Board of Estimate & Contract:
RESOLVED, that a resolution adopted by the City Council on October 10, 2024, and signed by the Mayor on October 11, 2024, authorizing the Mayor to Enter into an Agreement with Common Ground Institute for Municipal Financial Advisory Services Related to Asset Utilization and Development - (no-cost service - CGI’s services under this agreement will be funded through a Robert Wood Johnson Foundation grant and will incur no direct costs to the City of Mount Vernon), be and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE MAYOR
TO ENTER INTO AN AGREEMENT WITH COMMON
GROUND INSTITUTE FOR MUNICIPAL FINANCIAL
ADVISORY SERVICES RELATED TO ASSET
UTILIZATION AND DEVELOPMENT
Whereas, by letter dated October 7, 2024, the Comptroller has requested legislation authorizing the Mayor to enter into an agreement with the Common Ground Institute (CGI) to obtain Municipal Financial Advisory services in relation to asset identification, development strategies, and the facilitation of Putting Assets to Work projects; and
Whereas, the City of Mount Vernon recognizes the importance of identifying and leveraging underutilized assets to create a sustainable pipeline of investible projects that can deliver significant community benefits; and
Whereas, the Common Ground Institute (CGI) has proposed to assist the City in identifying these assets and developing actionable strategies by leveraging municipal finance tools, blended capital approaches, and public-private partnerships to facilitate asset development; and
Whereas, CGI or its affiliates will serve as the City’s Municipal Financial Advisor, subject to state and local procurement requirements, to cultivate Putting Assets to Work projects, foster partnerships, attract private and philanthropic capital, and establish best practices for the development and scaling of such projects; and
Whereas, these services provided by CGI are funded by a grant from the Robert Wood Johnson Foundation and, therefore, come at no cost to the City of Mount Vernon, allowing the City to benefit from this initiative without impacting its own financial resources; and
Whereas, the collaboration with CGI aims to develop a framework of best practices that will be shared with the Robert Wood Johnson Foundation, the Government Finance Officers Association (GFOA), and other cities interested in public asset optimization and development; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Authorization to enter into Agreement. The Mayor of the City of Mount Vernon is hereby authorized to enter into an agreement with the Common Ground Institute (CGI) to obtain Municipal Financial Advisory services in relation to asset identification, development strategies, and the facilitation of Putting Assets to Work projects.
Section 2. Scope of Services. Under this agreement, CGI will:
1. Identify underutilized City assets with potential for development.
2. Formulate strategies to leverage municipal finance tools and blended capital approaches for asset development.
3. Assist the City in establishing public-private partnerships to create investible projects with beneficial community impacts.
4. Attract philanthropic and private capital to support project development.
5. Develop best practices for the Putting Assets to Work approach, intending to replicate and scale these strategies in Mount Vernon and other interested jurisdictions.
Section 3. No-Cost Service. CGI’s services under this agreement will be funded through a Robert Wood Johnson Foundation grant and will incur no direct costs to the City of Mount Vernon.
Section 4. Reporting and Best Practices Development. CGI will collaborate with the City to document and develop best practices in public asset utilization. These will be shared with the Robert Wood Johnson Foundation, the GFOA, and other cities interested in optimizing public asset development.
Section 5. Effective Date. This ordinance shall take effect immediately upon its approval by the Board of Estimate & Contract.