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rY OF SUN P•_ <br />TO: <br />City of Sunny Isles Beach <br />17070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949 -3113 Fax <br />(305) 947 -2150 Building Department <br />(305) 947 -5107 Fax <br />MEMORANDUM <br />The Honorable Mayor and City Commission <br />FROM: Christopher J. Russo, City Manager CO— <br />DATE: May 14, 2002 <br />City Commission <br />David Samson, Mayor <br />Danny Iglesias, Vice Mayor <br />Norman S. Edelcup, Commissioner <br />Gerry Goodman, Commissioner <br />Lila Kauffman, Commissioner <br />Christopher J. Russo, City Manager <br />Lynn M. Dannheisser, City Attorney <br />Richard Brown - Morilla, City Clerk <br />RE: FIRST SOUTHWEST COMPANY FINANCIAL ADVISORY SERVICES <br />AGREEMENT <br />RECOMMENDATION <br />It is recommended that the City Commission adopt the attached resolution approving an agreement <br />with First Southwest Company ( "First Southwest ") for financial advisory services. <br />REASONS <br />The City is in need of general financial advisory services, and specifically, for two projects: (1) <br />development of a comprehensive financing plan for the. City's Capital Improvements Program and (2) <br />putting together a rating agency presentation for the City and obtaining a credit rating from the rating <br />agencies. First Southwest has submitted a proposal to provide these services. <br />ADDITIONAL INFORMATION <br />In connection with the development of a comprehensive financing plan for the Capital Improvement <br />Program, First Southwest will complete a debt capacity analysis of available revenue streams, work <br />with staff to analyze various funding alternatives, and develop a financing plan. This work will be <br />billed on an hourly basis, with a cap set at Nine Thousand Five Hundred Dollars ($9,500.00), plus <br />expenses. In connection with putting together a rating agency presentation and obtaining a credit <br />rating, First Southwest will take the lead in putting together the presentation and work with City staff <br />and the rating agencies to arrange site visits to the City. This work will also be billed on an hourly <br />basis, and has a cap set at Five Thousand Dollars ($5,000.00), plus expenses. <br />First Southwest is an experienced financial advisor, having been an investment banker since 1946. <br />They provide financial advisory services to the Florida Municipal Loan Council and to the cities of <br />Naples, Cocoa Beach, and Tavares. <br />CJR/pw <br />Agenda Item <br />First Sw - Financial Advisor Agenda Memo <br />Date <br />