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HomeMy WebLinkAboutCarmel Lease Sufficiency Report (LIT) FINAL (2)CITY OF CARMEL REDEVELOPMENT AUTHORITY LEASE RENTAL SUFFICIENCY VERIFICATION TAXABLE LEASE RENTAL BONDS, SERIES 2019A-I Dated April 9, 2019 CITY OF CARMEL REDEVELOPMENT AUTHORITY TABLE OF CONTENTS Page(s) 1-2 Independent Accountants' Verification Report on Applying Agreed Upon Procedures Exhibit A Verification of Sufficiency of Lease Rental Payments Exhibit B Schedule of Lease Rental Payments Exhibit C Schedule of Amortization of $32,495,000 Principal Amount of Outstanding Lease Rental Bonds, Series 201713-1 Exhibit D Schedule of Amortization of $24,000,000 Principal Amount of Outstanding Lease Rental Bonds, Series 201713-2 Exhibit E Schedule of Amortization of $740,000 Principal Amount of Outstanding Taxable Lease Rental Bonds, Series 2017C-1 Exhibit F Schedule of Amortization of $10,525,000 Principal Amount of Taxable Lease Rental Bonds, Series 2019A-1 Exhibit G Schedule of Combined Amortization Cc • bakertitty MUNICIPAL ADVISORS Baker Tilly Municipal Advisors, LLC 8365 Keystone Crossing, Ste 300 Indianapolis, IN 46240 United States of America T: +1 (317) 465 1500 F: +1 (317) 465 1550 bakertilly.com INDEPENDENT ACCOUNTANTS' VERIFICATION REPORT ON APPLYING AGREED UPON PROCEDURES April 9, 2019 City of Carmel Redevelopment Commission Barnes & Thornburg LLP 30 West Main Street, Suite 220 11 South Meridian Street Carmel, Indiana 46032 Indianapolis, Indiana 46204 CITY OF CARMEL REDEVELOPMENT AUTHORITY TAXABLE LEASE RENTAL BONDS, SERIES 2019A-1 We have completed our engagement to perform the procedures enumerated below, which were agreed to by the City of Carmel Redevelopment Commission (the "Commission") and Barnes & Thornburg LLP solely to assist you with respect to your evaluation of the sufficiency of lease rental payments to be received by the City of Carmel Redevelopment Authority (the "Authority") to meet debt service obligations relating to the Lease Rental Bonds, Series 201713-1 (the "201713-1 Bonds"), the Lease Rental Bonds, Series 2017B- 2 (the "2017B-2 Bonds"), the Taxable Lease Rental Bonds, Series 2017C-I (the "2017C-1 Bonds") and the Taxable Lease Rental Bonds, Series 2019A-1 (the "2019A-1 Bonds") issued by the Authority. Our procedures and findings are as follows: We prepared a debt service schedule for the 2019A-1 Bonds. We compared the principal amounts, coupon interest rates, and maturity dates to those contained in the First Supplemental Trust Indenture dated as of April 1, 2019 and the Bond Specimen dated April 9, 2019 and found them to be in agreement. (See Exhibit F.) 2. We prepared a debt service schedule for the 2017B-1 Bonds. We compared the principal amounts, coupon interest rates, and maturity dates to those contained in the Qualified Entity Purchase Agreement dated November 15, 2017 and the Trust Indenture dated December 1, 2017 and found them to be in agreement. (See Exhibit C.) 3. We prepared a debt service