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VCConsultantForInvestMaryland RFP

VCConsultantForInvestMaryland RFP

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Published by Gus Sentementes

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Published by: Gus Sentementes on Nov 09, 2011
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11/14/2011

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DepartmentofBusinessandEconomicDevelopment401EastPrattStreet,1
i
FloorBaltimore,Maryland21202(410)767-6383FAX(410)333-6931frdickson@choosemaryland.orgNovember4,2011
RequestforProposalstoServeasaVentureCapitalSelectionconsultanttotheDepartmentofBusinessandEconomicDevelopmentinConnectionwiththeImplementationoftheInvestlMarylandProgramResponsesaredueNovember18,2011
DearInterestedParty:TheMarylandDepartmentofBusinessandEconomicDevelopment,aprincipaldepartmentoftheStateofMaryland(the"Department")isorganizedpursuanttoEconomicDevelopmentArticleSections1-101,
et.seq.
oftheAnnotatedCodeofMaryland,asamended.TheDepartmentisseekingventurecapitalfirmselectionservicesinconnectionwiththeimplementationoftheInvest/MarylandProgram,Title6,Subtitle5oftheEconomicDevelopmentArticle,AnnotatedCodeofMaryland.
DescriptionofInvestlMarylandProgram.
TheInvest/MarylandProgramwasenactedinthe2011legislativesession(Chapter409),addingEconomicDevelopmentArticleSections6-501-6-529andInsuranceArticleSection6-122totheAnnotatedCodeofMaryland(together,the"Invest/MarylandAct").UnderEconomicDevelopmentArticleSection6-528,theDepartmentisresponsibleforadministeringtheInvest/MarylandProgram.TheInvest/MarylandProgramisamechanismforraisinginvestmentcapitalbysellingamaximumof$100,000,000inStateincometaxcreditstoinsurancecompanies("Purchasers")throughanauctionprocessandusingthefundstomakeventurecapitalinvestmentsinqualifyingMarylandcompanies.AuctionproceedswillbepayabletotheDepartmentbyPurchasersinthreeequalannualinstallmentsdueJune1of2012,2013,and2014,andPurchaserswillreceiveataxcreditcertificatefromtheDepartmentinconnectionwiththepaymentofeachinstallment.Sixty-Sevenpercent(67%)ofthefundswillbeallocatedtooutsideventurecapitalfirmsselectedbytheMarylandVentureFundAuthority(MVFA)createdundertheInvest/MarylandAct,andthirty-threepercent(33%)willbeallocatedtoDBED'sexistingEnterpriseFundandMarylandSmallBusinessDevelopmentFinancingAuthority.ThetaxcreditsmaybetakenbythePurchasersoverfiveyearsbeginningincalendaryear2015.Thetaxcreditcertificatesarefreelytransferrabletootherqualifyinginsurancecompanies.
 
