Want Instant Cash? Sell City Hall–Is It A Fire Sale?

Oh baby, if you want instant cash in an election year what do you do? Sell City Hall. And City Hall Annex too. The city hasn’t officially announced what’s behind this apparent sale/lease back of City Hall that could produce tens of millions, assuming there is a buyer/market. Lots of questions here. Is this an election-year fire sale? Must it be used to replenish the fund balance? The city has raided its rainy day fund for years leaving the city with little savings. Both buildings require millions of dollars of renovations. Will the city use some of the sale/lease money for operating expenses under the guise of renovations? Found this at www.bidsync.com

RFQ/RFP – SENIOR MANAGING UNDERWRITE SERVICES

Description

PURPOSE. As financial advisor to the City of Bridgeport, Connecticut (the “City”), Public Financial Management, Inc. (“PFM”) is requesting proposals from financial institutions to serve as Senior Managing Underwriter in connection with the City’s upcoming financing, which will include the sale/leaseback or lease/leaseback of City Hall and City Hall Annex. The City expects to issue either Certificates of Participation (“COPs”), Lease Revenue Bonds (“Bonds”), or other financial structures that will yield approximately $30 million in April/May 2011.

The City anticipates entering into a lease agreement with a not-for-profit entity that will serve as lessor for the term of the lease. At the end of the term, City Hall and City Hall Annex will be conveyed back to the City. A portion of the proceeds from the sale, approximately $5,000,000 – $10,000,000, will be used to renovate City Hall and City Hall Annex and install capital improvements and green energy and other energy-savings improvements.

POTENTIAL FOR JOINT PROPOSALS OR STRATEGIC PARTNERSHIPS WITH DESIGN-BUILDERS RESPONDING TO A SEPARATE RFQ. The City is currently also conducting a procurement for a design-build firm to design and construct certain capital improvements and energy improvements to City Hall and City Hall Annex (“Design-Build RFQ”). A potential proposer for this Underwriter RFQ may submit a joint proposal with a prospective design-build firm that identifies itself in connection with the Design-Build RFQ and, if doing so, shall identify any value-added to the City of such a joint approach in addition to the qualifications required by this RFQ. Prospective design-build firms that intend to respond to the Design-Build RFQ will be identified early in the process and prospective responders to this RFQ will receive the identities and contact information of such firms.

WITHIN TEN (10) DAYS AFTER THE PUBLICATION OF THIS RFQ, EVERY PROSPECTIVE PROPOSER TO THIS RFQ MUST PROVIDE ITS CONTACT INFORMATION TO DAWN NORTON, DIRECTOR OF FINANCE, 45 LYON TERRACE, ROOM 104, BRIDGEPORT, CT 06604, VIA FAX (203) 576-7067 OR VIA EMAIL AT dawn.norton@bridgeportct.gov. THIS WILL ENABLE THE CITY TO IDENTIFY PROSPECTIVE PROPOSERS TO THE PROPOSERS THAT IDENTIFY THEMSELVES IN CONNECTION WITH THE DESIGN-BUILD RFQ. FAILURE OF A PROPOSER TO TEAM WITH A DESIGN-BUILDER, HOWEVER, WILL NOT RESULT IN DISQUALIFICATION, BEING DEEMED NON-RESPONSIVE, OR BEING PRECLUDED FROM SUBMITTING ITS QUALIFICATIONS.

Project. This solicitation is being conducted specifically to identify the most appropriately qualified firm to provide senior managing underwriter services for the sale of Certificates of Participation, Lease Revenue Bonds or other revenue-raising vehicles for this project through issuance of this RFQ.

Minority Business Enterprises Are Encouraged to Respond. The City encourages Minority Business Enterprises (“MBEs”) to submit their qualifications. An MBE firm is entitled to Evaluation Credits (as described below) if it is a Target Group for these services under the provisions of the Minority Business Enterprise Ordinance, Section 3.12.130 of the City Ordinances (“MBE Ordinance”). Target Groups for this procurement are:

• Asian Americans

• Hispanic Americans

• Caucasian Females

• Minority Business Enterprises

• Minority Female Business Enterprises

• Caucasian Female Business Enterprises

Non-Minority Firms Are Encouraged to Joint Venture with Target Group Firms. Non-minority firms are encouraged to form joint venture arrangements (described below) with Target Group firms and the joint venture will be entitled to additional points based on the extent of the Target Group’s ownership interest in the joint venture as further described below

Companion piece to RFP/RFQ

RFQ/RFP – CAPITAL IMPROVEMENTS CITY HALL AND ANNEX

Description

PROJECT DESCRIPTION. The City of Bridgeport (“City” or COB”), through its Department of Public Facilities (“DPF”), is seeking architectural/engineering firms or teams to act as a design-builder for purposes of designing and constructing necessary capital repairs and improvements (“Capital Improvements”) to two (2) specific City properties, that is, City Hall, located at 45 Lyon Terrace (“City Hall”) and the City Hall Annex, located at 999 Broad Street (“Annex”) (See Exhibit C attached for a description of these properties). The City will select the energy improvements for City Hall and the Annex that will fit within the City’s desired level of investment (“Energy Improvements”). The City intends to seek energy audits for City Hall and the Annex from others. The design-builder selected as a result of this RFQ will be responsible for designing and constructing the Capital Improvements and Energy Improvements that the City selects.

