ial Services to the Brooklyn Park Development Corporation (BPDC)

BPDC |Financial Services RFP Request for Qualifications Request for Qualifications: Financial Services For business finance professionals to provide financial consulting services to the Brooklyn Park Development Corporation (BPDC) SOLICITING AGENCY: Brooklyn Park Development Corporation 5200 85th Avenue N Brooklyn Park, MN 55443 DUE BY: October 31st, 2022 at 5:00 p.m. CONTACT: Malcolm Hicks Project Facilitator Malcolm.Hicks@brooklynpark.org Overview: The Brooklyn Park Development Corporation (BPDC) is requesting Statement of Qualifications from trained, local finance professionals interested in providing financial consulting services to our organization. The BPDC is looking for accounting support to augment their financial reporting capacity. Program background: The Brooklyn Park Development Corporation was established in the early 1990s as a general partner to the City’s Economic Development Authority (EDA). The

Board was established as a mechanism to provide financial resources to small businesses in the City through low interest loans and innovative financial programs. The Board is comprised of one representative from a financial institution/background, one business representative, one community member, one member of the City Council, and one member of the EDA. This group is responsible for the creation, implementation, and oversight of multiple small business loan programs including a Revolving Loan Fund and Microbusiness Loan fund. Currently, BPDC has more than 20 active loans and two active contracts with loan servicers. BPDC strives to be innovative and creative in an effort to advance its business support programming while being mindful of the many ways race, equity, and inclusion must be centered to ensure fair and impactful programming goals are achieved. A similar commitment to innovation and creativity must be demonstrated by any firm seeking to represent the BPDC. BPDC is managed at a staff level by members of the Economic Development and Housing division at the City of Brooklyn Park. While BPDC operates independently of the EDA and City, it is expected that the BPDC |Financial Services RFP Board follows similar guidelines and procedures related to financial management as the EDA. The EDA works with the City of Brooklyn Park’s finance department for its financial and budgeting needs. Any organization interested in submitting on this proposal must show a willingness to collaborate with the City’s financial department when appropriate and requested by either the BPDC Board or its staff liaisons. BPDC |Financial Services RFP Proposed deliverables: The BPDC is seeking a firm to provide a comprehensive range of services related to the financial management of the Board. The following section identifies the scope of services to be provided. The listing is not intended to be exhaustive, but rather illustrative of the types of services needed. 1. Banking support • Business Banking (merchant services, checking accounts and savings accounts for businesses, treasury services, etc.) • Running monthly reconciliation reports of the BPDC’s accounts and providing a report to the appropriate staff liaison • Transfers of funds when appropriate and/or requested • Managing wire transfers or other fund transfers to loan recipients 2. Professional Advisory • Financial advisory service to include but not limited to investment due diligence, valuation, real- estate consulting, risk consulting and taxation consulting. 3. Wealth Management Financial services offered within this segment include managing and investing organizational wealth across various financial instruments- including debt, equity, mutual funds, insurance products, derivatives, structured products, commodities, and real estate. 4. Tax/Audit Consulting • Tax – Business (determining tax liability, tax compliance advisory, etc.) • statutory audits, internal audits, service tax audits, tax audits, process/transaction audits, risk audits, stock audits, etc. Your Statement of Qualifications should include the following information: 1. Applicant name, contact information, and brief description of your business. 2. Indicate if you live or work in the City of Brooklyn Park or are local to the region. 3. If a business, provide verification of your registration with the state of Minnesota and evidence of good standing. 4. A resume(s) of key personnel who will be assigned to do this work. 5. Briefly describe your experience 6. Provide a brief narrative about your/company’s interest, ability, qualification, and experience with other related work, including any experience with federal financial reporting processes 7. Include reference contact information of 2 organizations you have worked with in the past doing related work. Indicate the scope of work performed for these organizations. 8. Hourly rate for service, general meeting availability (e.g., evenings, weekends, or weekdays only), and preferred meeting format (e.g., virtual with your own platform or in person). BPDC |Financial Services RFP The applications will be evaluated based on professional qualifications and experience as well as history of working with diverse clientele particularly in the city of Brooklyn Park. Timeline: The below timeline is tentative and subject to change Activity Date Request for Proposals (RFQ) posted August 15th, 2022 RFQ due 5:00pm October 31st, 2022 Invitations to interview The week of November 14th, 2022 Interviews The week of November 19thst, 2022 Contract start date 1/1/2023 Contract duration Up to 4 years TERMS AND CONDITIONS 1. The BPDC reserve the right to reject any or all proposals. 