City of Olathe header
To visit archives prior to April 2024 please click here.
File #: G20-1363   
Type: Council Consent Status: Agenda Ready
File created: 12/31/2019 In control: City Council
On agenda: 2/18/2020 Final action:
Title: Consideration of renewal of contract with Columbia Capital Management, LLC for financial advisory services.
Staff Contact: Dianna Wright, Amy Tharnish

Department: Resource Management

Staff Contact: Dianna Wright/Amy Tharnish

Subject: Consideration of renewal of contract with Columbia Capital Management, LLC for financial advisory services.

________________________________________________________________________________

Item Description:

title

Consideration of renewal of contract with Columbia Capital Management, LLC for financial advisory services.

Body

________________________________________________________________________________

Summary:

The City currently uses Columbia Capital Management LLC for financial advisory services.  Columbia Capital performs bond advisory services.  As part of the City’s bond issuance process, Columbia Capital identifies bonds that are eligible for refunding and calculates the projected savings; facilitates bond ratings; assists with the preparation of the official statements; facilitates the competitive bidding process for bond sales; facilitates receipt of bond proceeds; and prepares closing documentation and debt amortization schedules.  Columbia Capital is a key partner during the bond issuance process and works closely with City staff and the City’s bond counsel.

The firm serves as the City’s municipal advisor and registered as a municipal advisor with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

Columbia Capital assists the City with investments, best practices, forecasts, and any pending legislation that may impact the City at both the state and national level. As a registered investment advisor, they provide advice on investment of operating funds, bond and capital accounts, escrows, and other investment needs.

Columbia Capital also assists with complex analysis of proposed economic incentive projects as requested.  They are an independent firm which provides advice that is free from conflict.  They also assist with high-priority projects to determine the benefit of public-private partnerships by performing analytics and review documentation and economic structure.

The firm provides planning and development of the City’s financial strategy in association with its capital improvement program and operating budget, assists with innovative approaches to funding and implementation of those long-term financial strategies.  In addition, the firm will aid in marketing the City in the financial arena and assists with credit rating analysis and bond structuring.

The City initially awarded to Columbia Capital in 2012 during the request for proposal process.  Staff recommends a one-year renewal with Columbia Capital through February 28, 2021.  The firm as agreed to maintain current pricing.

The City spent approximately $114,000 with Columbia Capital in 2019 and anticipates similar spending in 2020.

 

________________________________________________________________________________

Financial Impact:

$115,000 estimated expenditures. Funding will come from Debt Service Fund, project budget, or developer agreement funding, as appropriate.

________________________________________________________________________________

Action Needed:

Renewal of contract with Columbia Capital Management, LLC for financial advisory services.

________________________________________________________________________________

Attachment(s):

None