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.
Entity Address: 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030
Contract Amount: Amount not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: January 1, 2018 through December 31, 2018
Contract Basis: ( ) Bid ( ) State Vendor (X) Prof. Ser. ( ) EUS
(X) Fair & Open ( ) 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 a licensed, financial advisor to counsel and assist the City with regard to, among other things, 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 December 8, 2017; and
WHEREAS, the City Received four (4) proposals: NW Financial Group, LLC, 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030; Phoenix Advisors, LLC, 4 West Park Street, Bordentown, New Jersey 08505; Acacia Financial Group, Inc., 6000 Midlantic Drive, Suite 410 North, Mount Laurel, New Jersey 08054, and; Sustainable Capital Advisors, 1875 K Street NW, 4th Floor, Washington, DC 20006; and
WHEREAS, the proposal received from NW Financial, LLC, 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030, was found to be in the best interest of the City of Newark to accept, price and other factors consider...
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