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D. Seaton and Associates partnered with Squire Patton Boggs to serve as Bond Counsel on the $170 million deal for Barnard College (Morningside Heights, Manhattan). The College will use funds to finance the construction of a new multipurpose facility which will include a modern library, faculty and staff office space, classrooms and academic space, as well as the reconstruction and renovation of existing space. Managing Partner Douglas M. Seaton represented his firm on this transaction.
Drohan Lee LLP teamed with Nixon Peabody LLP to serve as Bond Counsel on the $300 million deal for Columbia University. Columbia University intends to use bond proceeds to finance construction and renovation projects located throughout their University system and to refinance existing debt. This team also served as Bond Counsel on the $350 million deal for State University of New York Dormitory Facilities. Bond proceeds from this transaction will be used to refund previously issued DASNY Lease Revenue Bonds. Partner, Jae W. Lee represented his firm on these two deals.
Bryant Rabbino LLP joined with Hawkins, Delafield & Wood LLP to serve as Bond Counsel on the $440 million deal for the New School (Greenwich Village, Manhattan). Managing Partner B. Seth Bryant represented his firm on this deal.
Golden Holley James, LLP partnered with Hodgson Russ, LLP to serve as Bond Counsel on the $48.5 million Master BOCES Program Lease Revenue Bonds refunding. Robert E. James represented his firm on this deal.
DASNY is clearly establishing that all firms in the financial services sector will have an equal opportunity to compete for state business. A robust MWBE financial services sector can and should be a major asset to New York State. These firms will create needed jobs, generate new ideas, and sharpen competition among all firms for state business.
Background
DASNY is known for its assertive efforts to meet or exceed NYS Minority and Women-owned Business Enterprise (MWBE) goals when procuring construction-related professional services and purchasing services. DASNY has also become a leader in seeking out and retaining MWBEs for non-construction professional services. In 2008, DASNY participated in a Task Force (established under Executive Order 10) to increase the utilization of NYS MWBEs. As a result of the work of the Task Force, DASNY adopted a new Request For Proposal (RFP) format for financial services procurements and legal services procurements that eliminated previous barriers to entry. Prior to 2008, MWBE utilization among investment banks was 3 percent; today MWBE utilization has been in excess of 20 percent. The utilization of securities brokers has grown from 0 percent to over 30 percent in traditional (non-electronic) trading. DASNY now has an MWBE accounting firm which participates and completes 30 percent of the work for DASNY’s annual financial audit. DASNY also incorporated MWBE law firms in its bond counsel and underwriting legal work for the first time in over 20 years.
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