal to City of South San Francisco, Bartle Wells
Associates, Municipal Financing Consultants" for professional services in connection
with the sale of tax allocation bonds, is hereby approved by the Redevelopment
Agency of the City of South San Francisco, and a copy of said Proposal is attached
hereto as Exhibit "A."
2. Written Acceptance Authorized..
The Chairman is hereby authorized to execute a written acceptance of said
proposal on behalf of the Redevelopment Agency of the City of South San Francisco~
and the Executive Director attest his signature thereto.
I hereby certify that the foregoing Resolution was regularly introduced and
adopted by the Redevelopment Agency of the City of South San Francico at m adjourned
meeting held on the 20 day of March , 1985 by the following vote:
AYES: Chairman Richard A. Haffey; Vice Chairperson Roberta Cerri Teglia; Member
Mark ~. Addlego; Member Emanuele N. Damonte; Member Gus Nicolopulos
NOES:NONE
ABSENT: NONE
Chai a~n~edevelo~~gency of
the City' of Sou~h S~n ~rancl$co~g~enc-
ATTEST: ~
~Ex~b~ive Direct~i~
Redevelopment Agency of the City
of South San Francisco
...... Municipal Financing Consu':.:' mrs
· ." ~ ~ 1636 Bush Street
March 8, 1985 San Francisco 94109
EXH I B IT "A" 415 775-3113 P18-Q
Mr. C. Walter Birkelo, City Manager
City of South San Francisco
400 Grand Avenue
South San Francisco CA 94080
Re: Refinancing Tax Allocation Notes
We are pleased to submit this proposal to the Redevelopment Agency·
of the City of South San Francisco to provide financial consulting
services in connection with the refinancing of the agency's 1982 tax
allocation notes. We anticipate a refinancing of notes in April ].985.
Our proposal includes scope of work, availability, and fees. To. work
with you we propose to assign Lore J. Stovall and Thomas E. Gaffney,
who have worked with the city on our prior assignments. Other
members of our firm will assist as needed.
Battle Wells Associates is owned and managed entirely by its .own
staff. We are engaged exclusively in providing, municipal financing
consulting services for public agencies, Because we are not connected
with any bond sales organization or underwriter, we can exercise
completely independent judgment and make objective recommendations
with respect to financing plans and the marketing of securities.
Battle Wells Associates has national recognition and leadership in
professional municipal financing consulting. The firm's expertise and
experience includes .developing and implementing virtually every type
of municipal capital improvement project: airports, electric power,
flood control, parks, parking, ports, public buildings, reclaimed
water, schools, sewerage, solid waste, streets and highways, water
supply, water system acquisition, and urban renewal.
We believe most issuing agencies will now seek the highest quality
official statement preparation to protect the individual public officer
certifying the accuracy of the information and to meet bond underwriters'
full-disclosure requirements. OUr task is to assist the issuer in
providing relevant, comprehensive financing information, and to obtain
the loweSt possible interest rate on the securities being offered. The
services we provide consistently meet these objectives.
We sincerely appreciate your invitation to submit this proposal, and
hope that it will provide a suitable basis for our selection. We do not
require a formal contract and will begin work upon written authorization
from an appropriate city official.
Very truly yours,
BARTLE WELLS ASSOCIATES
}.
Vice President
LJS:mt
P18-Q
PROPOSAL TO
CITY OF SOUTH SAN FRANCISCO
BARTLE WELLS ASSOCIATES
Municipal Financing Consultants
Bartle Wells Associates will per'form the following services in connec-
tion with the planning and refinancing of tax allocation notes for the
City of South San Francisco, working at all times in close cooperation
with the city's staff and its other consultants and advisors.
NOTE SALE SERVICES
1. Financing Plan - Develop a plan for refinancing the tax allocation
notes. This plan will include options available to the City, including
rollover to long-term debt, credit enhancements, use of available
reserves, and use of available tax increment revenues. We will
prepare a letter-report of our findings and recommend a financing
plan for review by the redevelopment agency.
2. Preparation for Sale - Assemble, review, and analyze pertinent
data that has a bearing on the financing program. This will
include review of available new information that serves as a basis
-- for making the best presentation to the rating agencies and under-
writers. Based on this review and analysis, recommend terms
and conditions for sale of the notes, including the maturity schedule,
date and methods of sale, provisions for call and redemption, and
other conditions designed to improve the salability of the notes
and provide flexibility in repayment. Work with the city staff
and' its consultants in reviewing the financing program, and with
special counsel in preparing the necessary notice of sale and
resolution of issuance.
3. Rating Services - If rating services seem advisable, provide infor-
mation to rating agencies in such form and at such times as to
obtain a favorable rating on the notes prior to their actual sale.
Notify potential bidders of such ratings prior to the sale.
4. Invitation for Bids - Prepare the text for the official statement
describing the notes, the city and its project, the financial resources
of the city and the project, and the economy and resources of the
area. After city staff reviews the completed drafts, print at
least 200. copies of the official statement and send it, along with
copies of the notice of sale, to dealers, investors, rating agencies,
and others interested in the project or the notes. Furnish at
least 20 copies to the city for its use. Prepare announcements
for insertion in the Bond Buyer and other publications.
5. Dealer Contact - Contact major dealers directly to stimulate com-
petition in bidding. Prepare special announcements for dealers
and for financial publications. Answer inquiries and requests for
further information from prospective purchasers of the notes and
take other appropriate steps to familiarize dealers with the notes
and with the city.