schedule for the 201713-2 Bonds. We compared the principal amounts, coupon interest rates, and maturity dates to those contained in the Qualified Entity Purchase Agreement dated November 15, 2017 and the Trust Indenture dated December 1, 2017 and found them to be in agreement. (See Exhibit D.) City of Carmel Redevelopment Commission Barnes & Thornburg LLP April 9, 2019 Page 2 4. We prepared a debt service schedule for the 2017C-1 Bonds. We compared the principal amounts, coupon interest rates, and maturity dates to those contained in the Qualified Entity Purchase Agreement dated November 15, 2017 and the Trust Indenture dated December 1, 2017 and found them to be in agreement. (See Exhibit E.) We prepared a schedule of lease rental payments for the 201713-1 Bonds, 201713-2 Bonds, 2017C-1 Bonds and the 2019A-1 Bonds based on the requirements found in Appendix I to Lease Agreement dated October 10, 2017, as amended by the Addendum to Lease Agreement dated as of December 14, 2017, and as further amended by the Second Addendum to Lease Agreement dated as of April, 1, 2019. (See Exhibit B.) 6. We compared the debt service requirements with the lease rental payment amounts and found that the ending balance of the lease rental payments net of the debt service requirements and an allowance for Trustee fees to be positive. (See Exhibit A.) This engagement was performed in accordance with attestation standards established by the American Institute of Certified Public Accountants (the "AICPA"). The sufficiency of these procedures is solely the responsibility of the specified users of the report. We make no representation regarding the sufficiency of the procedures summarized above, either for the purpose for which this report has been requested or for any other purpose. We were not engaged to, and did not perform an examination, the objective of which would be the expression of an opinion on the achievability of the lease rental sufficiency. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is issued solely for the information of, and assistance to, the addressees of this report. Additionally, this report should not be used by those who have not agreed to the procedures and taken the responsibility for the sufficiency of the procedures for their purposes. Under the terms of our engagement, we have no obligation to update this report because of events or transactions occurring subsequent to the date of this report. Qjm_ TAt, Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly -owned subsidiary of Baker Tilly Virchow Krause, LLP, an accounting firm. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2019 Baker Tilly Municipal Advisors, LLC Lease Rental Bond Payment Payment Date Date 07/01/19 07/15/19 O 1 /01 /20 07/01 /20 O1/01/21 07/01 /21 01/01/22 07/01 /22 O1/01/23 07/01 /23 O 1 /01 /24 07/01 /24 O1/01/25 07/01 /25 O1/01/26 07/01 /26 O1/01/27 07/01 /27 O1/01/28 07/01 /28 O 1 /01 /29 07/01 /29 O1/01/30 07/01 /30 01/01/31 07/01 /31 O1/01/32 07/01 /32 O1/01/33 07/01 /33 O1/01/34 07/01 /34 O1/01/35 07/01 /35 O1/01/36 07/01 /36 01/01/37 07/01/37 O1/15/20 07/15/20 O1/15/21 07/15/21 O1/15/22 07/15/22 O1/15/23 07/15/23 O1/15/24 07/15/24 O1/15/25 07/15/25 O1/15/26 07/ 15/26 O1/15/27 07/15/27 O1/15/28 07/15/28 O1/15/29 07/15/29 O1/15/30 07/15/30 O1/15/31 07/ 15/31 O1/15/32 07/15/32 O1/15/33 07/15/33 O1/15/34 07/15/34 O1/15/35 07/15/35 O1/15/36 07/15/36 O1/15/37 07/15/37 CITY OF CARMEL REDEVELOPMENT AUTHORITY VERIFICATION OF SUFFICIENCY OF LEASE RENTAL PAYMENTS Total Debt Service (1) $2,147,940.07 2,160,844.50 2,163,203.80 2,155,106.10 2,156,836.40 2,163,154.70 2,163,943.90 2,164,319.85 2,164,264.05 2,168,795.00 2,177,807.00 2,176,155.75 2,174,068.25 2,171,567.50 2,178,623.75 2,170,061.75 2,626,146.75 1,836,876.25 2,317,286.25 2,296,771.25 2,311,096.25 2,299,341.25 2,332,176.25 2,313,566.25 3,279,626.25 3,239,736.25 3,269,606.25 3,248,481.25 3,277,041.25 3,246,261.25 3,270,161.25 3,247,621.25 3,274,561.25 3,247,790.63 4,165,700.00 4,114,700.00 4,13 8,300.00 Allowance for Trustee Misc. Fees (2) $4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 Total Requirements $2,147,940.07 2,164,844.50 2,163,203.80 2,159,106.10 2,156,836.40 2,167,154.70 2,163,943.90 2,168,319.85 2,164,264.05 2,172,795.00 2,177,807.00 2,180,155.75 2,174,068.25 2,175,567.50 2,178,623.75 2,174,061.75 2,626,146.75 1,83 8,876.25 2,317,286.25 2,298,771.25 2,311,096.25 2,301,341.25 2,332,176.25 2,315,566.25 3,279,626.25 3,241,736.25 3,269,606.25 3,250,481.25 3,277,041.25 3,248,261.25 3,270,161.25 3,249,621.25 3,274,561.25 3,249,790.63 4,165,700.00 4,116,700.00 4,138,300.00 Totals $98,009,539.75 $52,000.00 $98,061,539.75 (1) See Exhibit G. (2) Based on information provided by Huntington Corporate Trust. (3) See Exhibit B. Semiannual Lease Rental (3) $2,157,000.00 2,157,000.00 2,162,000.00 2,162,000.00 2,162,500.00 2,162,500.00 2,167,000.00 2,167,000.00 2,169,500.00 2,169,500.00 2,179,500.00 2,179,500.00 2,175,500.00 2,175,500.00 2,177,000.00 2,177,000.00 2,629,000.00 1,840,000.00 2,310,000.00 2,310,000.00 2,308,000.00 2,308,000.00 2,325,500.00 2,325,500.00 3,262,500.00 3,262,500.00 3,262,000.00 3,262,000.00 3,264,500.00 3,264,500.00 3,261,500.00 3,261,500.00 3,264,000.00 3,264,000.00 4,143,000.00 4,143,000.00 4,141,500.00 $98,112,500.00 (Subject to the comments in the attached report dated April 9, 2019 of Baker Tilly.) Variance $9,059.93 (7,844.50) (1,203.80) 2,893.90 5,663.60 (4,654.70) 3,056.10 (1,319.85) 5,235.95 (3,295.00) 1,693.00 (655.75) 1,431.75 (67.50) (1,623.75) 2,93 8.25 2,853.25 1,123.75 (7,286.25) 11,228.75 (3,096.25) 6,658.75 (6,676.25) 9,933.75 (17,126.25) 20,763.75 (7,606.25) 11,518.75 (12,541.25) 16,23 8.75 (8,661.25) 11,878.75 (10,561.25) 14,209.37 (22,700.00) 26,300.00 3,200.00 $50,960.25 EXHIBIT A Ending Balance $9,059.93 1,215.43 11.63 2,905.53 8,569.13 3,914.43 6,970.53 5,650.68 10,886.63 7,591.63 9,284.63 8,628.88 10,060.63 9,993.13 8,369.38 11,307.63 14,160.88 15,284.63 7,998.38 19,227.13 16,130.88 22,789.63 16,113.38 26,047.13 