ScopeofWork.
TheDepartmentisseekingtoretaintheservicesofaconsultant(the"Contractor")toassistandadvisemembersoftheDepartmentandtheMarylandVentureFundAuthority(MVFA)inconnectionwiththeevaluationandselectionofVentureCapitalfirmsapplyingtoreceiveaninvestmentfromtheInvest/MarylandProgram.TheContractorwillworkcloselywithstaffmembersofthe:Department,theMVFA,andotherpartiesasnecessaryintheimplementationoftheInvestlMarylandProgram.
Thescopeofworkapproved
by
theMVFAon10/27/2011isdetailedinAttachmentA.ProjectGoals.
TheStateisauctioningupto$1OOMofpremiuminsurancetaxcreditsthatareforsaletoInsurancecompaniesthathavepremiuminsurancetaxesintheStateofMaryland.Theauctionwillyieldaminimumof$70Mdollarsofwhich67%(or$46.9M)willbeallocatedtoVenturefirmstoinvestonbehalfoftheState.TheprimarymissionoftheInvest/MarylandProgramistoinvestinearlystagecompaniesdirectlyandthroughVenturefirmsasalimitedpartnerinseveralventurefunds.Thetwoprimaryobjectivesforfundsbeinginvestedintoventurefundsareto
(1)
provideafinancialreturntotheStateand(2)investinMarylandbasedcompanies.Thehighestpriorityfortheventurefundsistoreturncapitalandprofitstothestate.Thereareseveralotherselectionfactorsasdescribedinthepassedlegislationandaredetailedin
AttachmentF-Invest/MarylandProgram-CodeEconomicDevelopmentArticle,Sees.6-501through6-529.
Sections6-517and6-518focusonthecertificationandselectioncriteriatobeusedinselectionandcertifyingventurefirms.AdditionalInvestlMarylanddocumentsareincludedin
AttachmentF.
Thesedocumentsinclude(1)al-pagedescriptionoftheprogram(2)apowerpointpresentationonInvestlMaryland,(3)aspreadsheetdemonstratingtheflowoffundsfrominsurancecompaniesandtheassociatedtaxcreditsinsubsequentyearsand(4)thepassedlegislationHB173/SB180.ThesedocumentsaretoassistyouinunderstandingtheInvest/Marylandprogramanditsintent.
GeneralConditions.
TheContractoremployedforthispurposewillbepaidbytheDepartmentfromexistingfundsources.TheContractorwillbepaidbasedonmutuallynegotiatedterms.TheDepartmentwillhavestafftoassistContractorinexecutingtasksduringtheevaluationandselectionprocess.ThisRFP,allproposals,andtheresultingcontractsaresubjecttotheMarylandPublicInformationAct.Offerorsmustspecificallyidentifythoseportionsoftheirproposals,ifany,whichtheydeemtoincludeconfidential,proprietaryinformationortradesecretsandmustprovidejustificationwhysuchmaterialshouldnot,uponrequest,bedisclosedbytheStateundertheAccesstoPublicRecordsAct,StateGovernmentArticle,Title10,Subtitle6oftheAnnotatedCodeofMaryland.
2
 
ThisRFPandanyContractenteredintoasaresulthereofisnotsubjecttotheprovisionsofDivisionIIoftheProcurementArticleortheStateprocurementregulationsassetforthinCOMARTitle21(collectively,the"ProcurementLaw").Nonetheless,therequirementsoftheProcurementLawwillbeappliedtothisRFPandtheContracttotheextentpracticableandconsistentwithobtainingthebestlegalcounselfortheState,allasdeterminedinthesolediscretionoftheContractOfficer.ThedisputeresolutionandappealprocedurescontainedintheProcurementLawwillnotapplytothissolicitation.WearenotresponsibleforanyexpensesyoumayincurinconnectionwithdevelopingandsubmittingaproposalorforfamiliarizingyourselfwiththeDepartment'sstatutesandprograms,includingtheInvestlMarylandProgram.IamthesolepointofcontactforthisRFP.
QuestionsaboutthisRFPmaybesubmittedtomebyfax,nolaterthan4:00p.m.onFriday,November18,2011,at(410)333-6931(fax).
Answerstoquestionswillbeprovidedtoallinterestedparties.Answerswillbeprovided,ifpossible,withoutdisclosureoftheidentityofthepersonorpartyaskingthequestion.Therewillbenopre-proposalconference.TheDepartmentreservestherighttoamendthisRFP,andanyamendmentswillbemailedoremailedtoallinterestedpersons.TheDepartmentalsoreservestherighttocancelthisRFP,andnoticeofcancellationwillbemailedoremailedtoallinterestedpersons.Theproposalmustbesubmittedinasealedenvelopeand/oremaileddirectlytofrdickson~choosemarylland.org.
AllproposalswillbeforwardedtotheMVFAforreviewandevaluation.
Weinviteyoutosubmitawrittenproposalsothatwecanformallyconsideryouforthisengagement.Wewillconsiderproposalssubmittedbyjointventures(ofnomorethantwoentities,please)solongasthejointventurearrangementmeetstheDepartment'sneeds.Bysubmittingaproposal,youacceptallofthetermsandconditionsofthisRFP.Ifselected,youwillbeexpectedtoenterintotheContract,theformofwhichisattachedas
Attachment
D.ThetermsandconditionsoftheContractarenotsubjecttonegotiation.Bysubmittingaresponse,youwillbedeemedtorepresentthatyourfirmisnotinarrearsinthepaymentofanyobligationdueandowingtheState,includingthepaymentoftaxesandemployeebenefits.
Proposal.
TheProposalshallincludethefollowinginformationandshallbepresentedinthefollowingorder:(1)InvestmentStrategyforInvest/Marylanda.AdescriptionoftheinvestmentstrategiesthatInvest/Marylandcoulddeploytomeetthegoalsoftheprogram.3

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