HomeMy WebLinkAbout240549 12/30/2014 0�4�q
'� ''' CITY OF CARMEL, INDIANA VENDOR: 00351669
ONE CIVIC SQUARE H J UMBAUGH &ASSOCIATES CHECK AMOUNT: $***126,670.00•
�� a CARMEL, INDIANA 46032 8365 KEYSTONE CROSSING STE 300 CHECK NUMBER: 240549
'Ml>'UN LO INDIANAPOLIS IN 46240 CHECK DATE: 12/30/14
DEPARTMENT ACCOUNT PO NUMBER INVOICE NUMBER AMOUNT DESCRIPTION
902 4340303 138457 62,345.00 OTHER ACCOUNTING FEES
902 4340303 138458 23,622.00 OTHER ACCOUNTING FEES
902 4340303 138459 18,562.00 OTHER ACCOUNTING FEES
902 4340303 138460 9,101.00 OTHER ACCOUNTING FEES
902 4340303 138461 13,040.00 OTHER ACCOUNTING FEES
H. J. Umbaugh & Associates
Certified Public Accountants, LLP
8365 Keystone Crossing, Suite 300
Indianapolis,IN 46240-2687
(317)465-1500
Carmel Redevelopment Commission
c%Ms. Corrie A. Meyer, Redevelopment Director
30 West Main Street, Suite 220
Carmel, IN 46032
Re: Carmel Redevelopment Commission
Keystone Corporation—
The Olivia on Main Development
Invoice No. 138459 Please Include Invoice No. With Remittance
Date 12/12/2014
Client No. C00600.RED10 Interim Billing
For professional services rendered from July 21, 2014 through December 11, 2014 in connection with
financial planning of the proposed Olivia on Main Project. Services to-date include: preparation of tax
increment (TIF) projections and financial feasibility analyses based on investment information from
Developer; discussions and analysis related to Developer/CRC TIF split, impact on General Tax
Increment (BIG TIF) and debt service coverage on outstanding bonds; meetings/calls with developer;
discussions related to projects to be funded and past developer agreement; separation and creation of
new Allocation Area and preparation and distribution of tax impact analysis to overlapping taxing units;
special purpose accounting report; discussions and planning with Commission, Council members, and
attorneys; provide terms for bond documents and project agreement; attend public meetings; and other
related services, in accordance with an Engagement Agreement dated April 17,2013.
See attached detail of services.
Current Amount Due $ 18.562.00
WIRING INSTRUCTIONS
H. J. Umbaugh&Associates
Key Bank, N.A.
202 S. Michigan Street
South Bend, IN 46601
Account Number- 1215504838
Routing Number-041001039
Carmel Redevelopment Commission
Invoice Supporting Detail
Re: Keystone Corporation-The Olivia on Main-TIF Feasibility and Financial Planning
Date Service Description Employee Memo Hours Rate Fee
0721/2014 Teleconference Matthes Come re:Sophia Point(Olivia on Main) 0.25 $350.00 $87.50
07/212014 Teleconference Matthes Sophia Point-call with Chris Carriere-Keystone 0.50 350.00 175.00
Realty re:TIF FS,etc.;
07/212014 Financial Development-Prep Matthes Sophia Point-following call w/Chris Camere- 1.00 350.00 350.00
Keystone re:Prelim.TIF FS-discussing
assumptions w/HLA;research/compare to EDC
Bonds 2011A,etc.
07/21/2014 Financial Development-Prep Amspaugh Call w Chris Carriere re Sophia Pointe Project 1.00 220.00 220.00
and Feasibility;Disc w Loren
0723/2014 Correspondence Mouser Sophia Pointe Feasibility(FS) 0.25 150.00 37.50
0712312014 Financial Development-Prep Stanley Sophia Pointe FS 0.50 120.00 60.00
0723/2014 Financial Development-Prep Amspaugh Sophia Square Parking Garage TIF estimate; 2.25 220.00 495.00
07/24/2014 Financial Development-Prep Mouser Assist ARS w/Munex bond structuring 0.25 150.00 37.50
07/25/2014 Financial Development-Prep Mouser Sophia Pointe FS 0.50 150.00 75.00
07/25/2014 Financial Development-Prep Matthes Sophia Point-Ersal 0.50 350.00 175.00
07/25/2014 Financial Development-Prep Matthes Sophia Point-separate developer TIF incentive 1.00 350.00 350.00
split w/big TIF-to Keystone;email from Mayor,
07/28/2014 Financial Development-Prep Mouser Sophia Pointe FS 0.75 150.00 112.50
0728/2014 Financial Development-Prep Stanley FS Sophia Pointe 1.50 120.00 180.00
07/302014 Financial Development-Prep Stanley FS(Sophia Pointe) 1.25 120.00 150.00
07/31/2014 Financial Development-Prep Matthes Sophia Pointe-Ersal,HLA re:project,timing, 0.25 350.00 87.50
split,etc.
07/31/2014 Financial Development-Prep Stanley FS-Sophia Pointe 1.75 120.00 210.00
07/312014 Financial Development-Prep Amspaugh Sophia Pointe Disc w Alex;Call w Lee re property 2.00 220.00 440.00
ownership
08/01/2014 Umbaugh Reports-Prep Matthes Sophia Pointe TIF FS 1.00 350.00 350.00
08/042014 Teleconference Matthes Bruce Donaldson 0.25 350.00 87.50
08/042014 Financial Development-Prep Stanley FS Sophia Pointe 1.00 120.00 120.00
08/04/2014 Umbaugh Reports-Prep Matthes Sophia Pointe TIF FS-review and discuss w/ 1.50 350.00 525.00
HLA
08/05/2014 Financial Development-Prep Stanley FS Sophia Pointe 0.50 120.00 60.00
08/052014 Financial Development-Prep Amspaugh Sophia Pointe:Email w Keystone Corp; 1.00 220.00 220.00
Feasibility revisions
08/052014 Meeting Matthes Sophia Pointe-discuss TIF FS w/Corrie and 1.00 350.00 350.00
Bruce and Karl,project,TIF split,term,etc.;
discuss TIF FS Maximum for bond does;post
meeting instructions to staff
08/05/2014 Financial Development-Prep Stanley FS Sophia Pointe Maximums 1.25 120.00 150.00
08/06/2014 Financial Development-Prep Stanley FS Sophia Pointe Maximums 1.00 120.00 120.00
08/062014 Umbaugh Reports-Review Matthes Sophia Pointe-TIF FS Maximum for bond doc's 0.50 350.00 175.00
08/062014 Financial Development-Prep Amspaugh Review Sophia Pointe maximum feasibility for 1.00 220.00 220.00
legal docs
08/072014 Financial Development-Prep Stanley FS Sophia Pointe Maximums(75-25 6%) 1.00 120.00 120.00
08/112014 Financial Development-Prep Stanley Sophia Square Parking Garage TIF 0.25 120.00 30.00
08/132014 Umbaugh Reports-Prep Matthes Sophia Pointe/Olivia-discuss revised report for 1.50 350.00 525.00
Council and CRC-max 25-year and 20 year
bonds
08/132014 Legal Documents Matthes Sophia Pointe/Olivia-docs and emaiis from 0.50 350.00 175.00
Bruce Donaldson
08/13/2014 Financial Development-Prep Amspaugh Disc w Loren re Feasibility to send to Council and 0.75 220.00 165.00
CRC
08/142014 Financial Development-Prep Stanley FS Sophia Pointe 081514 1.75 120.00 210.00
08/152014 Correspondence Matthes Email to Corrie at al re:summarize TIF Report 1.00 350.00 350.00
optionstiimplications,etc.
08/152014 Umbaugh Reports-Review Matthes TIF FS-2 options 20-yr bonds and 25 yr bonds 2.00 350.00 700.00
08/192014 Correspondence Matthes Council commentaryldeas via email on TIF split, 0.25 350.00 87.50
ROI,etc.
08/20/2014 Financial Development-Prep Matthes 0.50 350.00 175.00
08/202014 Meeting Matthes CRC Executive Session;CRC Meeting-also 2.50 350.00 875.00
discussions w/Ersal between meetings
08/21/2014 Meeting Matthes Council Finance Committee-tabled;meeting 0.50 350.00 175.00
prep time
08/21/2014 Travel Matthes City Hall-Council Finance Committee-tabled 0.50 350.00 175.00
08/21/2014 Financial Development-Prep Matthes Discuss potential use of EDC Bonds and TIF to 1.00 350.00 350.00
fund CRC obligations to Keystone regarding
Olivia on Main property-staff,Corrie
08/25/2014 Correspondence Mouser TIF expiration 0.25 150.00 37.50
08/27/2014 Correspondence Mouser Re:allocation area 25-year life,AV projections 0.50 150.00 75.00
08127/2014 Correspondence Matthes Email from and to Chris Carderre re:HJU May 0.50 350.00 175.00
TIF Report and incremental AV assumptions on
Olivia on Main(Parcel 92)and past assumptions,
source,etc.