8,920.88 29,684.63 22,078.38 33,597.13 21,055.88 37,294.63 28,633.38 40,512.13 29,950.88 44,160.25 21,460.25 47,760.25 50,960.25 1:►�OII:lYYI:l CITY OF CARMEL REDEVELOPMENT AUTHORITY SCHEDULE OF LEASE RENTAL PAYMENTS Lease Rental Payment Annual Semiannual Date Lease Rental Lease Rental (1) 07/01/19 $2,157,000 01/01/20 $4,314,000 2,157,000 07/01 /20 2,162,000 01/01/21 4,324,000 2,162,000 07/01/21 2,162,500 O1/01/22 4,325,000 2,162,500 07/01/22 2,167,000 O1/01/23 4,334,000 2,167,000 07/01/23 2,169,500 01 /01 /24 4,339,000 2,169,500 07/01 /24 2,179,500 O1/01/25 4,359,000 2,179,500 07/01 /25 2,175,500 O1/01/26 4,351,000 2,175,500 07/01 /26 2,177,000 O1/01/27 4,354,000 2,177,000 07/01/27 2,629,000 01/01/28 4,469,000 1,840,000 07/01/28 2,310,000 01/01/29 4,620,000 2,310,000 07/01/29 2,308,000 O1/01/30 4,616,000 2,308,000 07/01/30 2,325,500 O1/01/31 4,651,000 2,325,500 07/01/31 3,262,500 O1/01/32 6,525,000 3,262,500 07/01/32 3,262,000 01 /01 /33 6,524,000 3,262,000 07/01/33 3,264,500 01/01/34 6,529,000 3,264,500 07/01/34 3,261,500 01/01/35 6,523,000 3,261,500 07/01/35 3,264,000 O1/01/36 6,528,000 3,264,000 07/01/36 4,143,000 O1/01/37 8,286,000 4,143,000 07/01/37 4,141,500 4,141,500 Totals $98,112,500 $98,112,500 (1) Pursuant to the Lease Agreement dated as of October 10, 2017 as amended by the Addendum to Lease Agreement dated December 14, 2017, and as further amended by the Second Addendum to Lease Agreement dated as of April 1, 2019. (Subject to the comments in the attached report dated April 9, 2019 of Baker Tilly.) EXHIBIT C CITY OF CARMEL REDEVELOPMENT AUTHORITY SCHEDULE OF AMORTIZATION OF $32,495,000 PRINCIPAL AMOUNT OF OUTSTANDING LEASE RENTAL BONDS, SERIES 201713-1 Payment Principal Interest Debt Service Budget Year Date Balance Rates Principal Interest Total Total (--$1,000's--) N) (--$1,000's--) (---------------------------In Dollars---------------------------) 07/15/19 $32,495 5.000 $160 $683,281.25 $843,281.25 O1/15/20 32,335 5.000 170 679,281.25 849,281.25 $1,692,562.50 07/15/20 32,165 5.000 180 675,031.25 855,031.25 O1/15/21 31,985 5.000 175 670,531.25 845,531.25 1,700,562.50 07/15/21 31,810 5.000 180 666,156.25 846,156.25 01/15/22 31,630 5.000 190 661,656.25 851,656.25 1,697,812.50 07/15/22 31,440 5.000 195 656,906.25 851,906.25 O1/15/23 31,245 5.000 200 652,031.25 852,031.25 1,703,937.50 07/15/23 31,045 5,000 205 647,031.25 852,031.25 O1/15/24 30,840 5.000 210 641,906.25 851,906.25 1,703,937.50 07/15/24 30,630 5.000 225 636,656.25 861,656.25 O1/15/25 30,405 5.000 230 631,031.25 861,031.25 1,722,687.50 07/15/25 30,175 5.000 235 625,281.25 860,281.25 O1/15/26 29,940 5.000 240 619,406.25 859,406.25 1,719,687.50 07/15/26 29,700 5.000 250 613,406.25 863,406.25 O1/15/27 29,450 5.000 255 607,156.25 862,156.25 1,725,562.50 07/15/27 29,195 5.000 545 600,781.25 1,145,781.25 O1/15/28 28,650 5.000 550 587,156.25 1,137,156.25 2,282,937.50 07/15/28 28,100 5.000 875 (1) 573,406.25 1,448,406.25 01/15/29 27,225 5.000 875 (1) 551,531.25 1,426,531.25 