Title: LEGAL COUNSEL SERVICES FOR A FUND TO FINANCE INCOME SHARING AGREEMENTS AND SUPPORT SERVICES INCLUDING WITHOUT LIMITATION FUND FORMATION, INVESTMENT AGREEMENTS AND RELATED MATTERS
Procurement
Economic Development Corporation (EDC)
Please submit all requests to the project email address listed in the advertisement.
Julian Rifai
phone: 3474612927
email: talentfinancingfundrfp@edc.nyc
phone: 3474612927
email: talentfinancingfundrfp@edc.nyc
Archived
Goods and Services
Request for Proposals
3/31/2020
Solicitation
PIN#9409XX Due:
Description
New York City Economic Development Corporation (NYCEDC) invites law firms and lawyers to submit proposals for the provision of outside legal counsel services in connection with NYCEDC’s establishment of a fund or other investment vehicle for the financing of income sharing (or income share) agreements (“ISAs”) to enable students to pay for education and training programs, as more particularly described herein. NYCEDC anticipates that the services will include various aspects of fund and/or co-investment vehicle formation, including related tax and securities law matters.
NYCEDC is engaged in creating workforce development opportunities to help New Yorkers succeed in 21st century industries. Today’s workforce training programs must be deeply connected to New York City’s economic development strategy, and NYCEDC believes no New Yorker should be prevented from accessing high-quality training because of an inability to pay. ISAs provide an innovative solution to low-income New Yorkers seeking education and training in in-demand workforce sectors. Accordingly, NYCEDC is seeking to establish a Talent Financing Fund (the “Fund”) that will finance ISAs and related support services to enable low-income workers to secure in-demand and marketable new skills and work toward economic stability, regardless of their credit histories or ability to pay tuition upfront. NYCEDC seeks advice regarding the structuring, formation, and capitalization of the Fund, which NYCEDC anticipates will be financed by both philanthropic and private investors, in addition to NYCEDC (potentially through one or more co-investment arrangements).
NYCEDC plans to select a consultant on the basis of factors stated in the RFP which include, but are not limited to: the quality of the proposal, experience of key staff identified in the proposal, experience and quality of any subcontractors proposed, demonstrated successful experience in performing services similar to those encompassed in the RFP, and the proposed fee.
It is the policy of NYCEDC to comply with all federal, state and City laws and regulations which prohibit unlawful discrimination because of race, creed, color, national origin, sex, age, disability, marital status and other protected category and to take affirmative action in working with contracting parties to ensure certified Minority and Women-owned Business Enterprises (MWBEs) share in the economic opportunities generated by NYCEDC’s projects and initiatives.
Companies who have been certified with the New York City Department of Small Business Services as Minority and Women Owned Business Enterprises (“M/WBE”) are strongly encouraged to apply. To learn more about M/WBE certification and NYCEDC’s M/WBE program, please visit http://edc.nyc/opportunity-mwdbe.
Respondents may submit questions and/or request clarifications from NYCEDC no later than 5pm on Tuesday, April 14, 2020. Questions regarding the subject matter of this RFP should be directed to TalentFinancingFundRFP@edc.nyc. Answers to all questions will be posted by April 21, 2020, to https://edc.nyc/rfps. Questions regarding the subject matter of this RFP will not be accepted after 5pm on Tuesday, April 14, 2020, however, technical questions pertaining to downloading and submitting proposals to this RFP may be directed to TalentFinancingFundRFP@edc.nyc on or before May 1, 2020.
Detailed submission guidelines and requirements are outlined in the RFP, available as of Tuesday, March 31, 2020. To download a copy of the solicitation documents please visit https://edc.nyc/rfps. RESPONSES ARE DUE NO LATER THAN Friday, May 1, 2020. Please click the link in the “Deadlines” section of this project’s web page (which can be found on https://edc.nyc/rfps) to electronically upload a proposal for this RFP.
NYCEDC is engaged in creating workforce development opportunities to help New Yorkers succeed in 21st century industries. Today’s workforce training programs must be deeply connected to New York City’s economic development strategy, and NYCEDC believes no New Yorker should be prevented from accessing high-quality training because of an inability to pay. ISAs provide an innovative solution to low-income New Yorkers seeking education and training in in-demand workforce sectors. Accordingly, NYCEDC is seeking to establish a Talent Financing Fund (the “Fund”) that will finance ISAs and related support services to enable low-income workers to secure in-demand and marketable new skills and work toward economic stability, regardless of their credit histories or ability to pay tuition upfront. NYCEDC seeks advice regarding the structuring, formation, and capitalization of the Fund, which NYCEDC anticipates will be financed by both philanthropic and private investors, in addition to NYCEDC (potentially through one or more co-investment arrangements).
NYCEDC plans to select a consultant on the basis of factors stated in the RFP which include, but are not limited to: the quality of the proposal, experience of key staff identified in the proposal, experience and quality of any subcontractors proposed, demonstrated successful experience in performing services similar to those encompassed in the RFP, and the proposed fee.
It is the policy of NYCEDC to comply with all federal, state and City laws and regulations which prohibit unlawful discrimination because of race, creed, color, national origin, sex, age, disability, marital status and other protected category and to take affirmative action in working with contracting parties to ensure certified Minority and Women-owned Business Enterprises (MWBEs) share in the economic opportunities generated by NYCEDC’s projects and initiatives.
Companies who have been certified with the New York City Department of Small Business Services as Minority and Women Owned Business Enterprises (“M/WBE”) are strongly encouraged to apply. To learn more about M/WBE certification and NYCEDC’s M/WBE program, please visit http://edc.nyc/opportunity-mwdbe.
Respondents may submit questions and/or request clarifications from NYCEDC no later than 5pm on Tuesday, April 14, 2020. Questions regarding the subject matter of this RFP should be directed to TalentFinancingFundRFP@edc.nyc. Answers to all questions will be posted by April 21, 2020, to https://edc.nyc/rfps. Questions regarding the subject matter of this RFP will not be accepted after 5pm on Tuesday, April 14, 2020, however, technical questions pertaining to downloading and submitting proposals to this RFP may be directed to TalentFinancingFundRFP@edc.nyc on or before May 1, 2020.
Detailed submission guidelines and requirements are outlined in the RFP, available as of Tuesday, March 31, 2020. To download a copy of the solicitation documents please visit https://edc.nyc/rfps. RESPONSES ARE DUE NO LATER THAN Friday, May 1, 2020. Please click the link in the “Deadlines” section of this project’s web page (which can be found on https://edc.nyc/rfps) to electronically upload a proposal for this RFP.