08/29/2014 Correspondence Mouser Sophia Pointe 0.25 150.00 37.50
09/11/2014 Correspondence Mouser Re:09/18/14 mtg. 0.25 150.00 37.50
09/17/2014 Financial Development-Prep Matthes Schedules for meeting-TIF FS and also Sophia 2.00 350.00 700.00
Sq.Pkg Garage analysis;copies
09/18/2014 Travel Matthes 0.50 350.00 175.00
09/18/2014 Travel Mouser Olivia on Main-Council Finance Committee 0.75 150.00 112.50
09/18/2014 Financial Development-Prep Mouser Various prep for mtg. 1.00 150.00 150.00
09/18/2014 Meeting Mouser Olivia on Main-Council Finance Committee 1.25 150.00 187.50
09/18/2014 Meeting Matthes Council Finance Committee 1.50 350.00 525.00
09/2212014 Correspondence Mouser legal docs and terms 0.75 150.00 112.50
09/30/2014 Meeting Matthes discuss status,issues w/Bruce and Karl 0.25 350.00 87.50
10/04/2014 Financial Development-Prep Mouser Tax Impact Statement(TIS) 0.25 150.00 37.50
10/06/2014 Correspondence Matthes Luc!/Corrie 0.25 350.00 87.50
10/06/2014 Travel Matthes 0.50 350.00 175.00
10/06/2014 Financial Development-Prep Matthes Calculate info to respond to Luci's question re: 1.50 350.00 525.00
BIG TIF assumption;Olivia TIF est 75/25 split,
difference and present value calculations(diff int.
rate assumptions)
10/06/2014 Financial Development-Prep Mouser NPV 1.25 150.00 187.50
10/06/2014 Meeting Matthes Council meeting 1.50 350.00 525.00
10/08/2014 Financial Development-Prep Mouser TIS 2.75 150.00 412.50
10/09/2014 Financial Development-Prep Mouser TIS 1.00 150.00 150.00
10/1312014 Financial Development-Prep Mouser TIS 0.50 150.00 75.00
10/1612014 Travel Matthes 0.50 350.00 175.00
10/16/2014 Meeting Matthes Council Finance meeting 1.50 350.00 525.00
10116/2014 Financial Development-Prep Mouser Parcel 16-09-26-04-03-001.000;TIS;discuss w/ 1.75 150.00 262.50
LMM prior to Finance Committee mtg.
10/16/2014 Regulatory Report-Prep Matthes TIS 5.00 350.00 1,750.00
10/17/2014 Regulatory Report-Prep Matthes TIS letters 1.25 350.00 437.50
10/17/2014 Regulatory Report-Prep Mack TIS,copy,mail 0.50 84.00 42.00
10/17/2014 Financial Development-Prep Mouser Finalize TIS for distribution 1.75 150.00 262.50
10/20/2014 Travel Mouser Travel to/from EDC mtg.&Council mtg. 0.75 150.00 112.50
10/20/2014 Financial Development-Prep Mouser Prep for EDC mtg.&Council mtg. 1.25 150.00 187.50
10/20/2014 Meeting Mouser EDC mtg.&Council mtg. 2.25 150.00 337.50
10/21/2014 Financial Development-Prep Mouser Follow-up from 10/20/14 mtgs. 0.50 150.00 75.00
10/23/2014 Correspondence Mouser Re:legal docs 0.25 150.00 37.50
12/04/2014 Financial Development-Prep Mouser TIS info to HLA 0.25 150.00 37.50
76.25 $18,562.00
H. J. Umbaugh & Associates
Certified Public Accountants,LLP
8365 Keystone Crossing,Suite 300
Indianapolis,IN 46240-2687
(317)465-1500
Carmel Redevelopment Commission
c/o Ms. Corrie A. Meyer, Redevelopment Director
30 West Main Street, Suite 220
Carmel, IN 46032
Re: Carmel Redevelopment Commission
Ed Rose—Grand&Main Development
Invoice No. 138458 Please Include Invoice No. With Remittance
Date 12/12/2014
Client No. C00600.RED44 Interim Billing
For professional services rendered from November 20, 2013 through December 11, 2014 in connection
with financial planning of the proposed Grand & Main Project. Services to-date include: preparation of tax
increment (TIF) projections and financial feasibility analyses based on investment information from
Developer; discussions and analysis related to Developer/CRC TIF split, impact on General Tax
Increment (BIG TIF) and debt service coverage on outstanding bonds; meetings/calls with developer;
separation and creation of new Allocation Area and preparation and distribution of tax impact analysis to
overlapping taxing units; special purpose accounting report; discussions and planning with Commission,
Council members, and attorneys; provide terms for bond documents and project agreement; attend public
meetings; and other related services, in accordance with an Engagement Agreement dated April 17, 2013.
See attached detail of services.
Current Amount Due $ 23.622.00
WIRING INSTRUCTIONS
H.J. Umbaugh &Associates
Key Bank, N.A.
202 S. Michigan Street
South Bend, IN 46601
Account Number- 1215504838
Routing Number-041001039
Carmel Redevelopment Commission
Invoice Supporting Detail
Re: Ed Rose-Grand&Main-TIF Feasibility and Financial Planning
Date Service Description Employee Memo Hours Rate Fee
11/20/2013 Teleconference Matthes Ed Rose Apt mixed use in Old Meridian-discuss 0.50 $350.00 $175.00
with Steve Hardin-Faegre BD-info
11/20/2013 Financial Development-Prep Amspaugh Edward Rose mixed use development 1.50 220.00 330.00
11/22/2013 Financial Development-Prep Amspaugh Edward Rose development parcel research 0.25 220.00 55.00
12/04/2013 Financial Development-Prep Matthes Hardin-Ed Rose multi use project-OM TIF Area, 1.00 350.00 350.00
residential parcels,Future Development Schedule;
VM's to Steve;
12/05/2013 Teleconference Matthes Ed Rose Devt-calls w/Steve Hardin,Rick Sharp 0.50 350.00 175.00
re:BIG TIF devt assumption,TIF split,etc_
12/10/2013 Correspondence Matthes Follow-up on Hardin-Edward Rose project 0.25 350.00 87.50
12/11/2013 Correspondence Matthes Emails re:CRC and Developer Agreements to pay 0.75 350.00 262.50
professional fees-to KPH,Bruce,Steve Hardin-
rep.Edward Rose
03/21/2014 Correspondence Matthes Bruce D.re:Developer counsel role,schedule 0.25 350.00 87.50
meeting,etc.
