Short Term Financing

Transcription

1 Short Term Financing Request for Proposals Submission Deadline: Friday, October 9, 2015 THE IDAHO FOODBANK WAREHOUSE, INC South TK Avenue Boise, Idaho (208) CHIEF FINANCIAL OFFICER Nicole L. Glisson Short Term Financing REQUEST FOR PROPOSAL SUBMISSION DEADLINE: Friday, October 9, 2015 AT 3:00 pm 3562 S TK Ave BOISE, ID info@idahofoodbank.org

2 CAPITAL CAMPAIGN CASE STATEMENT By renovating our facilities and expanding our fleet, The Idaho Foodbank can feed more Idahoans with a better variety of nutritious food, to help them meet their basic needs during difficult times. THE NEED WHO IS HUNGRY In Idaho, hunger takes many forms. It can happen to individuals or families. It can be ongoing or periodic. It is not limited to any particular neighborhood or group of people. Hunger might be a family who watches their savings dwindle after a parent is laid off, a senior who copes with mounting medical bills on a fixed income, or a rural woman who travels several miles just to find affordable produce. Faced with these setbacks, many Idahoans must make the difficult choice between food and other necessities like rent, medicine, or gas. Such choices represent the daily reality of hunger for more than 274,000 people in our state, including 96,900 children. WHY HUNGER MATTERS Hunger-and the threat it poses to Idaho s prosperity-is too often hidden. But its effects are very real. When individuals and families don t have enough food for a healthy, active life they face a higher risk of stress, developmental delays, and other health problems. Children who are focused on empty stomachs and families who are worried about empty shelves can t reach their full potential. When left unchecked, hunger deprives Idahoans of the chance to engage with their family, contribute at their workplace or school, and participate fully in their community. HOW WE HELP The Idaho Foodbank has been active in hunger relief since We are the largest distributor of free food in the state, with warehouses in Boise, Pocatello, and Lewiston, and a service area of over 75,000 square miles. Each month we distribute the food needed for more than one million meals. Most of this food is served or distributed through our network of community partners including shelters, pantries, soup kitchens, senior centers, and other nonprofits working locally to relieve hunger. In addition to offering a reliable inventory of free food, the Foodbank helps our partners with issues of food safety, client dignity, and other best practices. We also offer several programs that provide direct assistance to Idaho s most vulnerable populations, including children, families, and those living in rural or isolated communities. These programs include Backpack, School Pantry, Picnic in the Park, Cooking Matters, and Mobile Pantry. Capital Campaign Financing RFP 2

3 THE OPPORTUNITY Idaho is a state of great bounty and wonderful generosity. Each year, Idaho growers and manufacturers produce a diversity of packaged and fresh foods including beans, onions, potatoes, wheat, barley, lentils, beef, and dairy products. In total, agribusiness represents about 18% of our state s economic output. Idaho also ranks third in the nation for per-capita volunteering. In 2012, an estimated 400,000 Idahoans contributed 60 million hours of their time to nonprofits throughout the state. This abundance presents an enormous opportunity. The Foodbank envisions a future where growers, producers, businesses, nonprofits, and caring individuals come together to end hunger. In this hunger-free future, every Idaho child has enough nutritious food to grow a strong mind and body. Meal time is no longer a source of stress and worry, but instead a time for families and friends to connect and share. In such a future, personal setbacks don t have to spiral into overwhelming detours, and Idahoans who encounter hardship can recover with dignity. THE CHALLENGE We can help achieve this future by making it possible for everyone in The Idaho Foodbank s service area to have reliable access to nutritious food regardless of their age, income, or location. We have made great progress toward realizing this vision, but more is needed. In our 2013 Partner Agency Survey, the majority of partners (81%) reported an increase in demand for food over the past year. And most (73%) attributed this increase to new families and individuals seeking assistance for the first time. To fill this gap, and meet the nutritional needs of all Idahoans, the Foodbank must get more food into more communities. We must incorporate a greater variety of fresh and packaged foods. And just as importantly, we must connect Idaho individuals, families and communities with resources that can help them stay on their feet once they have recovered. The Idaho Foodbank is at a very exciting time in our 30-year history and we are poised to meet these demands. Our challenge and opportunity is how to make the most of Idaho s great abundance to achieve our vision. Unfortunately, our current facilities and fleet limit just how much we can do: Our drivers work efficiently to pick up and deliver more than a million pounds of food each month. But our current fleet of vehicles is stretched to its limit across 75,000 square miles. Our warehouses, coolers and freezers are at capacity. This limits the variety and amount of food we can accept, store, and distribute at any given time. Our dedicated staff members are knowledgeable and enthusiastic, but their productivity is restricted by limited work-space. These limitations prevent us from reaching our full potential and getting food to every Idahoan who needs it. Capital Campaign Financing RFP 3

