Financial giant Goldman Sachs has been engaged by the State as a financial advisor to provide advice as the New Aloha Stadium Entertainment District process moves toward issuing requests for qualifications and requests for proposals from prospective developers.

The State said Goldman Sachs will “provide advice regarding the evaluation of those elements of the RFQ and RFP process involving the financial specifics of respondents’ proposals. This advice will assist in evaluating and determining which respondent offers the best value proposition and financial return to the State. “

State comptroller Curt Otaguro briefed the Aloha Stadium Authority, which is part of the NASED project, on the selection.

Terms of the agreement have yet to be announced, pending execution of the contract, but the deal is expected to have a fixed ceiling on expenses and could run to as much as $1 million.

The New York-based firm was chosen from what was described as a pool of “multiple” parties.

Participation by Goldman Sachs is expected to be one of the final elements before the state issues an RFQ this month.

Chris Kinimaka, Public Works Administrator for the state Department of Accounting and General Services, has said the release of the RFQ is planned during the first quarter of the year.

An RFQ asks interested respondents to list their qualifications to undertake such a project, including experience in similar public-private partnership projects and financial wherewithal. After an evaluation period by a committee, respondents deemed qualified would be sent a request for proposals.

The state has said it is targeting a September 2023 opening of the new stadium on a portion of the 98-acre footprint occupied by the current facility in Halawa.