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OCII approves advisors and counsel contracts for planned Transbay and Mission Bay bond issuances
Summary
The Office of Community Investment and Infrastructure approved four personal and legal services contracts to support three bond issuances, including a $170,000 advisory engagement for PFM and a $308,000 contract for Jones Hall as bond counsel. Commissioners approved each contract by roll call vote.
The Office of Community Investment and Infrastructure on Sept. 20 approved a set of consultant contracts to support planned tax allocation and community facilities district bond issuances.
Debt manager John Daigle told the commission the program contemplates three near-term actions: an estimated $90 million new-money Transbay infrastructure bond, a refunding of Mission Bay South bonds, and a set of Mission Bay South CFD refundings. To help structure and close those financings, the agency recommended hiring a financial advisor, bond counsel, disclosure counsel and fiscal or special-tax consultants drawn from established city panels.
Daigle described the recommended contracts and compensation sources. The proposal called for PFM to serve as financial advisor for the two tax-allocation bond issues under a personal services contract not to exceed $170,000 (about $85,000 per issue). Fieldman Rolapp and Associates was proposed as the financial advisor for the Mission Bay CFD bonds for up to $86,500. Jones Hall was recommended as bond and disclosure counsel for a total contract not to exceed $308,000. Disclosure counsel work for the tax-allocation bonds was recommended to be awarded to Alex Chu (listed as contract amount $121,000 split across the two tax-allocation issues).
Commissioners moved each contract separately. The commission approved the PFM engagement (item 5c), the Fieldman Rolapp engagement for the CFD (item 5d), the Alex Chu disclosure counsel contract (item 5e), and the Jones Hall bond counsel contract (item 5f) by roll-call votes; commissioners recorded unanimous aye votes on each item with one commissioner absent for the earlier roll call.
The presenters said the contracts remain in effect until the respective bonds are issued and that compensation would come from bond proceeds. Staff provided a tentative schedule that aims for Transbay bond issuance by May 2023 and later refunding schedules for the Mission Bay transactions.
The meeting materials list each contract amount and the resolution numbers associated with the authorizations. The commission took no additional amendments to the proposals and directed staff to proceed with the contracting and ensuing offering-document approvals.