4 THE GOAL By modernizing our facilities and our fleet, The Idaho Foodbank can feed more Idahoans with a better variety of nutritious food, to help them meet their basic needs during difficult times. We will be better equipped to capture Idaho s great abundance of food and generosity. We will be able to deliver more food, more frequently, to more communities. Our programs and partnerships will have a wider reach and deeper impact. Local communities will benefit from the vitality of healthy, nourished residents, and ultimately, Idaho will be a better place to live, for all of us. SCOPE OF WORK The Idaho Foodbank Warehouse (IFB) requires the banking or lending Institution to provide terms for short term financing. Due to the anticipated timing of cash flows from capital campaign contributions and capital expenditures, the IFB is seeking short-term financing to augment current reserves to fund this project. Specific Scope of Services 1. Short Term Financing The short term financing shall allow IFB to draw down and repay principal and accrued interest over an estimated period of five years, or less dependent on the timing of capital campaign contributions. 2. Maximum Short Term Financing Principal The maximum outstanding principal amount shall not exceed three million dollars ($3,000,000.00). 3. Tax Treatment of Draws From Short Term Financing Fully Tax-exempt. 4. Rates Floating or fixed interest rate formula(s) based on a specified interest rate index. Provide indicative margins over indexes to arrive at total rate. 5. Fees, Costs and Expenses The proposal should include all fees and costs to establish and maintain the short term financing over the estimated five year (or less) term. Specify minimum points to establish short term credit and any other initial out of pocket costs. 6. Drawdown As needed. 7. Prepayment There shall be no prepayment penalties if IFB prepays any portion of any financing. 8. Approvals All required documentation will be subject to approval by IFB Board of Directors. Capital Campaign Financing RFP 4

5 9. Disclosure Disclose any prior commitments the financial institution may have which might interfere or cause a conflict of interest should the institution be selected. 10. Covenants and Other Requirements Detail any covenants, reporting requirements or other conditions required by the institution providing the short term financing. You can find audited financial statements at /about/annual-report. If you are interested in responding to this RFP and have questions please refer them to Nicole L. Glisson, Chief Financial Officer, via at nglisson@idahofoodbank.org by the deadline indicated in the timeline below. PROCEDURE FOR SUBMITTING QUESTIONS AND RESPONSES I. Time and Place for Submitting questions and responses and how to submit questions and responses A. Please send an to Nicole L. Glisson, Chief Financial Officer at nglisson@idahofoodbank.org informing her of your intention to submit an RFP by September 25, A second should be sent when you have submitted the completed RFP. If notification is not received by September 25, 2015, the RFP submission will not be accepted. B. Please submit all questions regarding this RFP or the IFB to Nicole L Glisson, Chief Financial Officer at nglisson@idahofoodbank.org by September 28, Answers to all submitted questions will be made available to those organizations that have notified the IFB via of an intention to submit an RFP. The answers will be posted on the IFB website at /capital-campaign-financing/ and ed to the RFP distribution list referred to below. C. All responses must be signed by a person authorized to act on behalf of the financial institution and be delivered or mailed to the The Idaho Foodbank Warehouse, 3562 South TK Avenue, Boise, Idaho to the attention of Nicole L. Glisson, Chief Financial Officer. D. The responses must be sealed and received no later than 3:00 p.m. on Friday, October 9, Accompanying the proposal should be a fee schedule(s) submitted in a separate and sealed envelope marked FEES. Responses submitted solely by facsimile or electronically will not be accepted. E. Evaluation of Responses and Selection Process: All responses submitted in a timely manner will be analyzed. The IFB may interview responsive financial institutions and select an institution to which a loan agreement may be awarded. Capital Campaign Financing RFP 5

6 F. The IFB s selection will be based on its evaluation of which response(s) will provide the package most beneficial to the IFB, including qualifications, experience, reference checks and costs. The lending agency selected may not necessarily be the institution with the lowest fees. II. Timeline : The IFB reserves the right to modify this timeline at any time. Any changes will be posted to the IFB Capital Campaign Financing website as soon as the information is available. All times are Mountain Standard Time (MST) 1. Issue date :00 PM 2. Notify intention to submit RFP :00 PM 3. Questions due from prospective vendor (via ) :00 PM 4. Addendum released with answers To outstanding questions :00 PM 5. Proposals due :00 PM 6. Preliminary selection of lender :00 PM 7. Formal approval by board of directors :00 PM III. Instructions to Proposers The IFB endeavors to provide a uniform distribution of information to financial institutions and conduct a fair selection process. We ask that you please follow all of these instructions carefully. Any submittal that does not meet the requirements set forth in this document and any Addendums cannot be considered by the Selection Committee. Proposing financial institutions must submit the following for its Proposal to be considered: o Financial Institution o 1.State the legal status of the Financial Institution, i.e., general partnership, LLP, LLC, etc. o 2.Length of time the financial institution has been in existence. o 3.Location of the agencies main office and, if applicable, all Southwest Idaho offices. o 4.Name, title, address, and phone number of the person(s) authorized to make representations for the agency. o 5.Size of the agency, including the total number of employees and size of any Treasure Valley offices. o Terms of your short term financing as described above. You may submit via an Excel spreadsheet, Word Document or PDF file. There is no bid sheet for this RFP. o Electronic copies of relevant marketing and product explanation materials, if necessary. Active links to websites are fine. Please submit as much as necessary but as little information as possible. o Valid address for inclusion in this RFP s distribution list o List of each addendum considered in the RFP. All addendums need to be acknowledged for the RFP to be valid. o Completed Signature Block. All proposals must be signed by an authorized Capital Campaign Financing RFP 6

