Title
Approving an amended municipal financial advisor agreement with RBC Capital Markets, LLC to assist in structuring and securing financing options for any public-private land development of real property.
Summary
This document amends the contract executed in 2019 with RBC Capital Markets, LLC (RBC) to provide for fees to be paid by developers to RBC for their assistance in structuring and securing financing options for any public-private land development of real property, such as Public Improvement Districts (PIDs).
The fee to developers for assistance with PID financings is 2% of the principal amount which is a common practice amongst our peer cities. This fee would not be retroactive or apply to projects currently underway. The fee would only apply to new projects moving forward. All other terms and fees of the agreement remain unchanged.
Prior City Council Action
Approved a Municipal Advisor Agreement with RBC Capital Markets, LLC on June 25, 2019
Deadline for City Council Action
Action requested February 11, 2025
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Legal Review Required: N/A __ Required __ Date Completed: 2/4/25
Supporting documents attached:
RBC Capital Markets, LLC Amended Agreement
Recommended Action
Approve an amended municipal financial advisor agreement with RBC Capital Markets, LLC to assist in structuring and securing financing options for any public-private land development of real property.