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/ CITY OF <br />14669 Fitzgerald Avenue North, Hugo, MN55038 • (651) 762-6300 • www.ci.hugo.mn.us <br />EST. 1906 <br />TO: Honorable Mayor Tom Weidt and Members of the City Council <br />FROM: Ron Otkin, Finance Director <br />SUBJECT: Consent to Assign Agreement for Municipal Advisor Services <br />DATE: For the City Council Meeting of March 18, 2019 <br />DESIRED COUNCIL ACTION <br />Motion to Approve Assignment of Agreement for Municipal Advisor Services to Baker Tilly, LLC. <br />HISTORY <br />In the fall of 2001 the City Council appointed Springsted Inc. as the City financial advisors. They have assisted City staff <br />with numerous bond issues and financial planning matters since then. On January 10, 2019, Springsted Inc. announced <br />its intention to combine with Baker Tilly Virchow Krause, LLP, a financial services and accounting firm. Following the <br />closing (scheduled to occur on or about April 1, 2019), the combined firm will operate its public sector advisory business <br />under the name Baker Tilly Municipal Advisors, LLC ("Baker Tilly"). All Springsted personnel have been invited to join <br />Baker Tilly. <br />To assist in the combination, Springsted Inc. has requested that the City of Hugo consent to the assignment of our <br />current Agreement for Municipal Advisor Services (dated 07/21/17) to Baker Tilly. This is purely a procedural matter <br />that will enable the seamless transition from Springsted Inc. to Baker Tilly. <br />RECOMMENDATION <br />City staff recommends Council approve the attached Consent to Assignment and authorize the City Administrator to <br />execute the document. <br />ATTACHMENTS <br />Consent to Assignment <br />Letter from Springsted Inc. (dated 03/08/19) <br />