Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: Financial Advisory Pool
Entities Name: NW Financial Group, LLC and Terminus Municipal Advisors, LLC
Entity Address: NW Financial, 2 Hudson Place, Hoboken, New Jersey 07030
Terminus, 3715 Northside Parkway NW, Suite 4-220, Atlanta, Georgia 30327
Contract Amount: $350,000.00 for two (2) vendors
Funding Source: Bond Proceeds
Contract Period: January 1, 2015 through December 31, 2015, with option to renew for an additional year.
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:
Financial Advisors will be assigned work by the Acting Director of Finance.
Total amount spent between the two vendors will not exceed $350,000.00.
Four (4) proposals received
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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 from December 17, 2014 through December 30, 2014 ; and
WHEREAS, four (4) proposals were received from NW Financial Group, LLC 2 Hudson Place, Hoboken, New Jersey 07030, GB Associated, LLC, 24 Broadlawn Drive, Livingston, New Jersey 07039, Terminus Municipal Advisors, LLC, 3715 Northside Parkway NW, S...
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