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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 4844538 <br />September 9, 1994 <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />RE: Selection of Financial Advisor <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />On Wednesday, September 7th, Steve Morelan, Bob Pedersen and I <br />interviewed three firms who were seeking to provide us with <br />financial advisory services. Those firms were Fahey, Ward & <br />Wiles; Springsted, Inc.; and Ehlers & Associates, Inc. Juran & <br />Moody and Firstar also submitted proposals but were not selected <br />for interview. <br />Based on the interviews, the three of us agreed that Ehlers & <br />Associates should be retained as our fiscal advisers. They had <br />an enthusiastic presentation and did an excellent job in <br />identifying issues of concern to the City and how their services <br />would help us address them. Their fees could be considered <br />somewhat higher when looking strictly at bonding costs. However, <br />when you consider all the services outside the traditional scope <br />of bonding, it appears that they are offering us an excellent <br />value. The other firms also did a nice job in their <br />presentations, but we felt Ehlers & Associates will provide the <br />best service based on Little Canada's needs. <br />It is our recommendation that we commence negotiations with <br />Ehlers & Associates in order that we may present a contract for <br />your consideration at a subsequent meeting. <br />Steve and Bob may offer additional comments beyond those <br />contained in this memo. <br />Page 22 <br />