HomeMy WebLinkAboutI- 5 Staff Report Special District Financing and Administration for Cove CFDCONSENT CALENDAR
TO: THE HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: STEVE KENOYER, ACTING FINANCE DIRECTOR
VIA: ROBERT PERSON, ASSISTANT CITY MANAGER
DATE: APRIL 21, 2003
SUBJECT: SELECTION OF SPECIAL DISTRICT FINANCING & ADMINISTRATION FOR
MOUNTAIN COVE CFD
RECOMMENDATION
It is recommended that City Council approve the attached Professional Services Agreement
with Special District Financing & Administration for the City of Azusa Community Facilities
District No. 2002-1 (Mountain Cove). It is also recommended that the City Council authorize
the City Manager and City Attorney to approve subsequent minor changes to the
Agreement as needed.
BACKGROUND
On March 17, 2003, the City Council approved a Request For Qualifications for tax
administration services for CFD No. 2002-1 (Mountain Cove). Subsequently, the City received
proposals from three firms: David Taussig & Associates, MuniFinancial, and Special District
Financing & Administration.
Each firm presented strong qualifications and experience. In addition, every firm presented
the capacity and availability to provide full service to the CFD. With all things being
considered equal, Special District Financing & Administration was selected due to the fact
that their proposal had the lowest fees. Their total costs will be around $6,500 per year.
The total contract costs for 5 years will be about $32,500. A 5 year contract with an option
for renewal is being recommended. Thus, at the end of the contract term, if both parties
agree, the contract can be amended and renewed for another 5 year period.
FISCAL IMPACT
There is no direct impact on City finances due to the fact that the fees for the tax
administration services will be charged to the CFD.