6. Sale and Delivery of the Notes -Attend the bid opening, analyze in
detail all bids received, select the lowest bid at the sale, make
recommendations to the city as to award of the notes, and assist
special counsel in preparing the resolution of award. Act as
agent for the city if further negotiations are required. Furnish a
schedule of annual interest and principal payments required on
the basis of the interest rates specified in the winning bid.
ADDITIONAL SERVICES
We will be available to provide additional financing consulting services,
whether before or after the sale of notes, as requested by the city.
AVAILABILITY AND FEES
1. We are prepared to begin work upon your written acceptance of
this proposal.
2. During the project development period, we will be available at all
reasonable times and on reasonable notice for meetings and for
consultation with the city council, its staff, attorneys, consulting
engineers, dealers, rating analysts, and others as necessary.
3. All work will be performed by Bartle Wells Associates and those
special consultants with Whom we are regularly associated~ One
-- of our principals will be placed in charge of the work and will
devote time and effort, to the project as needed.
4. Our fee for the services described in this proposal is as follows:
a. For all services related to this sale of notes, commencing 120
days before the estimated date of sale and continuing for up
to 60 days following the sale, the fee is $12,500 plus one-quarter
of 1 percent of the principal amount of notes sold, but not
less than $20,000, plus direct expenses. Progress payments,
plus direct expenses, are payable as the work proceeds as
provided in our Billing Rate Schedule 20A.
b. Any additional services not included above, as authorized, will
be payable as provided in our billing rate schedule then in
effect.
5. Employment under this proposal is limited to a maximum of 12
months from the date of this proposal. To the extent the project
development period exceeds the time limit covered under this
proposal, services provided thereafter will be billed according to
the then-prevailing billing rate schedule. Any fees or fee limitations
for work remaining will be adjusted.
6. we will not require a formal contract of employment and will con-
sider a letter from an appropriate official as sufficient authority
to proceed.
Lora J. Stovall
Vice President
March 8, 1985
Enclosures
L- ~ BARTLE WEL~.S ASSOCIATES
· ~ BILLING RATE SCHEDULE 20A
1984/85 AND 1985/86
PROFESSIONAL SERVICES
1. Fees for professional services are based on hourly rates for pro-
fessional level personnel as follows:
Research Consultant $ 40/hr.
Staff Consultant 55/hr.
Consultant 70/hr.
Senior Consultant 90/hr.
Limited Assignment ll0/hr.
2. The' billing rates for professional services, based on professional
. personnel time only, include all consultant, administrative, and
secretarial salaries, and overhead and indirect costs as follows:
property, payroll & income taxes rent
.routine postage local telephone
m-house computer costs office machine costs
accounting and legal services social security
liability and casualty insurance professional development
state disability insurance workers' compensation
memberships and subscriptions unemployment insurance
health and disability sick leave and vacation
DIRECT EXPENSES
Direct expenses, not included in the billing rates for professional
services, are separately billable as incurred at cost plus ten percent
and include: air and surface transportation, subsistence, telephone
toll charges, typography and printing, photocopying and binding,
statistical services, contract co.m..puter charges, word processing,
photography and illustrations, graphic design, legal services, courier
and delivery charges, mailing service charges, bond rating services,
and advertisements.
PAYMENT
'Billings will be made monthly as professional services are rendered
and direct expenses are incurred. Bills are payable within .20 days
of the billing date.
RESOLUTION NO.
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SOUTH SAN FRANCISCC AUTHORIZING THE ISSUANCE OF $7,000,000
PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE
CITY OF SOUTH SAN FRANCISCO GATEHAY REDEVELOPMENT PROJECT
Ig85 TAX ALLOCATION REFUNDING NOTES
RESOLVEO, by the Redevelopment Agency of 'the City
Franclsco, California, that --
WHEREAS, the Redevelopment Agency of the CttY of South San Francisco
(the 'Agency") ts a redevelopment 'agency, a publlc body, corporate and
pollttc, duly created, established and authorized to transact business and
exercise powers under and pursuant to the provisions of the Community
Redevelopment Law of the State of Callfornla, Including the power to issue
Notes for any of Its corporate purposes;
WHEREAS, a redevelopment plan for the Gateway Redevelopment Pro~ect, in
the Ctty of Sooth San Francisco, California, has been adopted in compliance
with all requirements of law;
WHEREAS, the Agency has heretofore authorized, tssued and sold
$6,500,000 of lg82 Tax Allocation Notes, for the purpose of financing the
Gateway Redevelopment Pro~e~,.~_~ll of__whtch &re mow ~utstanding.and unpaid; &nd
WHEREAS, the Agency has determined to issue notes to refund the 19B2 Tax
Allocation notes as in this Resolution provided;
NOW, THEREFORE, IT IS OROERED, as follows:
~CEiVED
r~Y ~ 1988-
PLANNING
REDEVELOPMENT AGENCY
OF THE
· CITY OF SOUTH SAN FP~NClSCO
RESOLUTION NO. 57
A Resolution of the Redevelopment Agency of the City of
South San Francisco Authorizing the Issuance of $7,000,000
Principal Amount of Redevelopment Agency of the
City of South San Francisco Gateway Redevelopment Pro~ect
IgSS Tax Alloc&tton Refunding Notes
Adopted May B, lg85
~ R~COR~