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HomeMy WebLinkAboutContract 49499 CITY SECRETARY �`- FirstSouthwest j�* M 2 4 CONTRACT NO. A Division of Hilltop Securities. �eyP W. Boyd London, Jr. ccF�l/F� m Managing Director 4&G 4 Public Finance C,ryOFF >> coC/n,s A�A09� ti January 26, 2017 S� EZIWd �a Jay Chapa Assistant City Manager City of Fort Worth P. 0. BOX 757 Fort Worth, TX 75168 Dear Jay: FirstSouthwest, a Division of Hilltop Securities Inc. ("FirstSouthwest") is currently providing the City of Fort Worth,Texas (the "City")with financial advisory services pursuant to a certain Financial Advisory Agreement, dated January 25, 2013 (the "FA Agreement"). The FA Agreement provides for FirstSouthwest to advise the City regarding the issuance and sale of certain indebtedness or debt obligations that may be authorized and issued or otherwise created or assumed by the City from time to time during the term of the FA Agreement. Fort Worth has requested that FirstSouthwest provide certain financial consulting services (the "Consulting Services") to the City related to analysis of development oriented projects, utilization of project funding tools, and the creation and funding of both in-City or extra territorial jurisdiction taxing districts, municipal management districts, tax increment reinvestment zones, public improvement districts or other development funding tools (collectively the "Projects"). FirstSouthwest and the City agree that the Consulting Services were not contemplated by and are not within the description of services of the FA Agreement. Therefore, FirstSouthwest will provide the Consulting Services to the City for the Projects pursuant to this letter agreement, by amending the existing FA Agreement. Scope of Services: In consideration of the fees indicated in Compensation that follows, FirstSouthwest agrees to assist with Project information gathering and review, determination of justification, financial and legal structure risk analysis and evaluation, comprehensive financial modeling and analysis, cost/benefit analysis, negotiation with 3rd parties, approvals and implementation, provide information on municipal market, market timing, and impact of debt structure, covenants and investor suitability requirements on market acceptance/cost, and the marketing and sale of bonds, debt and contractual obligations in either verbal or written form as requested by the City OFFICIAL.RECORD direct 214.953.4013 Hilltop Securities Inc. CITY$SCR mobile 214.505.6687 1201 Elm St. WORTH TX fax 214.840.5006 Suite 3500 . 17 Boyd.London@HilltopSecurities.coin Dallas,Texas 75270-2180 HilltopSecurities.com Compensation: Compensation specific to Page 1, Paragraph 2: Commitment Fee FirstSouthwest proposes a Commitment Fee ("Commitment Fee") of $25,000, payable either prior to the commencement of work outlined in the Scope of Service, or paid at the closing of any related debt issuance or from cash flow generated by the Projects as indicated in (ii) and (iii) below, plus When Debt is Issued A Financial Advisory Fee ("Financial Advisory Fee") of one and 1/2 of one percent ("1.5") percent of the paramount of any bonds, debtor contractual obligations issued by the Issuer or by an entity created or controlled by the Issuer for the benefit of the Projects, or From Assessment Cash Flow An Assessment Consulting Fee("Assessment Consulting Fee")of one ("1.0") percent of total capital reimbursement or funding paid in four("4") annual equal installments, with the first installment due within 30 ("thirty") days after the City Council approval of the Service and Assessment Plan ("SAP"). The Commitment Fee and Financial Advisory Fee outlined above wholly replace the fees the City would otherwise pay to First Southwest/ Hilltop Securities for services performed under any other agreement for the issuance of debt and the consultation thereof. Miscellaneous: In rendering its services hereunder, FirstSouthwest will be using and relying on information provided by Fort Worth without independent verification by FirstSouthwest, and FirstSouthwest does not assume responsibility for the accuracy or completeness of that information or any other information that it may receive regarding the Projects, including but not limited to the work product of any of Fort Worth's other consultants. Any advice rendered by FirstSouthwest pursuant to this engagement is solely for the benefit of Fort Worth and may not be relied upon in any manner whatsoever by any other person and may not be disclosed to others without the prior written consent of FirstSouthwest. If the provisions of this letter agreement are satisfactory to you, please execute and forward three ("3") executed copies back to me, and I will counter execute one and return to you. Sincerely, W. Boyd London, Jr Managing Director 2 Agreed and Accepted: By: Name: Jay Chapa City of Fort Worth, Texas Title: Assistant City Manager Date: g '1 1 APPROVAL RECOMMENDED: By: '4". Name. Aaron Bovos Title: CFO pFFp��ATTEST: � Z7 By. City Secr CONTRACT COMPLIANCE MANAGER: By signing I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements. By: Mark Krawczyk L Name: AAr2.K VaAWC7s-tK Title: ASs'r. r-(NArXrE- DM*tAa2 APPROVED AS TO FORM AND LEGALITY: By: -44e4�-� Name: Assistant City Attorney CONTRACT AUTHORIZATION: M&C: _N/A OFFICIAL RECORD CITY S4CRR'1'ARY FT. WORTH, `IAC 3