Title
Dept/ Agency: Finance
Action: (X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: Financial Advisory Services
Entity Name: NW Financial Group, LLC, Acacia Financial Group, Inc., Phoenix Advisors, LLC
Entity Address: 10 Exchange Place, 17th Floor, Jersey City, New Jersey 07302; 4 Greentree Center, Suite 206, 13000 Lincoln Drive West, Marlton, New Jersey 08053; and 4 West Park Street, Bordentown, New Jersey 08505
Contract Amount: $100,000.00 plus 10 basis points on every Bond/Note
Funding Source: Capital Funds and Bond/Note Proceeds
Contract Period: January 1, 2012 through December 31, 2012
Contract Basis: ( ) Bid ( ) State Vendor (X ) Prof. Ser. ( ) EUS
( X ) Fair & Open (X ) No Reportable Contributions (X ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
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WHEREAS, the City of Newark is in need of licensed, financial advisors to counsel and assist the City of Newark with regard to bond and note issuance, sales and auctions; and
WHEREAS, such financial advisors are part of a highly regulated financial industry, licensed by various regulatory authorities; as such, those services are professional services, excluded from the requirements of public bidding pursuant to the Local Public Contracts Law, more specifically, N.J.S.A. 40A:11-5(1)(a)(i); and
WHEREAS, the City of Newark advertised a Request for Proposal (RFP) for Financial Advisory Services on March 7, 2011; and
WHEREAS, three (3) proposals were received on March 25, 2011 from NW Financial Group, LLC, 10 Exchange Place, 17th Floor, Jersey City, New Jersey 07302; Acacia Financial Group, Inc., 4 Greentree Center, Suite 206, 13000 Lincoln Drive West, Marlton, New Jersey 08053, and Phoenix Advisors, LLC, 4 West Park Street, Bordentown, New Jersey 08505; and
WHEREAS, all proposals received were reviewed by the Department of Finance ...
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