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OCII hires PFM as financial advisor for Mission Bay bond work; contract not to exceed $122,000
Summary
The commission authorized a personal services contract with Public Financial Management (PFM) for up to $122,000 to provide financial advisory services for Mission Bay North and South tax allocation bond refundings and potential new‑money bond issuance; staff noted new money housing bonds may require additional legal steps under post‑dissolution law.
The Commission on Community Investment and Infrastructure authorized a personal services contract with Public Financial Management (PFM) on March 17 for financial advisory services related to planned tax allocation bond refundings and potential new money issuances for Mission Bay North and South. The contract amount is not to exceed $122,000.
John Daigle, senior financial analyst for OCII, explained that the advisory services cover tax‑exempt refundings to take advantage of lower interest rates and structuring for taxable new‑money housing bonds; he described the plan to combine new‑money and refunding series where feasible to reduce issuance costs. The most recent savings estimate for the refundings was cited in the packet as approximately $15,000,000 combined, subject to market pricing when series are sold.
Daigle summarized the procurement for the advisory: OCII issued an RFP to the City’s financial advisor pool, received six responses, and convened a four‑person panel that ranked PFM highest (PFM also submitted the lowest price). He introduced Bob Gamble of PFM as the primary contact. Staff noted that issuance of new‑money housing bonds in the post‑dissolution environment may require legislation or a validation action and that final sizing will depend on funds available after refundings and market conditions.
Commissioners asked about prior relationships with PFM; staff confirmed past contracts and recommended approval. The commission approved the contract on roll call (3 ayes, 1 absent).
