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File #: 15-16780    Version: 1 Name:
Type: Consent Item Status: Approved
File created: 11/2/2021 In control: City Council Business Meeting
On agenda: 12/13/2021 Final action: 12/13/2021
Title: Airport Financial Advisory Services

Title

Airport Financial Advisory Services

 

Action

Action:

A.                     Approve a contract with Frasca and Associates, LLC for airport financial advisory services for an initial term of five years, and

 

B.                     Authorize the City Manager to renew the contract for up to two, one-year terms with possible price adjustments and to amend the contract consistent with the purpose for which the contract was approved.

 

Body

Staff Resource(s):

Haley Gentry, Aviation

Michael Hill, Aviation

Teresa Smith, Finance

 

Explanation

§                     Aviation has a five-year capital investment plan valued at over $2.1 billion.

§                     Frasca and Associates, LLC will support the Airport in maintaining and updating the capital planning and funding, airline rates and charges, and key financial metrics model and projections.

§                     On September 27, 2021, the City issued a Request for Proposals (RFP); one response was received.

§                     Frasca and Associates, LLC best meets the City’s needs in terms of qualifications, experience, cost, and responsiveness to RFP requirements.

§                     Annual expenditures are estimated to be $250,000.

 

Charlotte Business INClusion

The City negotiates subcontracting participation after the proposal selection process (Part C: Section 2.1(h) of the Charlotte Business INClusion Policy). Frasca and Associates, LLC has committed 10.00% ($175,000) of the total contract amount to the following certified firm:

§                     Charles O Simmons, CPA PLLC (MBE) ($175,000) (financial analysis)

 

Fiscal Note

Funding:  Aviation Operating Budget