DPF will conduct this procurement for professional services in conformance with (i) the Bridgeport Municipal Code of Ordinances Section 3.08.070 “Purchasing Procedure”, (ii) its “Official Policy Concerning Quality-Based Selection Processes”, and (iii) State statutes. The Selection Committee (described below) will utilize the Evaluator’s Guide For QBS Selection Processes in the process for selecting the successful vendor.

A. POTENTIAL FOR JOINT PROPOSALS OR STRATEGIC PARTNERSHIPS WITH UNDERWRITER OF SALE/LEASEBACK FINANCING. The City is currently also conducting a procurement for an underwriting firm to act as Senior Managing Underwriter in connection with the City’s upcoming financing transaction that is designed in part to raise funds to complete certain Capital Improvements and Energy Improvements at City Hall and the Annex, which financing transaction will include the sale/leaseback of City Hall and the Annex facilities or another financing structure to be determined (“Underwriting RFQ”). A potential proposer for this Design-Build RFQ may submit a joint proposal with a prospective underwriting firm that identifies itself in connection with the Underwriting RFQ and, if doing so, shall identify any value-added to the City of such a joint approach in addition to the qualifications required by this RFQ. Prospective underwriting firms that intend to respond to the Underwriting RFQ will be identified early in the process and prospective responders to this Design-Build RFQ will receive the identities and contact information of such underwriters.

WITHIN TEN (10) DAYS AFTER THE PUBLICATION OF THIS RFQ, EVERY PROSPECTIVE PROPOSER TO THIS RFQ MUST PROVIDE ITS CONTACT INFORMATION TO TED GRABARZ, DEPUTY DIRECTOR OF PUBLIC FACILITIES AND SUSTAINABILITY PROGRAM COORDINATOR, 999 BROAD STREET, SECOND FLOOR, BRIDGEPORT, CT 06604 VIA FAX (203) 332-5652 OR VIA EMAIL AT TED.GRABARZ@BRIDGEPORTCT.GOV. THIS WILL ENABLE THE CITY TO IDENTIFY PROSPECTIVE PROPOSERS TO TEAM WITH AN

UNDERWRITER. FAILURE OF A PROPOSER TO TEAM WITH AN UNDERWRITER, HOWEVER, WILL NOT RESULT IN DISQUALIFICATION, BEING DEEMED NON-RESPONSIVE, OR BEING PRECLUDED FROM SUBMITTING ITS QUALIFICATIONS.

Minority Business Enterprises Are Encouraged to Respond. The City encourages Minority Business Enterprises (“MBEs”) to submit their qualifications. An MBE firm or a team of which it is a part is entitled to Evaluation Credits (See Exhibit B attached) if it is a Target Group for these services under the provisions of the Minority Business Enterprise Ordinance, Section 3.12.130 of the City Ordinances (“MBE Ordinance”). Target Groups (“Target Groups”) for this procurement are:

Asian Americans, Hispanic Americans, and Caucasian Females

Non-Minority Firms Are Encouraged to Joint Venture with Target Group Firms.

Mandatory Walk-Throughs of City Hall and the Annex; Questions and Answers. The City will conduct mandatory walk-throughs of City Hall and the Annex at 10 a.m. on Wednesday, February 23 or Thursday, February 24, 2011 (prospective proposers need only attend one (1) walkthrough), beginning in the offices of the Department of Public Facilities, City Hall Annex, 999 Broad Street, 2nd Floor, Bridgeport, CT. The walkthrough will include both City Hall Annex and City Hall. The City representative leading the walk-through will be Art Harris, Director of Construction Management Services, telephone 203-576-3960. The City will entertain questions about the buildings, their current condition, the City’s desired Capital Improvements and Energy Improvements, and the like until Friday, March 4, 2011 at 5:00 p.m. The City will provide answers to such questions to registered vendors no later than Monday, March 7, 2011 at 5:00 p.m. on Bidsync. BECAUSE OF THE UNIQUE NATURE OF THIS RFQ AND THE UNIQUE CONDITION AND FEATURES OF THE BUILDINGS INVOLVED, ANY VENDOR THAT DOES NOT REGISTER FOR OR FAILS TO ATTEND ONE MANDATORY WALK-THROUGH WILL BE PROHIBITED FROM SUBMITTING ITS QUALIFICATIONS.