Financial Advisory Services

The City of Palm Bay, Florida is seeking financial advisory services through Request for Proposals (RFP) 66-RFP-25, targeting firms capable of providing comprehensive municipal bond and debt management support. The primary objectives include facilitating tax-exempt municipal bond sales, coordinating bank loan financing, and strategically reviewing outstanding debt for potential refunding opportunities. Qualified firms must possess SEC and MSRB registration, maintain professional liability insurance of at least $1,000,000, and demonstrate expertise in municipal financial advisory services. Key deliverables include annual market monitoring communications to the Finance Director and support for anticipated debt issuances over the next three years. The RFP timeline includes critical dates: questions are due by August 19, 2025 at 5:00 PM, with proposals due September 9, 2025 at 9:00 AM, and a proposal opening scheduled for September 9, 2025 at 11:00 AM. The contract period will span 36 months beginning December 1, 2025, with potential extensions up to a total of 60 months.

The solicitation does not explicitly outline specific set-aside designations or restrictions for disadvantaged enterprises. The current financial advisor is Public Resources Advisory Group (PRAG), whose contract expires September 30, 2025. The pricing structure is volume-based, with fees quoted per $1,000 of bond issue and tiered rates for different bond amounts: specific rates for issues up to $10 million, $10-20 million, and over $20 million, along with flat fees for bank loans. The City of Palm Bay, with a population of approximately 146,000, maintains strong credit ratings including Moody's Aa3, S&P AA-, and Fitch AA. While no specific budget range is provided, the city anticipates potentially two debt issuances over the next three years, suggesting a moderate scale of financial advisory services will be required. Prospective respondents should be prepared to provide comprehensive financial guidance tailored to the city's municipal financing needs.