OCII approves up to $84,000 contract with Urban Analytics to support Transbay and Mission Bay bond work
November 01, 2022 | San Francisco City, San Francisco County, California
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The San Francisco Office of Community Investment and Infrastructure Commission on Nov. 1 authorized a personal services contract with Urban Analytics LLC to provide fiscal consultant services related to potential Transbay bond issuances and a refunding of the Mission Bay South Subordinate Tax Allocation Bond Series 2016D.
Director Kozlowski introduced the item and John Daigle, the agency’s debt manager, told commissioners the consultant’s work will project revenues, assess debt coverage and document the fiscal and legal bases that investors use to evaluate repayment risk. The contract is a flat fee not to exceed $84,000; staff said the contract is structured as three fixed fees of $28,000 each to accommodate either a single $90 million combined bond issue or multiple separate issues if timing requires.
Daigle said the funding source is expected to be bond proceeds. He added that if the consultant’s work is completed but the bonds do not issue, staff would pay for the time from operating funds on an hourly basis, with such payment not to exceed $28,000.
Commissioners had no substantive objections; Commissioner Scott moved the item, a second was recorded, and the roll-call vote was 4 ayes, 1 absent. The motion carried.
The commission’s action clears a final contracting step ahead of staff’s planned approval of bond sale documents in January and, subject to Department of Finance approval, submission to the oversight board and subsequent timing decisions tied to market conditions for the potential refunding.
The measure now moves to the next administrative steps for bond-document approvals and oversight review. Staff said timing for any refunding will depend on market conditions.
Director Kozlowski introduced the item and John Daigle, the agency’s debt manager, told commissioners the consultant’s work will project revenues, assess debt coverage and document the fiscal and legal bases that investors use to evaluate repayment risk. The contract is a flat fee not to exceed $84,000; staff said the contract is structured as three fixed fees of $28,000 each to accommodate either a single $90 million combined bond issue or multiple separate issues if timing requires.
Daigle said the funding source is expected to be bond proceeds. He added that if the consultant’s work is completed but the bonds do not issue, staff would pay for the time from operating funds on an hourly basis, with such payment not to exceed $28,000.
Commissioners had no substantive objections; Commissioner Scott moved the item, a second was recorded, and the roll-call vote was 4 ayes, 1 absent. The motion carried.
The commission’s action clears a final contracting step ahead of staff’s planned approval of bond sale documents in January and, subject to Department of Finance approval, submission to the oversight board and subsequent timing decisions tied to market conditions for the potential refunding.
The measure now moves to the next administrative steps for bond-document approvals and oversight review. Staff said timing for any refunding will depend on market conditions.
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