Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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MOTION TO ADOPT Resolution, the title of which is as follows:
Resolution of the Board of County Commissioners of Broward County, Florida, approving and authorizing the execution of the Agreement between the Housing Finance Authority of Broward County, Florida (“HFA”) and Zomermaand Financial Advisory Services, L.L.C., for Financial Advisory Services (“Agreement”); authorizing the proper officers of the HFA to execute all other documents and do all things necessary or advisable in connection with entering into the Agreement; and providing for severability and an effective date.
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Why Action is Necessary
Formal Board approval is necessary for the adoption of a Resolution and Broward County Ordinance No. 79-41 requires that the HFA obtain Board approval prior to entering into contracts.
What Action Accomplishes
Enables the adoption of the Resolution.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Goal of the Broward County Board of County Commissioner’s (“Board”) of “ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all income levels, including integrated, permanent supportive housing and zoning that helps residents build equity.”
On February 21, 2024, the governing board of the Housing Finance Authority of Broward County, Florida (“HFA”) approved the publishing of the notice and timeline to entertain responses from firms interested in providing financial advisory services for the HFA’s single family and multifamily mortgage revenue bonds and the HFA’s operations (“Financial Advisory Services”). The HFA received proposals from two firms: Zomermaand Financial Advisory Services, L.L.C., and Public Resources Advisory Group.
On April 17, 2024, both firms presented to the HFA Board. The HFA selected Zomermaand Financial Advisory Services, L.L.C. (“Contractor”), and HFA staff was directed to negotiate an agreement with the Contractor.
On May 15, 2024, the HFA adopted Resolution No. 2024-005 (attached as Exhibit 2), authorizing and approving the execution of the Agreement between the HFA and the Contractor to provide the Financial Advisory Services (“Agreement”). The HFA Resolution was approved for legal sufficiency by the Office of the County Attorney. The fee for services is $6,600 per month for three years and if extended for any allowed one or two year period the monthly fee would be $7,100. In addition the vendor receives $1 per $1,000 of Direct HFA bond issuances in excess of $10,000,000, subject to a minimum fee of $10,000. Various other fees for services and reimbursements are defined in the attached Agreement.
Pursuant to Broward County Ordinance No. 79-41, the HFA must obtain approval from the Broward County Board of County Commissioners (“Board”) prior to entering into contracts. Adoption of the proposed Resolution (attached as Exhibit 1) authorizes the HFA to enter into the Agreement (incorporated into Exhibit 1).
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
There is no fiscal impact to the County. Fees will be paid by the HFA or in association with bond issuance.