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6.A. - Page 3 of 80 <br />of securing additional City tax revenues associated with construction and support of already approved <br />new facilities. <br />With the ongoing pandemic bringing about changing teleworking policies and practices by many local <br />organizations, changing demographics and possibly changes in housing demand, it is increasingly <br />important to anticipate and understand the potential effects on the City's single largest revenue stream, <br />property tax. In addition, potentially significant changes to property tax laws, as evidenced by recent ballot <br />propositions, further strengthen the importance of accurate forecasts for property tax revenues. <br />With these additional requirements in mind, staff assessed the proposals received and interviewed the <br />consultants' staff. This analysis was informed by the following information as well: <br />Pricing <br />As noted in the comparison table below, overall the pricing provided by MuniServices, LLC is lower than <br />pricing provided by HdL Companies and HdL Coren & Cone. However, through the RFP review process, <br />staff ultimately determined that HdL would provide the best overall value for the City. <br />HdL <br />Service Fees <br />YR 1 <br />YR 2 <br />YR 3 <br />Revenue Recovery & Auditing - <br />$0 <br />$4,200 <br />$8,400 <br />Sales & Use Tax <br />Transaction Tax Services <br />$0/month <br />$1,200 <br />$2,400 <br />Property Tax Services <br />$14,693 <br />$15,509 <br />$16,325 <br />Contingency Fees <br />Business License <br />30% of revenues <br />35% of revenues <br />35% of revenues <br />received as a <br />received as a <br />received as a result of <br />result of the <br />result of the <br />the service/current and <br />service/current <br />service/current <br />all prior periods <br />and all prior <br />and all prior <br />periods <br />periods <br />Sales Tax <br />15% of all new <br />15% of all new <br />15% of all new revenues <br />revenues for 6 <br />revenues for 6 <br />for 6 quarters following <br />quarters <br />quarters <br />the receipt of the <br />following the <br />following the <br />revenue and all prior <br />receipt of the <br />receipt of the <br />quarters <br />revenue and all <br />revenue and all <br />prior quarters <br />prior quarters <br />Property Tax <br />25% on all <br />25% on all <br />25% on all <br />misallocations <br />misallocations <br />misallocations corrected <br />corrected by HdL <br />corrected by HdL <br />by HdL <br />Transactions and Use Tax <br />25% on <br />25% on <br />25% on retroactive <br />retroactive <br />retroactive <br />corrections <br />corrections <br />corrections <br />Page 3 of 7 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />12 <br />