03/24/2014 Financial Development-Prep Amspaugh Mtg setup;Emails w Wkg grp 0.50 220.00 110.00
03/26/2014 Meeting Amspaugh Meeting prep and Meeting w Edward Rose folks 2.75 220.00 605.00
regarding The District project
03/26/2014 Meeting Matthes 2.00 350.00 700.00
03/28/2014 Financial Development-Prep Amspaugh Emails w Steve Hormann re project details 0.25 220.00 55.00
04/01/2014 Financial Development-Prep Stanley Ed Rose TIF Feasibility(FS) 0.25 120.00 30.00
04/01/2014 Financial Development-Prep Amspaugh Feasibility 1.75 220.00 385.00
04/02/2014 Financial Development-Prep Stanley FS 5.50 120.00 660.00
04/02/2014 Financial Development-Prep Amspaugh Disc Ed Rose project and feasibility w Alex 0.50 220.00 110.00
04/30/2014 Financial Development-Review Amspaugh Review FS 1.25 220.00 275.00
05/01/2014 Financial Development-Review Amspaugh Review FS 0.50 220.00 110.00
05/01/2014 Financial Development-Prep Matthes TIF FS,draw-question-$500K for Main St.imps- 0.50 350.00 175.00
Developer,Mayor,Bruce
05/02/2014 Financial Development-Review Amspaugh Review FS 0.25 220.00 55.00
05/05/2014 Financial Development-Review Amspaugh Review FS 1.50 220.00 330.00
05/05/2014 Financial Development-Prep Stanley FS Ed Rose 1.25 120.00 150.00
05/06/2014 Teleconference Stanley Call with Developer and bond counsel 1.00 120.00 120.00
05/06/2014 Financial Development-Prep Amspaugh Conf call w Wkg Grp;Disc w Loren and Alex 1.25 220.00 275.00
05/06/2014 Teleconference Matthes Call with Developers 0.50 350.00 175.00
05/06/2014 Umbaugh Reports-Review Matthes 'The District'-TIF/Bond FS-follow-up-apt 2.75 350.00 962.50
comps, land value,res demo,etc.-additional info
and discuss post-call with developers
05/07/2014 Financial Development-Prep Stanley FS Ed Rose 2.75 120.00 330.00
05/07/2014 Umbaugh Reports-Review Matthes TIF FS 2.50 350.00 875.00
05/07/2014 Correspondence Matthes to Developers re: additional options to consider in 1.00 350.00 350.00
addition to the TIF FS Report
05/07/2014 Financial Development-Prep Matthes discuss/review revised land value assumptions 0.50 350.00 175.00
05/07/2014 Financial Development-Prep Amspaugh Disc w Alex re assumptions;Call w Kevin Poore: 3.50 220.00 770.00
Review property record card comps
05/09/2014 Financial Development-Prep Stanley FS Ed Rose 1.50 120.00 180.00
05/09/2014 Teleconference Amspaugh Call w Ed Rose folks re Feasibility updates;Disc w 0.50 220.00 110.00
Alex
05/09/2014 Financial Development-Prep Matthes Discuss developers revised assumptions w/HIA 0.25 350.00 87.50
05/12/2014 Financial Development-Prep Stanley FS 0.50 120.00 60.00
05/12/2014 Financial Development-Review Amspaugh Review Ed Rose Feasibility 1.00 220.00 220.00
05/12/2014 Umbaugh Reports-Review Matthes Revised TIF FS Report 2.00 350.00 700.00
05/13/2014 Financial Development-Prep Stanley FS 0.50 120.00 60.00
05/13/2014 Financial Development-Prep Amspaugh Send revised FS to Wkg Grp 0.50 220.00 110.00
05/19/2014 Correspondence Matthes Email from and to Steve H.re:hotel and senior 0.25 350.00 87.50
living assessment detail
05/28/2014 Teleconference Stanley Conference call with developer 0.75 120.00 90.00
05/28/2014 Teleconference Amspaugh Conference call w Ed Rose folks re feasibility 0.75 220.00 165.00
assumptions and additional scenarios;Disc w Alex
&Loren
05/28/2014 Teleconference Matthes Call w/developers-discuss TIF FS,additional 2.00 350.00 700.00
options,etc.-follow-up discussion w/staff;call w/
Bruce Donaldson re:options and legal nuances
05/29/2014 Financial Development-Prep Amspaugh Review/Disc w Alex revised Feasibility 0.25 220.00 55,00
05/29/2014 Financial Development-Prep Stanley FS 3.25 120.00 390.00
05/30/2014 Financial Development-Prep Matthes Discussion options and assumptions w/Heidi 0.50 350.00 175.00
based on conversation by Bruce on Wednesday;
set meeting w/Steve H for WG
05/30/2014 Financial Development-Prep Stanley FS 1.25 120.00 150.00
06/02/2014 Financial Development-Prep Stanley Revising FS 0.75 120.00 90.00
06/02/2014 Financial Development-Review Amspaugh Review FS 1.75 220.00 385.00
06/03/2014 Financial Development-Prep Stanley Updating FS 0.25 120.00 30.00
06/0312014 Umbaugh Reports-Review Matthes TIF FS-6 new options 1.25 350.00 437.50
06/03/2014 Financial Development-Review Amspaugh Review Feasibility;Send to Wkg Grp 1.25 220.00 275.00
06/04/2014 Meeting Stanley Meeting with developer and CRC 2.25 120.00 270.00
06/04/2014 Meeting Matthes Meeting w/developers,Come and attorneys 1.00 350.00 350.00
0610412014 Travel Matthes 0.50 350.00 175.00
06/04/2014 Financial Development-Prep Matthes Post-meeting follow-up questions and answers w/ 1.00 350.00 350.00
Karl and Bruce re: bonds,guarantees,project
completion,split,etc.
06/04/2014 Meeting Amspaugh Ed Rose Mtg w Developers; 1.50 220.00 330.00
06/06/2014 Teleconference Stanley Call with developer discussing new scenarios 0.25 120.00 30.00
06/07/2014 Financial Development-Prep Stanley FS 1.50 180.00 270.00
06/09/2014 Financial Development-Prep Stanley FS 0.25 120.00 30.00
06/1012014 Financial Development-Review Amspaugh Review Feasibility 1.00 220.00 220.00
06/12/2014 Financial Development-Prep Stanley FS 061614 0.50 120.00 60.00
06/18/2014 Financial Development-Prep Stanley FS 061814 0.25 120.00 30.00
06/18/2014 Financial Development-Review Amspaugh Review FS for RDC mtg 2.00 220.00 440.00
06/30/2014 Correspondence Matthes Bruce and HLA re:appeal and potential base AV 0.25 350.00 87,50
impact
07/08/2014 Financial Development-Prep Stanley Preparing FS 071614 0.25 120.00 30.00
07/09/2014 Financial Development-Prep Stanley Revising FS 0.50 120.00 60.00
07/09/2014 Financial Development-Prep Amspaugh Revelw FS and send to Wkg Grp;Email re special 0.75 220.00 165.00
mtg
07/15/2014 Financial Development-Prep Amspaugh Email Feasibility to Council,RDC,Mayor,etc.for 0.25 220.00 55.00
discussion purposes
07/21/2014 Regulatory Report-Prep Stanley Tax Impact Statement(TIS)analysis 2.25 270.00 607.50
07/21/2014 Meeting Matthes Council-Grand&Main TIF Area Resolution;EDC 1.50 350.00 525.00
Bond Ordinance 1st Reading
07/21/2014 Financial Development-Prep Matthes Prepare for meeting 0.50 350.00 175.00
07/21/2014 Travel Matthes 0.50 350.00 175.00
07/22/2014 Financial Development-Review Mouser Review TIS 1.25 150,00 187.50
07/22/2014 Financial Development-Prep Matthes Reviewing schedules and discuss appeal with HLA 1.00 350.00 350.00
-adjust base or TIF,etc.
07/23/2014 Regulatory Report-Prep Stanley TIS 0.25 120.00 30.00
07/29/2014 Financial Development-Prep Mouser TIS;emails 0.50 150.00 75.00
07/31/2014 Engagement Planning Matthes Bruce re:various meetings,scheduling 0.25 350.00 87.50
08/04/2014 Financial Development-Prep Amspaugh Impact Statement review 0.75 220.00 165.00
08/05/2014 Financial Development-Prep Amspaugh Tax Impact Statement review 1.75 220.00 385.00
08/05/2014 Regulatory Report-Prep Stanley TIS&TIS Ltrs 1.25 150.00 187.50
08/06/2014 Financial Development-Review Amspaugh Review impact statement letters 1.25 220.00 275.00
08/06/2014 Regulatory Report-Prep Stanley TIS 0.25 120.00 30.00
08/06/2014 Regulatory Report-Prep Matthes Revising Tax Impact Stmt 3.50 350.00 1,225.00
08/07/2014 Financial Development-Prep Amspaugh TIS 0.25 220.00 55.00
08/07/2014 Umbaugh Reports-Prep DeBerry TIS Copy,mail 0.50 84.00 42.00
08111/2014 Financial Development-Prep Amspaugh Send estimate COIT Calc to Wkg Grp;Impact 0.75 220.00 165.00
Statement delivery notices to Wkg Grp
08/11/2014 Correspondence Matthes TIF FS Report to EDC members:respond to 1.00 350.00 350.00
question from Luc!re:75/25 split,and provide#
detail,explanation;add'I questionfinfo to Luci re:
other developer/CRC TIF splits
08/11/2014 Financial Development-Prep Matthes Info for meeting 0.50 350.00 175.00
08/11/2014 Meeting Matthes Carmel Council Finance Committee Meeting 0.50 350.00 175.00
08/11/2014 Travel Matthes 0.50 350.00 175.00
08/12/2014 Travel Matthes 0.50 350.00 175.00
08/12/2014 Meeting Matthes EDC Meeting 1.00 350.00 350.00
08/13/2014 Financial Development-Prep Amspaugh Disc w Loren re closing and timing on Grand& 0.75 220.00 165.00
Main;email to Bruce re closing
08/14/2014 Legal Documents Matthes Confirmatory,Pledge Resolution,TI-discuss 1.00 350.00 350.00
surplus and email Come,Bruce and Karl re:
adding annual admin fees to be paid from
developer share
08/29/2014 Financial Development-Prep Mouser Ed Rose 0.25 150.00 37.50
09/04/2014 Financial Development-Prep Mouser Ed Rose 0.50 150.00 75.00
09/08/2014 Financial Development-Prep Mouser Ed Rose 0.25 150.00 37.50
99.50 $23,622.00
H. J. Umbaugh & Associates
Certified Public Accountants,LLP
8365 Keystone Crossing, Suite 300
Indianapolis,IN 46240-2687
(317)465-1500
Carmel Redevelopment Commission
c/o Ms. Corrie A. Meyer, Redevelopment Director
30 West Main Street, Suite 220
Carmel, IN 46032
Re: Carmel Redevelopment Commission
Parcel 5—City Center Ph. 2 and Parking Garage
Invoice No. 138457 Please Include Invoice No. With Remittance
Date 12/12/2014
Client No. C00600.RED 13 Interim Billing
For professional services rendered from May 23, 2014 through December 11, 2014 in connection with
financial planning of the proposed Parcel 5 Project. Services to-date include: preparation of tax increment
projections and financial feasibility analyses based on investment information from Developer; exploring a
variety of financing options including swaps, COIT back-up, etc.with the City and the Developer; meetings
with developer; developing layers of protection—coverage, PIATT Agreement, guarantees, letter of credit,
reserves, etc; begin process of separating and establishing new Allocation Areas and analyzing impacts;
special purpose accounting report; discussions and planning with Commission, Council members,
attorneys and exploratory discussions with underwriters/bankers; provide terms for bond documents and
project agreement; attend public meetings; and other related services, in accordance with an Engagement
Agreement dated April 17, 2013.
