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CITY OF WEST CHICAGO
FINANCE COMMITTEE
AGENDA ITEM SUMMARY
ITEM TITLE:
AGENDA ITEMNUMBER: __7-&-
Resolution No. 22-R-0066 - Selection of a Financial
Advisor for Debt Issuances FILE NUMBER:
COMMITTEE AGENDA DATE: 10/27/2022
COUNCIL AGENDA DATE: 11/7/2022
STAFF REVIEW: SIGNATURE
APPROVED BY CITY ADMINISTRATOR: SIGNATURE
ITEM SUMMARY:
Today, the only debt obligations of the City of West Chicago is a low-interest loan from the IEPA
Revolving Loan Fund, which is set to be retired in 2024. The first project on which the chosen financial
advisor would assist is with the issuance of tax-exempt and taxable notes for an industrial project within
an existing TIF District; near final negotiation on a Redevelopment Agreement are occurring now, and the
financial advisor will need to get quickly up to speed to offer guidance prior to City Council consideration
in likely November 2022. Future probable work will include a bond issuance for a mixed-use project in
the newly formed Downtown TIF 2 redevelopment area as well as educating the Finance Committee on
how a debt issuance could help accelerate the funding of larger capital projects, such as a new City Hall
or road improvements in the City’s Industrial Parks (the City has had only one debt issuance over the last
25 years, that being for the construction of a water treatment plant required by the EPA).
In September, staff issues an RFP for a financial advisor for debt issuances; the RFP was sent to six
firms, and three responded. A three person team reviewed the three responses, and each recommends
that the City hire Speer Financial, Inc. to assist the City. That company’s RFP response is attached for
your review. The complete potential scope of work is attached as well.
STAFF RECOMMENDATION:
Approve Resolution No. 22-R-0066 to retain Speer Financial, Inc. as the City’s financial advisor for debt
issuances.
COMMITTEE RECOMMENDATION:
The Finance Committee unanimously recommends approval of Resolution No. 22-R-0066.