2,874,937.50 07/15/29 26,350 5.000 915 (2) 529,656.25 1,444,656.25 O1/15/30 25,435 5.000 925 (2) 506,781.25 1,431,781.25 2,876,437.50 07/15/30 24,510 5.000 970 (3) 483,656.25 1,453,656.25 O1/15/31 23,540 5.000 980 (3) 459,406.25 1,439,406.25 2,893,062.50 07/15/31 22,560 5.000 1,530 (4) 434,906.25 1,964,906.25 O1/15/32 21,030 5.000 1,530 (4) 396,656.25 1,926,656.25 3,891,562.50 07/15/32 19,500 3.000 1,595 (5) 358,406.25 1,953,406.25 01/15/33 17,905 3.000 1,600 (5) 334,481.25 1,934,481.25 3,887,887.50 07/15/33 16,305 4.000 1,655 (6) 310,481.25 1,965,481.25 01/15/34 14,650 4.000 1,655 (6) 277,381.25 1,932,381.25 3,897,862.50 07/15/34 12,995 4.000 1,715 (7) 244,281.25 1,959,281.25 O1/15/35 11,280 4.000 1,725 (7) 209,981.25 1,934,981.25 3,894,262.50 07/15/35 9,555 3.125 1,785 (8) 175,481.25 1,960,481.25 O1/15/36 7,770 3.125 1,785 (8) 147,590.63 1,932,590.63 3,893,071.88 07/15/36 5,985 4.000 1,950 (9) 119,700.00 2,069,700.00 O1/15/37 4,035 4.000 1,970 (9) 80,700.00 2,050,700.00 4,120,400.00 07/15/37 2,065 4.000 2,065 (9) 41,300.00 2,106,300.00 2,106,300.00 Totals $32,495 $17,790,471.88 $50,285,471.88 $50,285,471.88 (1) $1,750,000 of Term Bonds due January 15, 2029. (2) $1,840,000 of Term Bonds due January 15, 2030. (3) $1,950,000 of Term Bonds due January 15, 2031. (4) $3,060,000 of Term Bonds due January 15, 2032. (5) $3,195,000 of Term Bonds due January 15, 2033. (6) $3,310,000 of Term Bonds due January 15, 2034. (7) $3,440,000 of Term Bonds due January 15, 2035. (8) $3,570,000 of Term Bonds due January 15, 2036. (9) $5,985,000 of Term Bonds due July 15, 2037. (Subject to the comments in the attached report dated April 9, 2019 of Baker Tilly.) EXHIBIT D CITY OF CARMEL REDEVELOPMENT AUTHORITY SCHEDULE OF AMORTIZATION OF $24,000,000 PRINCIPAL AMOUNT OF OUTSTANDING LEASE RENTAL BONDS, SERIES 201713-2 Payment Principal Interest Debt Service Budget Year Date Balance Rate Principal Interest Total Total (--$1,000's--) (%) (--$1,000's--) (---------------------------In Dollars---------------------------) 07/15/19 $24,000 3.200 $150 (1) $384,000.00 $534,000.00 01/15/20 23,850 3.200 150 (1) 381,600.00 531,600.00 $1,065,600.00 07/15/20 23,700 3.200 150 (1) 379,200.00 529,200.00 01/15/21 23,550 3.200 155 (1) 376,800.00 531,800.00 1,061,000.00 07/15/21 23,395 3.200 160 (1) 374,320.00 534,320.00 01/15/22 23,235 3.200 160 (1) 371,760.00 531,760.00 1,066,080.00 07/15/22 23,075 3.200 165 (1) 369,200.00 534,200.00 01/15/23 22,910 3.200 165 (1) 366,560.00 531,560.00 1,065,760.00 07/15/23 22,745 3.200 170 (1) 363,920.00 533,920.00 01/15/24 22,575 3.200 175 (1) 361,200.00 536,200.00 1,070,120.00 07/15/24 22,400 3.200 180 (1) 358,400.00 538,400.00 01/15/25 22,220 3.200 180 (1) 355,520.00 535,520.00 1,073,920.00 07/15/25 22,040 3.200 185 (1) 352,640.00 537,640.00 01/15/26 21,855 3.200 185 (1) 349,680.00 534,680.00 1,072,320.00 07/15/26 21,670 3.200 195 (1) 346,720.00 541,720.00 01/15/27 21,475 3.200 195 (1) 343,600.00 538,600.00 1,080,320.00 07/15/27 21,280 3.200 360 (1) 340,480.00 