See attached detail of services.
Current Amount Due $ 62.345.00
WIRING INSTRUCTIONS
H. J. Umbaugh&Associates
Key Bank, N.A.
202 S. Michigan Street
South Bend, IN 46601
Account Number-1215504838
Routing Number-041001039
Carmel Redevelopment Commission
Invoice Supporting Detail
Re: Parcel 5-TIF Feasibility and Financial Planning
Date Service Description Employee Memo Hours Rate Fee
05/23/2014 Teleconference Matthes Corrie Meyer-discuss Pedcor-potential re-fi; 0.75 $350.00 $262.50
parking garage financing/security,etc.
06/04/2014 Meeting Matthes Meeting w/Karl,Bruce and Come-discuss 0.50 350.00 175.00
parking garage and CC2,financing options,etc.
07/09/2014 Financial Development-Prep Amspaugh Pedcor Parcel 5 discussion w Alex re:Feasibility 1.00 220.00 220.00
07/09/2014 Financial Development-Prep Stanley Reviewing Pedcor Parcel 5 Projects 1.50 120.00 180.00
information/Discussing with HLA
07/10/2014 Financial Development-Prep Amspaugh Disc w Alex re FS;Email to Laude re buildings 1.50 220.00 330.00
generating TIF;Review of Comps;Email to Come
re TIF Boundary lines
07/1012014 Financial Development-Prep Stanley Parcel 5 FS 5.00 120.00 600.00
07/11/2014 Financial Development-Prep Stanley Parcel 5 FS 1.50 120.00 180.00
07/142014 Financial Development-Prep Amspaugh Disc w Alex re Comparable assumptions 0.75 220.00 165.00
07/142014 Financial Development-Prep Stanley FS 3.25 120.00 390.00
07/182014 Financial Development-Prep Stanley FS 071814 1.00 120.00 120.00
07/18/2014 Financial Development-Prep Matthes TIF FS with HLA-discussing TIF assumptions, 2.75 350.00 962.50
compare to Pedcor TIF assumptions,land AV and
ownership,timing of CC2 devt,garage and
financing,bond assumptions,security,etc.;bond
options,developer guarantee(taxable),tax-
exempt SBT bonds,etc.-call Corrie to discuss;
email to Karl,Come,Bruce and from Karl
07/18/2014 Financial Development-Prep Amspaugh FS Review;Disc w Loren and Alex;Call w Corrle 3.50 220.00 770.00
07/21/2014 Financial Development-Prep Amspaugh Disc w Alex re Feasibility 0.25 220.00 55.00
07/21/2014 Teleconference Matthes Come re:options for meeting w/Mayor 0.25 350.00 87.50
07212014 Financial Development-Prep Stanley FS 0.50 120.00 60.00
07/21/2014 Financial Development-Prep Matthes discuss options 0.50 350.00 175.00
07/22/2014 Financial Development-Prep Amspaugh Review FS 1.00 220.00 220.00
07/22/2014 Financial Development-Prep Stanley FS 2.25 120.00 270.00
07/23/2014 Travel Matthes 0.50 350.00 175.00
07/232014 Meeting Matthes Meeting w/Mayor 1.50 350.00 525.00
07/23/2014 Umbaugh Reports-Prep Matthes Reviewing and revising TIF FS options;and prep 3.00 350.00 1,050.00
summary chart for meeting w/Mayor
07/23/2014 Financial Development-Prep Amspaugh Review FS;Disc w Loren 2.75 220.00 605.00
07/23/2014 Financial Development-Prep Stanley FS 072314 3.75 120.00 450.00
07/24/2014 Financial Development-Prep Matthes Post-meeting(Mayor)notes and discuss new 0.50 350.00 175.00
options to prepare/w Heidi in prep for meeting w/
Cordingly on Friday
07/24/2014 Financial Development-Prep Amspaugh Disc w Alex re FS update 1.25 220.00 275.00
0724/2014 Financial Development-Prep Stanley FS 3.50 120.00 420.00
07/25/2014 Travel Matthes 0.50 350.00 175.00
07/25/2014 Financial Development-Prep Matthes Post-meeting notes and discussion;discuss 0.75 350.00 262.50
potential SWAPS etc.w/GGM;request Nash
underlying does from Come,etc.;
07/25/2014 Meeting Amspauph Discussion w Gary re SWAPs safe harbor 1.00 220.00 220.00
0725/2014 Legal Documents Matthes Discuss Municipal Advisor sign-off,SWAPs safe 1.00 350.00 350.00
Harbor letter-Carmel/Pedcor w/GGM,and
provide response to Pedcor and CRC,et al
0725/2014 Financial Development-Prep Matthes Reviewing,discussing,editing revised schedules 1.00 350.00 350.00
and options and asssumptions w/Heidi for
meeting w/Pedcor and Mayor
07252014 Meeting Matthes Meeting w/Mayor and Come and Bruce Cordingly, 1.50 350.00 525.00
Pedcor
07/25/2014 Meeting Amspaugh Mtg w Bruce Cordingly,Mayor and Come;Mtg 3.00 220.00 660.00
prep and disc w LMM
07/31/2014 Correspondence Matthes Email from/to Corde re:meeting on 815 0.25 350.00 87.50
07/312014 Financial Development-Prep Matthes 0.50 350.00 175.00
08/04/2014 Teleconference Matthes Kari Haas 0.50 350.00 175.00
08/04/2014 Financial Development-Prep Amspaugh Mtg prep 0.75 220.00 165.00
08/04/2014 Financial Development-Prep Matthes Prep schedules and info for the meeting;read 2.25 350.00 787.50
Nash PLATT Agreement
08/05/2014 Travel Mouser Travel to/from mtg. 0.75 150.00 112.50
08/05/2014 Meeting Matthes Financial Planning meeting-discussing options w/ 2.00 350.00 700.00
WG-Corrie,Karl,Bruce
08/05/2014 Meeting Mouser Mtg. 2.25 150.00 337.50
08/13/2014 Financial Development-Prep Amspaugh Disc w Loren re options for 8/18 Mtg 1.00 220.00 220.00
08/13/2014 Financial Development-Prep Matthes Working on financing feasibility,different options 2.00 350.00 700.00
w/Heidi in preparation for meeting with Mayor
08/14/2014 Correspondence Matthes From/to Corrie-re:caution on discussions w/ 0.50 170.00 85.00
Council members/strategy,etc.
08/14/2014 Correspondence Matthes Info from/to Pedcor re:BMO info on hedging 1.00 350.00 350.00
structure,other alternatives,etc.;email to Corrie,
Bill Hammer,KPH:forward email to GGM,BCC
re:Pedcor and BMO proposalrinfo on swaps,etc.
