Title
Dept/ Agency: Finance
Action: (X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide Financial Advisory Services
Entity Name: Public Resources Advisory Group, Inc.
Entity Address: Public Resources Advisory Group, Inc. 39 Broadway, Suite 1210, New York, New York 10006
Contract Amount: $350,000.00
Funding Source: Bond Proceeds
Contract Period: January 1, 2025 to December 31, 2025
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:
Vendor to be paid from Bond Proceeds. No Certification of Funds required
body
WHEREAS, the City of Newark ("City") is in need of financial advisors to counsel and assist the City of Newark with regards to bond and note issuance, sales and auctions, and other financial matters; 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 July 29, 2024; and
WHEREAS, the following five (5) proposals were received: (1) NW Financial Group, LLC 522 Broad Street, Bloomfield, New Jersey 07003; (2) Phoenix Advisors, LLC 625 Farnsworth Avenue, Bordentown, New Jersey 08505; (3) Public Resources Advisory Group, Inc. 39 Broadway, Suite 1210, New York, New York 10006; (4) Acacia Financial Group, Inc. 6000 Midlantic Dr., Suite 410N, Mt. Laurel, New Jersey 08054; and (5) FSL Public Finance, LLC 100 Lenox Drive, Suite 200, Lawrenceville, New Jersey 06848; and
WHEREAS...
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