Project Information

Bid Title

Tax Credit Syndication Services

Issuing Agency

City of Norfolk

Location

Virginia

Published Date

Mar 3, 2025

Closing Date

Mar 17, 2025

Government Level

State & Local

Status

Closed

Ref. #

10726-0-2025

Original Source

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Bid Documents

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Project Description

Project ID: 10726-0-2025

Title: Tax Credit Syndication Services

Addenda: 0

Release Date: 3/3/2025

Due Date: 3/17/2025

Post Information

Posted At:Mon, Mar 3, 2025 11:43 AMSealed Bid Process:Yes (Bids Sealed / Pricing Sealed)Private Bid:No

Overview

Summary

The purpose of this RFP is to obtain financial projection, tax structuring, and accounting services related to a state tax credit syndication contemplated by the City of Norfolk (the “City”) for renovation of its properties commonly known as Chrysler Hall and Scope Arena (“Projects”). As part of the Projects, the City plans to leverage the Virginia Historic Rehabilitation Tax Credits (“VHRTCs”). These services may be expanded to include other projects within the term of any resulting agreement.

Background

This procurement will initially include two historic renovation projects, Chrysler Hall and Scope Arena; other locations may be added at the discretion of the City.

To help fund these renovation projects, the City plans to utilize VHRTCs to offset the Projects’ total cost. Currently, the City and its advisors are determining the appropriate legal entity that will incur costs and receive funding in the form of payments from the City or VHRTCs. The City’s tax credit legal counsel for the Projects is Williams Mullen.

The City’s Finance Team, working closely with its Municipal Advisor (PFM Financial Advisors LLC) and the City’s bond counsel, will develop the plan of finance for the Projects. During the construction period, the City plans to use interim financing (e.g., line of credit facility, bond anticipation notes). Upon completion of construction, the City plans to repay the interim financing through the issuance of long-term general obligation bonds, net of the tax credit equity.

Timeline

Release Project Date:

March 3, 2025

Question Submission Deadline:

March 10, 2025, 5:00pm

Question Response Deadline:

March 11, 2025, 5:00pm

Proposal Submission Deadline:

March 17, 2025, 2:00pm

Commodity Codes

• NAICS 541213Tax Preparation Services
• NAICS 541611Administrative Management and General Management Consulting Services
• NAICS 541990All Other Professional, Scientific, and Technical Services

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