08/14/2014 Financial Development-Prep Amspaugh Carmel Parcel 5 Disc w Alex&Call w Jim Merten 1.50 220.00 330.00
&emaiis w Wkg Grp;Email to Laurie re
assumptions
08/14/2014 Financial Development-Prep Stanley FS 081814 2.75 120.00 330.00
08/15/2014 Financial Development-Prep Malone Discussion re SWAPS etc 2.50 400.00 1,000.00
08/15/2014 Financial Development-Prep Matthes Emalls,#'s from Pedcor re:TIF and BMO Swaps, 2.00 350.00 700.00
etc;discuss by GGM;revised Umbaugh Vs,pros's
and cons for meeting w/Mayor;discuss wl GGM
08/15/2014 Financial Development-Prep Stanley FS 081814 2.25 120.00 270.00
08/18/2014 Travel Matthes 0.50 350.00 175.00
08/18/2014 Financial Development-Prep Matthes More emaiis from Pedcor re:TIF and BMO Swaps, 1.25 350.00 437.50
etc;forward to Bob Clifford and GGM;prepare for
meeting w/Mayor,Cordingly
08/18/2014 Meeting Matthes Meeting w/Mayor,Cordingly,Jared,attorneys, 1.25 350.00 437.50
Come-financial planning,TIF growth,
alternatives:swaps,VAR,fixed,COIT,SBT,etc
08/18/2014 Financial Development-Prep Amspaugh Disc w Loren;Review schedules;Disc w Andy 2.00 220.00 440.00
08/18/2014 Meeting Malone Meeting and prep 4.00 400.00 1,600.00
08/19/2014 Financial Development-Prep Stanley Historical Assessed Value Change schedule 0.25 120.00 30.00
08/19/2014 Financial Development-Prep Malone discuss swaps and risks 0.50 400.00 200.00
08/1912014 Financial Development-Prep Amspaugh Review Pedcor's TIF Estimate 1.50 220.00 330.00
08/19/2014 Financial Development-Prep Clifford Swaps and risks 2.00 280.00 560.00
08/19/2014 Financial Development-Prep Matthes Andy,GGM,Come-notes,email discussion w/ 2.25 350.00 787.50
Karl,Bruce and Jared re:structure,COIT and
VAR rates,int.rate risk reserve,etc.;TIF
differences and additional dev'ts w/HLA
08/20/2014 Financial Development-Prep Matthes 1.00 350.00 350.00
08/20/2014 Teleconference Matthes Attorneys and BMO-financial planning 1.50 350.00 525.00
discussions
08/20/2014 Financial Development-Prep Amspaugh TIF Estimate review;Conference call w Wkg Grp 3.00 220.00 660.00
re financial options;Comps request;AV growth
comparison
08/20/2014 Financial Development-Prep Stanley Historical AV Change 4.25 120.00 510,00
08/21/2014 Financial Development-Prep Stanley Updating comps with pl5 values 1.00 120.00 120.00
08/21/2014 Financial Development-Prep Matthes CC2 TIF FS-review and revisions;summary 2.00 350.00 700.00
points for Mayor
08/22/2014 Financial Development-Prep Amspaugh TIF Estimate update 7.50 220.00 1,650.00
08/25/2014 Financial Development-Prep Matthes Growth analysis 0.50 350.00 175.00
08/25/2014 Correspondence Matthes Emails re: timing and structure-Corrie,Bruce D. 0.50 350.00 175.00
08/25/2014 Financial Development-Prep Amspaugh Historical AV growth comparison 2.00 220.00 440.00
08/25/2014 Financial Development-Prep Mouser Timetable,other 1.25 150.00 187.50
08/26/2014 Financial Development-Prep Mouser Various;mtg.w/Laurie(Pedcor) 2.25 150.00 337.50
08/26/2014 Financial Development-Prep Amspaugh Send Laurie updated comps;Reply to email re 3.00 220.00 660.00
computed AV;Mtg w Laurie re TIF Estimate and
details
08/26/2014 Meeting Matthes Meeting w/Laurie Siler,Pedcor re:TIF#'s,comp's 1.50 350.00 525.00
and calculations
08/26/2014 Financial Development-Prep Matthes Reviewing assessment card detail/w Heidi-AV, 1.00 350.00 350.00
grade factor,depreciation,etc.and planning TIF
report for Parcel 5 to provide to CRC
08/27/2014 Financial Development-Prep Amspaugh Parcel 5 discussion of base value with Loren; 1.00 220.00 220.00
Review 2 additional parcels;Disc TIF estimate
change
08/27/2014 Financial Development-Prep Mouser Parcel 5 0.50 150.00 75.00
08/27/2014 Financial Development-Prep Matthes Reviewing and discussing w/Heidi-the parcel 1.00 350.00 350.00
changes and base values and changes to TIF
projection
08/28/2014 Financial Development-Prep Amspaugh Revise TIF Estimate 2.25 220.00 495.00
08/28/2014 Financial Development-Prep Mouser Parcel 0.50 150.00 75.00
08/29/2014 Financial Development-Prep Mouser Parcel 5 1.00 150.00 150.00
08/29/2014 Engagement Planning Matthes Come-scheduling meetings,etc. 0.25 350.00 87.50
09/02/2014 Financial Development-Prep Amspaugh TIF Update 2.75 220.00 605.00
09/02/2014 Financial Development-Prep Mouser Re:parcel 5 1.50 150.00 225.00
09/02/2014 Financial Development-Prep Matthes Post call internal discussion/planning-discuss 0.50 350.00 175.00
new Allocation Areas,removals,future splitting of
parcels,base AVs'; discuss TIF estimate HJU vs
Pedcor-small difference on the comp's and
estimates etc.
09/02/2014 Teleconference Matthes Ron Brown,Laurie,Jesus-Pedcor,Bruce and 0.75 350.00 262.50
Brad-B&T and(Umbaugh)HLA,Andy re:new
Allocation Areas,removals,future splitting of
parcels,etc.
09/03/2014 Financial Development-Prep Mouser Various;conf call to review talking points 3.50 150.00 525.00
09/03/2014 Teleconference Matthes Financial and project planning call w/Corrie, 2.00 350.00 700.00
Bruce and Karl
09104/2014 Financial Development-Prep Mouser TIF assumptions 0.25 150.00 37.50
09/04/2014 Financial Development-Prep Matthes Review Laurie's#'s re:land and base values and 0.50 350.00 175.00
changes
09/05/2014 Financial Development-Prep Mouser TIF estimate 3.25 150.00 487.50
09/05/2014 Financial Development-Prep Matthes Review and discuss with Andy-Laurie's Vs re: 0.50 350.00 175.00
land and base values and changes
09/09/2014 Financial Development-Prep Mouser Review legal dors re:allocation areas 1.75 150.00 262.50
09/10/2014 Financial Development-Prep Mouser Various,review legal docs 0.50 150.00 75.00
09/10/2014 Meeting Matthes Discuss project,financing w/Sue Finkham @ 0.50 350.00 175.00
TACT,and other related matters
09/11/2014 Legal Documents Mouser Re:legal docs for 09/15/14 CRC mtg. 1.25 150.00 187.50
09/11/2014 Financial Development-Prep Matthes Corde's diagram on Parcel 5 layers of protection; 1.50 350.00 525.00
instructions to Andy regarding financial schedules
to prepare for meetings;emails from Karl Haas
09/12/2014 Financial Development-Prep Mouser Re:energy center,layers of protection,etc. 1.00 150.00 150.00
09/15/2014 Financial Development-Prep Mouser Parcel 5 6.00 150.00 900.00
09/15/2014 Correspondence Matthes Various emails wl Corrie on Parcel 5 project 0.50 350.00 175.00
09/16/2014 Financial Development-Prep Mouser FS,other various work 4.25 150.00 637.50
09/16/2014 Financial Development-Review Stanley Proofing FS 1.00 120.00 120.00
09/16/2014 Umbaugh Reports-Review Matthes review TIF and bond schedules w/Andy; 2.50 350.00 875.00
transmittal message to WG-summary and points;
rnmnarinn to Pedcor S&U schedule and last deht
09/17/2014 Financial Development-Prep Clifford Swap Advisor issues. 0.50 280.00 140.00
0911712014 Financial Development-Prep Mouser Various 1.00 150.00 150.00
09/17/2014 Meeting Matthes Corrie and Bruce re:Bonds,project gap,etc. 0.50 350.00 175.00
09/17/2014 Meeting Matthes Meeting w/Eric Seidensticker to discuss proposed 1.50 350.00 525.00
financing
09117/2014 Financial Development-Prep Matthes Emails/discussions re:security,structure options, 1.00 350.00 350.00
gap; Bruce's email regarding need for City swap
policy to be approved by IFA,etc.
09/18/1014 Financial Development-Prep Mouser Re:SWAP,other 0.25 150.00 37.50
09/22/2014 Correspondence Mouser Re:fixed rate financing 0.75 150.00 112.50
09/22/2014 Financial Development-Prep Matthes Email from Corrie from Bruce Cordingly re 1.50 350.00 525.00
conversation w/Mike Schumaker @ City
Securities and potential 4%fixed taxable rate
bonds;send email response and call Mike
Schumaker-discuss and email update to WG
09/22/2014 Teleconference Matthes Mike Schumaker-City Securities 0.50 350.00 175.00
09/25/2014 Financial Development-Prep Mouser Various re:parcel 5 0.50 150.00 75.00
09/25/2014 Financial Development-Prep Matthes Analysis based on KPH email 4.125%i rate, 0.50 350.00 175.00
bonds issued now(early 2015)
09/25/2014 Legal Documents Matthes UW IRMA letters to Corrie from BMO and City 0.50 350.00 175.00
Securities
09/25/2014 Correspondence Matthes Emails from Laurie Siler,Bruce Cordingly,Bruce 0.25 350.00 87.50
D.re:Pedcor bond schedules
09/26/2014 Financial Development-Prep Mouser For Mayor:graph(big TIF+parkwood vs.debt 4.75 150.00 712.50
service),1%growth analysis;review Pedcor
options
09/26/2014 Financial Development-Prep Matthes Compare Pedcor bond schedules to Umbaugh 1.50 350.00 525.00
schedules;note differences,changes for Andy to
make,etc.
