Scope_of_Services_-_Sale_of_Voluntary_Cleanup_Tax_Credits_2024_ERL_(4).docx

City of St. Petersburg Solicitation Documents Scope of Services

1. Introduction

The City of St. Petersburg (City) has received tax credits for Brownfield site remediation from the Florida Department of Environmental Protection Voluntary Cleanup Tax Credit (VCTC) program. As local governments do not have Florida corporate income tax liability, the City is seeking to sell its tax credits at the highest net yield via electronic auction (“Electronic Auction” or “RFI”).

2. Scope of Services

The City is soliciting broker services to successfully market the City’s tax credits received under the VCTC Program to maximize the City’s optimum return on investment. The Bidder shall provide market data and other data related to similar transactions along with its submission to assist the City in its evaluation of offers. The tax credit transfer must be conducted in accordance with Florida Statutes Section 220.1845(1) (g). The bidder must purchase the four (4) individual tax credits with a total combined value at $45,476.49206,104.59.

Services will include, but are not limited to, direct purchasing of tax credits or securing client(s) to purchase the tax credits, drafting all legal documents including the Purchase Agreement between the City and the Purchaser, preparing the Referral Agreement, filing the required transfer documents and forms with the State of Florida, and managing the transfer of funds from the Purchaser to the City. Bidders must be knowledgeable of the Florida Department of Environmental Protection (FDEP) VCTC Program, and applicable federal, state and local laws.

Respondents to this solicitation must submit an electronic bid to serve as a Broker for the tax credits.

3. Minimum Qualifications

a. Bidders shall provide documentation showing that they have a minimum of three (3) years experience successfully brokering Florida Voluntary Cleanup Tax Credit sales.

b. Bidders shall provide documentation showing that they have successfully brokered similar VCTC transactions to the scope of services (brokered/direct purchase).

4. Award Criteria

Award will be based on the highest electronic bid submitted by close of auction that meets requirements for qualifications, experience, references, staff experience, timetable, requirement questionnaire responses, favorable terms, and other valid criteria including compliance with all requirements of this Solicitation.

5. Electronic Auction Bid

Bidder’s price submission shall be equal to the final sale price paid to the City, net of any and all brokerage fees. Any additional information related to sale price should be provided in an attachment to the Electronic Auction response. The value of the City’s VCTC available for brokering services or straight purchase is $45,476.49206,104.59

Electronic Bid Price Calculation Example: Broker A commits to VCTC purchase at $0.85 on the dollar and charges a 3% broker fee. Electronic Auction bid is calculated as 85% - 3% brokerage fee = Electronic Auction Bid of $37,495.37169,933.19 (total net yield to the City).

6. Submittals

Bidder must complete and upload the following with bid submittal: Reference Form per 3 herein, as well as a narrative which fully addresses the following items:

a. Contractor’s Experience Pertinent information about the Contractor and the Contractor’s experience with the sale of Voluntary Cleanup Tax Credits or similar tax credits .

b. Staff Experience Name of staff member(s) who will be responsible for marketing the City’s tax credits and the credentials and experience of each listed individual.

c. Timetable Bidders shall provide a complete timetable outlining the estimated length of time required to market and sell the tax credits. At minimum, the City expects the transaction(s) to be completed within 90 days.

d. Agreement to Terms The City’s Agency Agreement for sale of tax credits is attached to the auction for review by the Bidders. Attach any exceptions to this Agreement with your submission.

e. Questionnaire Complete auction General Requirements electronic questionnaire form with the relevant information. Include broker fee percentage.

7. Additional Information

The City reserves the right to request further information from the Bidder, either orally or in writing.