Tax Credit Syndication Services

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.

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.