09/29/2014 Financial Development-Prep Mouser Discuss w/LMM;prep for 09/30/14 mtg.;revise 2.25 150.00 337.50
schedules
09/29/2014 Umbaugh Reports-Review Matthes Revised report for meeting and prep info for 0.75 350.00 262.50
meeting
09/30/2014 Financial Development-Prep Mouser Mtg.follow-up 0.25 150.00 37.50
09/30/2014 Travel Mouser Travel to/from mtg.@ Pedcor 0.75 150.00 112.50
09/30/2014 Meeting Mouser Mtg.@ Pedcor 2.25 150.00 337.50
09/30/2014 Meeting Matthes With Pedcor;and post-meeting discussion w/Karl 2.25 350.00 787.50
and Bruce
09/30/2014 Travel Matthes 0.50 350.00 175.00
10104/2014 Regulatory Report-Prep Mouser TIS 0.25 150.00 37.50
10/0612014 Regulatory Report-Prep Mouser TIS 3.25 150.00 487.50
10/06/2014 Meeting Matthes Council meeting 1.75 350.00 612.50
10/07/2014 Financial Development-Prep Mouser TIS,info for LMM for Chris Sikich questions incl. 4.50 150.00 675.00
2012 refi info,other work
10/07/2014 Financial Development-Prep Matthes Financial planning w/Andy-discuss parameters 0.50 350.00 175.00
needed for legal does and analysis of rate buy-
down via up front premium or annual payments
10/07/2014 Regulatory Report-Prep Matthes Planning: Tax Impact Stmt for all the Allocation 0.25 350.00 87.50
Area changes
10/08/2014 Regulatory Report-Prep Mouser TIS 1.75 150.00 262.50
10/09/2014 Financial Development-Prep Mouser Re:Shapiro's,City Securities call 0.25 150.00 37.50
10/09/2014 Regulatory Report-Prep Mouser TIS 2.00 150.00 300.00
10/09/2014 Financial Development-Prep Matthes Jenny Shoup re:Pedcor Shapiro's purchase and 1.00 350.00 350.00
calculation of pay-off of 2nd ICs;Bruce DJCorde
re:scheduling and bond parameters,etc.;contact
Mike Schumaker
10/10/2014 Financial Development-Prep Mouser Shapiro's/Secondary IC calcs;call w/LMM& 5.00 150.00 750.00
Mike Schumaker to discuss parameters,etc.;
voicemail w/Laurie Siler
10/10/2014 Financial Development-Prep Matthes Pedcor Shapiro's purchase and calculation of pay- 1.50 350.00 525.00
off of 2nd ICs;call Laurie;Mike Schumaker re:
bond parameters;questions re:5 Allocation Areas,
Motorcourt East and West,etc.
10/13/2014 Financial Development-Prep Mouser Secondary ICs,parameters,other 1.00 150.00 150.00
10/13/2014 Financial Development-Prep Matthes Pedcor Shapiro's purchase and calculation of pay- 2.00 350.00 700.00
off of 2nd ICs;prepare schedule
10/13/2014 Legal Documents Matthes Bond parameters to Bruce D. 0.50 350.00 175.00
10/16/2014 Financial Development-Prep Mouser Discuss various w/LMM in prep for finance 1.25 150.00 187.50
committee mtg.
10121/2014 Legal Documents Mouser Corr re:project agreement 4.6%interest rate 1.50 150.00 225.00
language;review council res approving bonds&
prelim bond res of CRC
10/23/2014 Legal Documents Mouser Review project agreement,prelim bond res, 0.75 150.00 112.50
council res;other
10124/2014 Legal Documents Mouser Re:project agmt. 1.00 150.00 150.00
10/24/2014 Legal Documents Matthes Project Agreement and Insert from Brad Bingham 1.00 350.00 350.00
re:description of options regarding interest rate
subsidy by Pedcor-discussions/comments from
Loren,Brad,Jenny,Karl
10/27/2014 Legal Documents Mouser Re:project agreement 0.50 150.00 75.00
10/2812014 Legal Documents Mouser Re:project agreement 0.25 150.00 37.50
10/29/2014 Financial Development-Prep Mouser Prep for 10/30/14 mtg. 1.25 150.00 187.50
10/29/2014 Legal Documents Matthes Emails among WG re:Project Agreement and 1.00 350.00 350.00
Parcel 5 TIF estimate and provide/attach
schedules and info
10/29/2014 Financial Development-Prep Matthes Ror Corrie-searching Umbaugh's Carmel file 1.50 350.00 525.00
archives for City Center TIF Maps pre-and post
Downtown EDA 1 and 2;email to Come,and
Declaratory Resolutions
10/29/2014 Umbaugh Reports-Prep Matthes 0.50 350.00 175.00
10/30/2014 Travel Mouser Travel to/from CRC special mtg. 0.75 150.00 112.50
10/30/2014 Meeting Mouser CRC special mtg.(also re:Midtown&Olivia on 1.25 150.00 187.50
10/30/2014 Financial Development-Prep Mouser Prep for/follow up from CRC special mtg. 1.00 150.00 150.00
10/30/2014 Meeting Matthes CRC meeting;post meeting;meeting with Corrie 2.00 350.00 700.00
10/30/2014 Financial Development-Prep Matthes Review Corrie's summary and maps 1.00 350.00 350.00
10/3012014 Travel Matthes 0.50 350.00 175.00
11/03/2014 Financial Development-Prep Mouser Discuss w/LMM re:11/03/14 council mtg.,other 1.25 150.00 187.50
11/0312014 Financial Development-Prep Matthes Prep for meeting-review Corrie's hand-outs, 1.00 350.00 350.00
COIT talc for Come,etc.;message to Corrie re:
90/10 split;reports
1110312014 Meeting Matthes Council meeting 2.75 350.00 962.50
11/03/2014 Travel Matthes 0.50 350.00 175.00
11/04/2014 Correspondence Mouser LMM update-11/03/14 council mtg.,other 1.25 150.00 187.50
11/04/2014 Legal Documents Matthes Documents and summaries,emails from Karl, 2.00 350.00 700.00
Bruce Cordingly-follow-up with WG on question
of 90/10 split versus 110%coverage and 9%
surplus,and use of surplus eg TIF reserve,
sample calculations,etc.
11/04/2014 Financial Development-Prep Matthes TIF Reserve and coverage,etc. 0.50 350.00 175.00
11/05/2014 Financial Development-Prep Mouser Parcel 5 various 0.25 150.00 37.50
11/05/2014 Financial Development-Prep Matthes Email discussion-Karl Haas re:PIATT and.10 0.50 350.00 175.00
excess TIF,Improvement Fund,TIF Reserve,etc.
11/05/2014 Bond Sale Matthes Call from Priscilla Turner,Hilliard Lyons 0.25 350.00 87.50
11/10/2014 Financial Development-Prep Mouser Re:reserves,etc. 0.50 150.00 75.00
1 111 1/20 1 4 Correspondence Mouser Various 0.75 150.00 112.50
11/13/2014 Financial Development-Prep Mouser CRC Itr;comparison of previous TIF estimates& 0.25 150.00 37.50
actual collections
11/14/2014 Financial Development-Prep Mouser Actual vs projected TIF graphs,other 0.75 150.00 112.50
11/25/2014 Financial Development-Prep Mouser Various(incl debt info,fees,etc.) 0.75 150.00 112.50
11/2512014 Financial Development-Prep Matthes Fee estimates,timing 0.50 350.00 175.00
12/01/2014 Correspondence Mouser Re:December Council(&Council Committees) 0.75 150.00 112.50
12/03/2014 Teleconference Matthes Luci Snyder 0.25 350.00 87.50
12/04/2014 Financial Development-Prep Mouser Excel file to Corrie 0.25 150.00 37.50
12/08/2014 Financial Development-Prep Mouser Prep for council land use committee mtg. 0.75 150.00 112.50
12/08/2014 Travel Mouser Travel to/from council land use committee mtg. 0.75 150.00 112.50
12/08/2014 Meeting Mouser Council land use committee mtg. 2.00 150.00 300.00
12/08/2014 Financial Development-Prep Matthes revised square footage;rough calc impact on TIF 0.50 350.00 175.00
12/08/2014 Travel Matthes Travel to/from council land use committee mtg. 0.50 350.00 175.00
12108/2014 Meeting Matthes Council land use committee mtg. 2.00 350.00 700.00
12/09/2014 Financial Development-Prep Mouser Follow up from 12/08/14 mtg.;discuss w/HLA 0.75 150.00 112.50
12/09/2014 Financial Development-Prep Matthes revising report;meeting follow-up 1.00 350.00 350.00
12110/2014 Financial Development-Prep Matthes review revised TIF FS report for Parcel 5 0.75 350.00 262.50
12/10/2014 Legal Documents Matthes Redline Project Agreement 1.00 350.00 350.00
12/10/2014 Financial Development-Prep Mouser Revise TIF-let Corrie&Laurie know-revise FS 3.00 150.00 450.00
for 121114 finance committee mtg.
12/11/2014 Meeting Matthes Finance Committee and prep and travel 1.50 350.00 525.00
12/11/2014 Meeting Mouser Finance Committee and prep 1.50 150.00 225.00
266.50 $62,345.00
H. J. Umbaugh & Associates
Certified Public Accountants,LLP
8365 Keystone Crossing,Suite 300
Indianapolis,IN 46240-2687
(317)465-1500
Carmel Redevelopment Commission
c/o Ms. Corrie A. Meyer, Redevelopment Director
30 West Main Street, Suite 220
Carmel, IN 46032
Re: Carmel Redevelopment Commission
Project Blue Development
Invoice No. 138460 Please Include Invoice No. With Remittance .
