STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: June 26, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
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SUBJECT
Title
A resolution authorizing the selection of an underwriting syndicate for the issuance of bonds related to the Kay Bailey Hutchison Convention Center Dallas Venue Project and Fair Park Venue Project for Fiscal Year 2025 - Financing: No cost consideration to the City
Body
BACKGROUND
On January 24, 2024, the City established an Underwriting Pool ("Pool") comprised of 36 underwriting firms for the purpose of establishing underwriter syndicates on future negotiated bond financings and other debt transactions, as required. The City has historically maintained a pool of underwriters for negotiated bond financings, and underwriter syndicates are selected from firms within the Pool via the issuance of a mini-Request for Proposals (mini-RFP) specific to the individual bond transaction. Minority/Women-owned Business (M/WBE) firms are included in underwriter syndicates in accordance with the M/WBE participation goal. Firms included in the Pool can potentially serve in the capacity of Senior, Co-Senior, or Co-Managing underwriter.
On February 27, 2024, the City issued a mini-RFP to the Pool of qualified firms for Special Tax Revenue (Kay Bailey Hutchison Convention Center Dallas Venue and Fair Park Venue Projects) Financing Debt Underwriting and received 28 submissions in response. To accommodate this transaction, the City's co-financial advisors recommended a syndicate of 10 underwriting firms; comprised of a mix of national and regional firms, three M/WBE firms, and one veteran-owned firm. Following selection committee review, the City plans to use an underwriting syndicate as included in Exhibit I.
In the development of the proposed syndicate for these transactions, consideration was given to the following:
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