7 agent of your agency. Any financial institution or individual submitting a signed proposal shall be deemed to have read and understood all the terms, conditions, and requirements of this Request for Proposal (RFP). ** Note: To protect the competitive position of each of our prospective partners in this process it will be the IFB s position NOT to disclose individual lender s terms including interest rate, closing costs and suggested structure. However, in some cases relevant information may become public. Please clearly mark anything that you believe may impair your competitive position as PROPRIETARY. CONDITIONS I. Contingencies It must be understood that this Request for Proposal (RFP) does not commit the IFB to accept any response submitted. The IFB reserves the right to accept or reject any or all of the responses, to negotiate with selected lending agencies, or to cancel the Short Term Financing RFP in part or in its entirety. All responses will become part of the IFB s official files without obligation on its part. The lack of response to this RFP would not prevent inclusion in future requests. However, we do appreciate that you communicate to us in writing in case you do not intend to submit a response. II. Incurred Costs This Short Term Financing RFP does not commit the IFB to pay any costs incurred by responders in preparation of the responses to this RFP and responding agencies agree that all costs incurred by them in developing this response are the responders own responsibility. III. Submission To be considered, all responses must be submitted in the manner set forth in this Short Term Financing RFP. It is the responder s responsibility to ensure that its response arrives on or before the specified time. The response should be addressed to: Nicole L. Glisson, Chief Financial Officer, The Idaho Foodbank, 3562 South TK Avenue, Boise, Idaho For any questions related to this RFP, Nicole L. Glisson can be reached at or through nglisson@idahofoodbank.org. All responses must be received by the deadline given under Procedure D for submitting responses. IV. Right to Negotiate and/or Reject Responses The IFB reserves the right to negotiate any price or provision, accept any part or all of any responses, waive any irregularities, and to reject any and all, or parts of any and all responses, whenever, in the sole opinion of the IFB, such action shall serve its best interests and those of our donors and clients. Lending agencies are encouraged to submit their best prices in their responses, and the IFB intends to negotiate only with the financial institutions whose response most closely meet(s) the IFB s requirements at the lowest estimated cost. The Agreement, if any is awarded, will go to the financial institution whose response best meets the IFB s Capital Campaign Financing RFP 7

8 requirements. V. Addenda The IFB may modify this RFP before the date scheduled for submission of responses by issuance of addenda to all parties who received the RFP for the purpose of submitting a response. The IFB website /capitalcampaign-financing/ will always be the official source of information on this RFP. VI. Independent Contractor Status It is expressly understood that the lending agency named in any agreement entered into by the IFB is acting as an independent contractor and not as an agent or employee of the IFB. VII. Interviews Responses may be so similar in quality that oral interviews may have to be arranged to assist in making the final selection. The interviews will be with the prospective agency (people) who will actually perform the services. VIII. Contract Conditions The following contract conditions will apply to any contract resulting from this RFP process: 1. Laws of the State of Idaho The resulting contract will be entered into within the State of Idaho, and the law of said state, whether substantive or procedural, shall apply to the contract, and all statutory, charter and ordinance provisions that are applicable to public contracts in the State of Idaho shall be followed with respect to the contract. 2. Agreement terms The selected financial institution(s) shall enter into a short term financing agreement with the IFB. The specific terms and conditions of that agreement shall be negotiated at the time of award. 3. Disputes Venue of any dispute concerning any contract resulting from this RFP process shall be in the County of Ada, State of Idaho. IX. Proposal Evaluation Criteria All submitted RFP s will be checked initially to determine if the requested information has been provided in its entirety. Any proposal that was submitted and determined to be incomplete will receive no further consideration. The decision of the IFB to set aside any proposal from further consideration shall be deemed final on the issue of completeness of the required information. Our selection committee for this project will evaluate submittals to identify the best value for the foodbank. Specifically, the selection committee will select the winning Capital Campaign Financing RFP 8

9 proposer based on the following criteria in no order of importance or weighting: A. Quality of submittal B. Lending experience with non-profit entities, including non-profit references and other indications of qualification C. Pricing and other economic factors, including closing costs, annual interest rates, and annual fees D. Lender financial strength and third party financial ratings, preferably S&P, Moody s and Fitch E. Ease and timeliness of the process to establish short term financing *Criteria may be modified in subsequent Addendums. III. Signature Block Note: Please return this page with your proposal. The undersigned, an authorized agent of his/her company, hereby certifies: ( ) the receipt of addendums ( ) familiarization with all terms, conditions and specifications herein stated ( ) the financial institute is qualified to perform work and services as proposed ( ) that the proposal is valid until (date) _ Name of Financial Institute Authorized Signature _ Mailing Address Printed Name _ City, State, Zip Code Title _ Federal Employer ID Number Phone Number _ Type of Entity (S-Corp, LLC, etc. Official Address _ URL Web Site RFP Solicitation Number Capital Campaign Financing RFP 9