Date 12/12/2014
Client No. C00600.RED43 Interim Billing
For professional services rendered from September 20, 2013 through December 11, 2014 in connection
with financial planning of the proposed Project Blue. Services to-date include: preparation of tax
increment (TIF) projections and financial feasibility analyses based on investment information from
Developer; discussions and analysis related to Developer/CRC TIF split, impact on General Tax
Increment (BIG TIF) and debt service coverage on outstanding bonds; meetings/calls with developer;
discussions related to projects to be funded; separation and creation of new Allocation Area and
preparation and distribution of tax impact analysis to overlapping taxing units; special purpose accounting
report; discussions and planning with Commission, and attorneys; and other related services, in
accordance with an Engagement Agreement dated April 17, 2013.
See attached detail of services.
Current Amount Due $ 9.101.00
WIRING INSTRUCTIONS
H. J. Umbaugh&Associates
Key Bank, N.A.
202 S. Michigan Street
South Bend, IN 46601
Account Number- 1215504838
Routing Number-041001039
Cannel Redevelopment Commission
Invoice Supporting Detail
Re: Project Blue-TIF Financing Feasibility
Date Service Description Employee Memo Hours Rate Fee
09/20/2013 Correspondence Matthes Proposed TIF Development-Butler Hyundai etc in 0.50 $350.00 $175.00
Hazel Dell South TIF Area-emails-Bruce,
Mayor,LMM respond re: 12/27/12 TIF Report
assumptions,etc.
12/03/2013 Teleconference Matthes Jerimi Ullom re:Hyundai TIF project and Bonds; 0.50 350.00 175.00
info from BT Pointe;email to Doug Dalton
12/04/2013 Financial Development-Prep Matthes Info from BT Pointe,request additional 0.25 350.00 87.50
12/04/2013 Teleconference Matthes Bill Hammer re:50/50 split,professional fees and 0.25 350.00 87.50
Developer agreement
12/23/2013 Financial Development-Prep Mouser Project Blue-discuss comps w/ARS;discuss w/ 1.00 150.00 150.00
LMM
12/23/2013 Financial Development-Prep Stanley Preparing FS Project Blue 250 120.00 300.00
01/08/2014 Financial Development-Prep Amspaugh Review disbursement agreement;Disc FS wAlex 0.75 220.00 165.00
01/09/2014 Correspondence Amspaugh Email w Jerimi Ullom re status of our Feasibility 0.25 220.00 55.00
01/24/2014 Financial Development-Prep Stanley FS comps 0.50 120.00 60.00
01/24/2014 Financial Development-Review Amspaugh FS Review;Email to working group re follow up 3.00 220.00 660.00
questions
01/28/2014 Financial Development-Review Amspaugh FS Review 1.00 220.00 220.00
01/29/2014 Financial Development-Prep Stanley FS 0.75 120.00 90.00
01/29/2014 Financial Development-Review Amspaugh Review FS 0.75 220.00 165.00
01/30/2014 Financial Development-Prep Stanley FS 0.50 120.00 60.00
01/31/2014 Financial Development-Prep Stanley FS 0.75 120.00 90.00
02/03/2014 Financial Development-Review Matthes Reviewing FS-questionsidiscuss with Bruce D. 1.50 350.00 525.00
re:TIF split,TIF est in BIG TIF;funding
roundabout and Developer costs;options and
changes to the analysis
02/04/2014 Financial Development-Prep Stanley FS 1.75 120.00 210.00
02/04/2014 Financial Development-Prep Amspaugh Email to Mike McBride re costs for Project Blue 0.25 220.00 55.00
roundabouts
02/05/2014 Financial Development-Prep Stanley FS 0.50 120.00 60.00
02105/2014 Financial Development-Review Matthes Review and discuss revised TIF FS 1.00 350.00 350.00
02/05/2014 Correspondence Matthes Email to Bruce and Jeremi re:preliminary draft TIF 0.50 350.00 175.00
02/05/2014 Financial Development-Review Amspaugh Review FS;Prep PDF and send to Loren 1.00 220.00 220.00
02/13/2014 Correspondence Amspaugh Email Draft FS to working group 0.25 220.00 55.00
02/17/2014 Financial Development-Prep Amspaugh Conference call set-up 0.25 220.00 55.00
02/18/2014 Teleconference Stanley Conference call with developer 0.75 120.00 90.00
02118/2014 Financial Development-Prep Amspaugh Call w Jim Adams(Developer)and Doug Dalton 0.50 220.00 110.00
02118/2014 Teleconference Matthes Doug Dalton,Jim re:TIF FS,etc.incl,pre-call and 1.00 350.00 350.00
post-call prep/discussion
04/25/2014 Financial Development-Prep Matthes Jerimi sent term sheet and terms,initial comments 0.25 350.00 87.50
from Mayor,Bruce,Karl
04/28/2014 Financial Development-Prep Matthes Jerimi sent new term sheet and terms 0.25 350.00 87.50
04/28/2014 Financial Development-Prep Matthes New term sheet and terms,compare to previous 0.25 350.00 87.50
terms
05/01/2014 Financial Development-Prep Matthes New term sheet,compare to 2/5/14 Project Blue 1.00 350.00 350.00
TIF Feasibility and current BIG TIF projections vs
Baseline Projection described in new term sheet;
TIF split,impact,etc.
05/01/2014 Correspondence Matthes Email Jerimi,Jim,Mayor at al re: new proposed 0.50 350.00 175.00
Term Sheet,TIF split,concerns with using
Baseline Projection,etc.
06/04/2014 Umbaugh Reports-Prep DeBerry FS Ed Rose Copy,staple,for mtg 0.25 84.00 21.00
06/17/2014 Meeting Mouser Project Blue mtg. 0.75 150.00 112.50
06/17/2014 Meeting Amspaugh Mtg w Developers,Corrie and Developer's 1.50 220.00 330.00
Counsel re Project Blue details
07/18/2014 Financial Development-Prep Stanley Project Blue FS 1.00 120.00 120.00
07/28/2014 Financial Development-Review Amspaugh Review Project Blue numbers;Email to Come 0.75 220.00 165.00
07/29/2014 Financial Development-Prep Stanley Project Blue FS 072914 1.00 120.00 120.00
07/29/2014 Financial Development-Prep Amspaugh Review FS 2.25 220.00 495.00
07/31/2014 Financial Development-Prep Amspaugh Review FS;Revised FS out to Corrie and Wkg 0.75 220.00 165.00
Grp
07/31/2014 Financial Development-Prep Stanley FS Project Blue 073114 0.25 120.00 30.00
08/04/2014 Financial Development-Prep Stanley FS 0.50 120.00 60.00
08/05/2014 Financial Development-Prep Amspaugh Feasibility review 0.50 220.00 110.00
08/06/2014 Financial Development-Review Amspaugh Review revised FS 0.25 220.00 55.00
08/06/2014 Financial Development-Prep Stanley FS 0.25 120.00 30.00
08/11/2014 Financial Development-Prep Stanley FS 081114 0.25 120.00 30.00
08/11/2014 Financial Development-Prep Amspauqh Send revised FS to Wkq Grp per Developer's 0.75 220.00 165.00
08/1112014 Umbaugh Reports-Review Metthes Revised TIF FS with higher apartment values(per 0.50 350.00 175.00
developer's request)
10/02/2014 Financial Development-Prep Mouser Project blue 0.50 150.00 75.00
10/0212014 Financial Development-Prep Matthes Doug Dalton 0.25 350.00 87.50
10/14/2014 Financial Development-Prep Mouser Update Project Blue FS 2.75 150.00 412.50
10/20/2014 Financial Development-Review Stanley Proofing FS Project Blue 0.50 120.00 60.00
10/20/2014 Financial Development-Prep Mouser FS 1.00 150.00 150.00
10/20/2014 Umbaugh Reports-Review Matthes Revised report 0.50 350.00 175.00
11113/2014 Financial Development-Prep Mouser FS project blue 2.25 150.00 337.50
11/25/2014 Financial Development-Prep Mouser Discuss w/LMM 0.25 150.00 37.50
44.25 $9,101.00
H. J. Umbaugh & Associates
Certified Public Accountants,LLP
8365 Keystone Crossing, Suite 300
Indianapolis, IN 46240-2687
(317)465-1500
Carmel Redevelopment Commission
c%Ms. Corrie A. Meyer, Redevelopment Director
30 West Main Street, Suite 220
Carmel, IN 46032
Re: Carmel Redevelopment Commission
TIF Management and Monitoring Services
Invoice No. 138461 Please Include Invoice No. With Remittance
Date 12/12/2014
Client No. C00600.RED7 Interim Billing
For professional services rendered from October 1, 2014 through December 12, 2014 relating to tax
increment financing (TIF) for approximately 30 TIF Areas, which includes assistance with TIF monitoring
and administration, Parkwood Bond defeasance; provide TIF information to Client representatives in
response to questions from media, Council members and Clerk-Treasurer, prepare comparison analysis
and graph of actual TIF revenue versus Umbaugh TIF projections since 1998; provide assistance with
amendment of the Legacy TIF Area to exclude residential parcels and prepare and distribute tax impact
statement; and other services as requested, in accordance with an Engagement Agreement dated April
17, 2013.
f
See attached detail o services.
