Financial Advisory Services. Page 1

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1 GLENDALE REDEVELOPMENT AGENCY REQUEST FOR QUALIFICATIONS/PROPOSALS FINANCIAL ADVISORY SERVICES 633 East Broadway, Suite 201 Glendale, California April 17, 2008

2 REQUEST FOR QUALIFICATIONS/PROPOSALS FINANCIAL ADVISORY SERVICES SUMMARY The is requesting the qualifications of Financial Advisor firms interested in providing the Agency with general financial advisory services in connection with the Agency s proposal to issue tax allocation bonds. The purpose of the bonds is to finance public improvement activities benefiting the Agency s Central Glendale Project Area. BACKGROUND The ( Agency ) was created in 1972 for the purpose of upgrading and revitalizing portions of the City that were becoming blighted and economically unproductive. The Agency is a separate and legal public body, with separate powers and a separate budget from the City. The Agency adopted the community s first redevelopment project area, the Central Glendale Redevelopment Project Area ( Central Project Area ), in As the name implies, the Central Project Area encompasses the central business district of the city. The Central Project Area is bisected along its entire length by Brand Boulevard, the principal thoroughfare and historic commercial center of the city. The Central Project Area was established with the intent of revitalizing the community s central core through the creation of a dynamic and diverse downtown. A visit to the project area provides testimony that the Agency is well on its way to achieving that goal. The Agency has been instrumental in facilitating the construction of over 4 million square feet of office space and 1.6 million square feet of retail space, and attracting a four diamond Hilton Hotel (formerly Red Lion Hotel). The Agency has assisted with the creation of the Financial District in the northern sector of the project area adjacent to the Ventura Freeway (SR 134). The Financial District, a hub for financial, insurance, and real estate services, is also home to several corporate headquarters including Nestle USA, Cigna California, and IHOP. To the south, Agency assisted projects including the Glendale Galleria and Glendale Marketplace have transformed the Page 1

3 project area into a regional retail and entertainment center. The city s reputation as a regional retail hub will be further advanced by the completion of the Americana at Brand project. A mixed use pedestrian oriented retail and commercial center, the project will feature 475,000 square feet of retail, restaurant and entertainment uses, 338 residential housing units and three (3) acres of public open space. The Agency has also been instrumental in preserving the historic and cultural resources of the community through the renovation of the Alex Theatre in the mid Brand district. The Agency has identified approximately $30 million in capital improvement projects necessary to complete the central business district s revitalization. It is the intent of the Agency to complete these improvements during the remaining eight year duration of the project area. The Agency is proposing debt financing to fund portions of these planned capital improvements. SCOPE OF SERVICES The Agency is seeking the services of an experienced Financial Advisor firm to provide assistance in the development of a financing strategy to include issuance of a series of tax allocation bonds. It is anticipated that the selected firm will assist the Agency in developing and evaluating a strategy that maximizes the Agency s ability to fund capital improvement projects. The strategy should take into consideration the following elements: a proposed debt issue; structure of any financing; preparing presentations for rating agencies/insurance providers; and preparing and reviewing documents necessary for the sale of securities. In addition to the above described activities, the firm selected will be required to provide the Agency with the following base level services and other general advisory services as may be requested from time to time: 1. Schedule and coordinate the debt issuance process; 2. Examine, evaluate and formulate a sound and flexible financing program including short term and long term financing options, taking into account the Agency s objectives, existing debt structure, the timing of capital projects and the climate in the capital markets; Page 2

4 3. Provide financial analyses and expert advice to the Agency in all the areas of financing relative to timing, method of sales (competitive versus negotiated), strategies, economic considerations, market conditions, maturity structures, interest rates, redemption provisions, debt service requirements, fees for other services (underwriter, trustee and bond counsel), settlement and post settlement analyses; 4. Prepare reports for and participate in presentations to the rating agencies and credit enhancement providers; 5. Arrange for printing and distribution of any Official Statement, any Notice of Sale or other financing document; 6. Provide pre pricing books and pre sale market analyses and updates, pricing recommendations and assistance in pricing negotiations; 7. Review underwriter compensation recommendations and assist in underwriter compensation negotiations; 8. Review bond allotments, prepare for and participate in closing of financings, generate post bond sale analyses and reports on financing; and 9. Perform other tasks as may be requested or required to ensure successful transactions. PROPOSALS Please submit your qualifications and proposals by Monday, June 2, 2008, if you are interested in serving the as described in this request for qualifications/proposals. At a minimum your response should outline your firm s qualifications and experience for this assignment, the background and experience of the key individuals who would be assigned to work with the, and your proposed fee schedule related to such an assignment. A fee structure for the services to be provided should be furnished as part of your proposal, and should indicate any billing practices that are believed to be unusual. Please identify in your proposal billing practices relating to direct costs, Page 3

5 and indirect costs, if applicable. The Agency reserves the right to negotiate fees prior to awarding a contract. The Agency also reserves the right to reject any or all proposals relating to financial advisory services. Responses must be received by 5:00 p.m., Monday, June 2, Please forward four copies to: Mark Berry Senior Project Manager Allen Castillo Project Manager 633 Broadway, Suite 201 Glendale, CA If you have any questions, please do not hesitate to contact Mr. Berry or Mr. Castillo at (818) Page 4