Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide Financial Advisory Services.
Entity Name: PFM Financial Advisors, LLC
Entity Address: 1735 Market Street, Floor 43, Philadelphia, Pennsylvania 19103
Contract Amount: Not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: May 26, 2022 through May 25, 2023
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:
This contract will not exceed $350,000.00 amongst three (3) vendors.
The vendors will be paid from Bond Proceeds.
No Certification of Funds is required.
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WHEREAS, the City of Newark (the "City") is in need of financial advisors to counsel and assist the City with regards 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 advertised a Request for Proposal (RFP) for Financial Advisory Services on May 11, 2022; and
WHEREAS, four (4) proposals were received from NW Financial Group, LLC, 2 Hudson Place, Hoboken, New Jersey 07030; Phoenix Advisors, LLC, 625 Farnsworth Avenue, Bordentown, New Jersey 08505; PFM Financial Advisors, LLC, 40 Wall Street, 49th Floor, New York, New York 10005; and Public Resource Advisors Group, Inc., 117 Gayley Street, Suite 200, Media, Pennsylvania 19063; and
WHEREAS, the City wishes to enter into a professional services contract with PFM Financial Advisors, LLC, 1735 Market ...
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