Current Amount Due $ 13.040.00
WIRING INSTRUCTIONS
H. J. Umbaugh&Associates
Key Bank, N.A.
202 S. Michigan Street
South Bend, IN 46601
Account Number- 1215504838
Routing Number-041001039
Carmel Redevelopment Commission
Invoice Supporting Detail
Re: TIF Management and Monitoring Services(10/1114-12/10/14)
Date Service Description Employee Memo Hours Rate Fee
10/01/2014 Correspondence Matthes Chris Sikich-Indy Star-more questions on CRC 1.50 $350.00 $525.00
Revenues-changes from 2012 to 2014-checking
on schedules,assumptions,mgmt rep letter,respond
10/02/2014 Correspondence Mouser Info for State of the City(AVs from neutralizations) 0.25 150.00 37.50
10/02/2014 Correspondence Matthes Chris Sikich-Indy Star-more questions-2012 0.50 350.00 175.00
Refinancing penalties,savings,etc.;respond
10/02/2014 Financial Development-Prep Matthes Info for N Heck/McFeely on TIF and Incremental AV 1.00 350.00 350.00
that will flow into the tax base after TIF Areas expire;
additional emails from Coonrod
10/06/2014 Correspondence Matthes Chris Sikich-Indy Star-2012 Refinancing penalties 1.00 350.00 350.00
and savings;research 2012 files:ASL and other
refunding info,and send additional response to Chris
10/07!2014 Correspondence Matthes Chris SIkIch-Indy Star-more on 2012 Refinancing 1.00 350.00 350.00
penalties and savings;Chris#'s from Aug.16,2012
schedule;research 2012 files:find#,explain,send
final S&U from FOS 12/12/12,explain
10/08/2014 Correspondence Matthes Eric Seidensticker re:UFB contract refi and Shapiro's 0.50 350.00 175.00
loan-attached does
10/09/2014 Correspondence Matthes Chris Sikich-Indy Star-more questions/respond re: 0.50 350.00 175.00
City revenues
10/15/2014 Correspondence Mouser Re:MISO,parcel south of Olivia on Main,Thomson 1.00 150.00 150.00
TIF,other
10/16/2014 Financial Development-Prep Matthes Message from Come re:TIF Report by Wabash 0.25 350.00 87.50
Scientific sent to media-discuss implications
10/17/2014 Teleconference Matthes Call with Rick Sharp re:info on 2012 Bonds;Wabash 1.00 350.00 350.00
Scientific TIF Report sent to media;call with Bill
Hammer
10/17/2014 Correspondence Mouser Re:parcel 17-13-02-00-00-017.001 exemption; 1.50 150.00 225.00
discussions w/LMM&GGM
10/30/2014 Meeting Matthes Wabash Scientific TIF Report and Channel 8,etc- 0.50 350.00 175.00
discuss w/Come,Hammer;emails
10/31/2014 Correspondence Mouser 05/29/14 TIF Report to Dan McFeely 0.25 150.00 37.50
11/03/2014 Financial Development-Prep Matthes TIF Report-WISH TV/Wabash Scientific;compare 1.00 350.00 350.00
to HJU 5/29 Report
11/04/2014 Teleconference Matthes Return call to S&P analyst re:2008 TIF Bonds 0.25 350.00 87.50
11/04/2014 Financial Development-Prep Matthes Parkwood EDC Bond defeasance-call from Bruce D 0.75 350.00 262.50
and Anneliese from B&T re:SLGS purchase
direction,escrow verification,etc.-info-send to
partners,need to involve underwriter/banker to
structure SLGS,etc.;email and confirm w/Bruce;
LWG will do verification
11/05/2014 Financial Development-Prep Mouser Prev TIF rpts for Mike Lee 0.25 150.00 37.50
11/06/2014 Legal Documents Matthes Declaratory and Confirmatory Resolutions Amending 0.50 350.00 175.00
the Legacy Area to remove residential parcels;
Notice of Public Hearing,change date
11/06/2014 Regulatory Report-Prep Matthes Amending Legacy TIF Area to remove residential 2.75 350.00 962.50
parcels-prepare Tax Impact Statement;review legal
documents,2008 TIS,2013 Bonds AR,etc.;send
draft to Rich Starkey
11/07/2014 Regulatory Report-Prep Matthes Tax Impact Statement(TIS)TIS(final changes and 2.50 350.00 875.00
edits)and prepare letters to taxing units re:
Amending the Legacy Area to remove residential
parcels
11/10/2014 Correspondence Matthes From and to Corrie et aI re:Umbaugh TIF Reports- 2.00 350.00 700.00
past reports and TIF estimates and bond AR
differences;read and respond re:Clerk-
Treasurer/Shaver memo
11/11/2014 Correspondence Matthes From and to Hammer Mayor et al re:Umbaugh 1.
P y g 00 350.00 350.00
INDEPENDENCE and TIF Reports as it relates to
Clerk-Treasurer/Shaver memo;Indy Star article-
discuss w/Partners
11/12/2014 Financial Development-Prep Mouser SBT tax rate impact analysis 1.25 150.00 187.50
11/12/2014 Financial Development-Prep Matthes C-T Memo and Indy Star articles and scandal; 2.00 350.00 700.00
dealing with media related info;providing facts re:
TIF estimates,calculating debt levy on median home,
etc.
11/14/2014 Financial Development-Prep Matthes TIF and Debt schedules 1.00 350.00 350.00
11/14/2014 Teleconference Samuelson Prep.for and conference call with Loren 1.00 350.00 350.00
11/16/2014 Financial Development-Prep Matthes Carmel-responding/calculations to DF to CIC 1.00 350.00 350.00
reporter questions re:Umbaugh TIF Report and
Future Development schedule;email Andy
11/17/2014 Meeting Matthes Council meeting with GGM-address CT memo 1.00 350.00 350.00
regarding Umbaugh and Independent audit
11/1712014 Financial Development-Prep Matthes Carmel-responding/calculations to DF to CIC 2.00 350.00 700.00
reporter questions re:Umbaugh TIF Report and
Future Development schedule;email Andy;graph of
HJU TIF estimates;debt info,etc.
11/17/2014 Financial Development-Prep Mouser Info for media re:debt,TIF vs debt,etc.;Thomson 4.75 150.00 712.50
Refunding
11/18/2014 Financial Development-Prep Mouser History of actual vs.projected TIF estimates 0.50 150.00 75.00
11/18/2014 Financial Development-Prep Matthes Graph and info to Mike Lee and Come re:past 1.00 350.00 350.00
Umbaugh TIF estimates and comparison to actual
11/19/2014 Correspondence Mouser Info for Current in Cannel 0.50 150.00 75.00
11/19/2014 Teleconference Matthes Call from Carmel School Corp Roger McMichael re: 0.50 350.00 175.00
Legacy TIF removal of residential parcels-no impact
-questions from attorney representing Clerk-
Treasurer
11/19/2014 Financial Development-Prep Matthes More questions from CIC reporter and info-provide 2.00 350.00 700.00
and explain to City PR
11/20/2014 Financial Development-Prep Matthes City response to questions from CIC reporter 1.25 350.00 437.50
regarding article;additional info
11/24/2014 Financial Development-Prep Mouser Debt comparison 0.50 150.00 75.00
12/03/2014 Financial Development-Prep Mouser Debt graphs-Coonrod 0.25 150.00 37.50
12/052014 Correspondence Mouser Appeals 0.25 150.00 37.50
12/102014 Financial Development-Prep Matthes Discuss IC2 pay-off and new payment calculations 1.00 350.00 350.00
12/102014 Financial Development-Prep Mouser Settlement&Secondary ICs payoff/payment 0.50 150.00 75.00
44.00 $13,040.00
Prescribed by State Board of Accounts ACCOUNTS PAYABLE VOUCHER City Form No.201(Rev.1995)
CITY OF CARMEL
An invoice or bill to be properly itemized must show: kind of service, where performed, dates service rendered, by
whom, rates per day, number of hours, rate per hour, number of units, price per unit, etc.
� ( � L Payee I
e V(f1UQ 5�il�CI 1 �f Purchase Order No.
S365Terms
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Z dt '` ..L IV 'T(i o.`�Ib9 Date Due
Invoice Invoice Description Amount
Date Number (or note attached invoice(s) or bill(s))
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�121�- 851 �� 4e ph 5 62 5�
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Total i2 6 X70•mn
I hereby certify that the attached invoice(s), or bill(s), is (are)true and correct and I have audited same in accor-
dance with IC 5-11-10-1.6.
, 20
Clerk-Treasurer
VOUCHER NO. WARRANT NO.
ALLOWED 20
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ON ACCOUNT OF APPROPRIATION FOR
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Board Members
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DEPT.
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6 45 3 62,Z,01 the materials or services itemized thereon
5 0303 62 3g5,c6 for which charge is made were ordered and
1,1734604A 03 03 9A1,11 received except
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Cost distribution ledger classification if
• Title
claim paid motor vehicle highway fund