2. The firm must an electronic copy of each of its proposals no later than 5:00 P.M., October 31st to: Malcolm Hicks Project Facilitator Malcolm.Hicks@brooklynpark.org 763-493-8053 mailto:Malcolm.Hicks@brooklynpark.org BPDC |Financial Services RFP An authorized individual must sign all proposals. All proposals shall become the property of the BPDC and the BPDC, may at its option, request oral presentation prior to selection. Notification in writing will be given if such meetings are required. No public bid opening will be held. A listing of firms or individuals presenting proposals will be available. 3. Malcolm Hicks, shall be the primary source of contact for your firm during the Request for Proposal and selection process. Malcolm will coordinate appointments with staff and/or the Selection Committee to answer any questions or set up interviews. Communications with other BPDC or EDA staff or its Board of Directors related to this proposal may constitute automatic rejection of that firm’s proposal. 4. BPDC reserve the right to request clarification of the information submitted and to request additional information of one or more applicants. 5. Any proposal may be withdrawn up until the date and time set above for the opening of the proposals. Any proposals not withdrawn shall constitute an irrevocable offer, for a period of ninety (90) days, to sell to the EDA the services set forth in the attached specifications. 7. If, through any cause, the firm shall fail to fulfill in timely and proper manner the obligations agreed to, BPDC shall have the right to terminate its contract by specifying the date of termination in a written notice to the firm at least thirty (30) working days before the termination date. In this event, the firm shall be entitled to just and equitable compensation for any satisfactory work completed. 8. Any agreement or contract resulting from the acceptance of a proposal shall be on forms either supplied by or approved by the BPDC and shall contain, at a minimum, applicable provisions of the Request for Proposal. The BPDC reserves the right to reject any agreement that does not conform to the Request for Proposal or any BPDC requirements for agreements and contracts. 9. The selected firm(s)/individuals shall not subcontract or assign any interest in the contract and shall not transfer any interest in the contract without prior written consent of the BPDC. 10. No reports, information, or data given to or prepared by the firm under contract shall be made available to any individual or organization by the firm without the prior written approval of BPDC. 11. All data, documents and other information provided to BPDC by the consultants as a result of this Request for Proposal shall become the property of BPDC. 12. All costs associated with the preparation of a proposal in response to the Request for Proposal shall be the responsibility of the firm submitting the proposal. 13. The selected firm(s) will be required to provide evidence that they have in force professional liability insurance of a minimum of $2,000,000 per occurrence and $3,000,000 aggregate with a maximum $50,000 deductible. 14. The consultant will be expected to meet with BPDC officials at City Hall as needed during the course of service engagements. 15. BPDC expects the consultants to respond to routine questions on the phone that do not require considerable research on a complimentary basis. 16. Should the firm(s) hired merge or be purchased by another individual or firm, contract continuation will be at the BPDC’s option. 17. As this is a Request for Proposal and not a bid, the BPDC reserves the right to negotiate with any party and on any manner. Disclaimer: Please note that the BPDC and the City of Brooklyn Park are not obligated to award any contract and reserves the right to seek clarification of responses and waive minor irregularities and informalities. Estimated cost will be a factor in the qualification evaluation but City staff may choose not to select the proposal with the lowest cost estimate. The BPDC and the City of Brooklyn Park reserves the right to determine the contract amount, duration, fee structure, and payment terms with each financial services provider based on services provided, anticipated demand for services, and outcomes, as well as provider experience, qualification, and capacity. Proposal review and interviews will be conducted by City of Brooklyn Park staff. Submissions: Please submit your application via email to malcolm.hicks@brooklynpark.org with subject line “Financial Consulting Statement of Qualification - Applicant name: by 5:00 p.m. on September 15th, 2022. Questions: If you have questions about this RFQ please contact: Malcolm Hicks, Project Facilitator at 763.493.8053 or malcolm.hicks@brooklynpark.org mailto:malcolm.hicks@brooklynpark.org mailto:malcolm.hicks@brooklynpark.org