No Transaction shall be entered into by the City unless and until all of the following conditions have been met:
(a) The CFO shall, and is hereby authorized to, engage one or more Independent Advisors to prepare a report assessing the proposed Transaction. The compensation paid to any Independent Advisor pursuant to this engagement shall not depend, directly or indirectly, on whether the proposed Transaction closes. The Independent Advisor(s) shall disclose any direct financial relationship with the selected Contractor prior to the execution of the Transaction agreement. The report shall evaluate: (1) whether consideration of the proposed Transaction is in the best interests of the City and its residents; (2) whether the process of selecting the proposed Contractor for the Transaction was fair and transparent; and (3) whether the proposed Transaction provides the City fair value. In preparing the report, the Independent Advisor(s) shall consult, as necessary, with any Affected Departments. Such departments shall provide to the Independent Advisor(s), upon request, information pertinent to the proposed Transaction, including any potential effects on City employees. The primary Independent Advisor shall be engaged a minimum of ninety days prior to the city council vote on an ordinance approving a proposed transaction.
(b) The City shall utilize a competitive process to select each Contractor.
(c) Each Transaction shall be structured in a manner that preserves the right of the public to continued access to and use of the Asset on fair, nondiscriminatory terms, and shall include an explicit statement of the measures that the Contractor commits to undertake to meet those goals.
(d) The Contractor shall be required to provide funding for the City's oversight related to the Transaction and the Asset.
(Added Coun. J. 11-18-15, p. 14398, § 1)