700,480.00 01/15/28 20,920 3.200 365 (1) 334,720.00 699,720.00 1,400,200.00 07/15/28 20,555 3.200 540 (1) 328,880.00 868,880.00 01/15/29 20,015 3.200 550 (1) 320,240.00 870,240.00 1,739,120.00 07/15/29 19,465 3.200 555 (1) 311,440.00 866,440.00 01/15/30 18,910 3.200 565 (1) 302,560.00 867,560.00 1,734,000.00 07/15/30 18,345 3.200 585 (1) 293,520.00 878,520.00 01/15/31 17,760 3.200 590 (1) 284,160.00 874,160.00 1,752,680.00 07/15/31 17,170 3.200 1,040 (1) 274,720.00 1,314,720.00 01/15/32 16,130 3.200 1,055 (1) 258,080.00 1,313,080.00 2,627,800.00 07/15/32 15,075 3.200 1,075 (1) 241,200.00 1,316,200.00 01/15/33 14,000 3.200 1,090 (1) 224,000.00 1,314,000.00 2,630,200.00 07/15/33 12,910 3.200 1,105 (1) 206,560.00 1,311,560.00 01/15/34 11,805 3.200 1,125 (1) 188,880.00 1,313,880.00 2,625,440.00 07/15/34 10,680 3.200 1,140 (1) 170,880.00 1,310,880.00 01/15/35 9,540 3.200 1,160 (1) 152,640.00 1,312,640.00 2,623,520.00 07/15/35 8,380 3.200 1,180 (1) 134,080.00 1,314,080.00 01/15/36 7,200 3.200 1,200 (1) 115,200.00 1,315,200.00 2,629,280.00 07/15/36 6,000 3.200 2,000 (1) 96,000.00 2,096,000.00 01/15/37 4,000 3.200 2,000 (1) 64,000.00 2,064,000.00 4,160,000.00 07/15/37 2,000 3.200 2,000 (1) 32,000.00 2,032,000.00 2,032,000.00 Totals $24,000 $10,509,360.00 $34,509,360.00 $34,509,360.00 (1) $24,000,000 of Term Bonds due July 15, 2037. (Subject to the comments in the attached report dated April 9, 2019 of Baker Tilly.) EXHIBIT E CITY OF CARMEL REDEVELOPMENT AUTHORITY SCHEDULE OF AMORTIZATION OF $740,000 PRINCIPAL AMOUNT OF OUTSTANDING TAXABLE LEASE RENTAL BONDS, SERIES 2017C-1 Payment Principal Interest Debt Service Budget Year Date Balance Rates Principal Interest Total Total (--$1,000's--) (%) (--$1,000's--) (-----------------------In Dollars-----------------------) 07/15/19 $740 2.192 $40 $10,076.15 $50,076.15 O1/15/20 700 2.256 40 9,637.75 49,637.75 $99,713.90 07/15/20 660 2.306 40 9,186.55 49,186.55 O1/15/21 620 2.406 40 8,725.35 48,725.35 97,911.90 07/15/21 580 2.456 40 8,244.15 48,244.15 O1/15/22 540 2.548 45 7,752.95 52,752.95 100,997.10 07/15/22 495 2.598 45 7,179.65 52,179.65 O1/15/23 450 2.648 45 6,595.10 51,595.10 103,774.75 07/15/23 405 2.698 45 5,999.30 50,999.30 O1/15/24 360 2.780 45 5,392.25 50,392.25 101,391.55 07/15/24 315 2.830 45 4,766.75 49,766.75 O1/15/25 270 2.900 45 4,130.00 49,130.00 98,896.75 07/15/25 225 2.950 45 3,477.50 48,477.50 O1/15/26 180 3.050 45 2,813.75 47,813.75 96,291.25 07/15/26 135 3.100 45 2,127.50 47,127.50 O1/15/27 90 3.150 40 1,430.00 41,430.00 88,557.50 07/15/27 50 3.200 50 800.00 50,800.00 50,800.00 Totals $740 $98,334.70 $838,334.70 $838,334.70 (Subject to the comments in the attached report dated April 9, 2019 of Baker Tilly.) EXHIBIT F CITY OF CARMEL REDEVELOPMENT AUTHORITY SCHEDULE OF AMORTIZATION OF $10,525,000 PRINCIPAL AMOUNT OF TAXABLE LEASE RENTAL BONDS, SERIES 2019A-1 Bonds dated April 9, 2019. Payment Principal Interest Debt Service Budget Year Date Balance Rates Principal Interest Total Total (--$1,000's--) (%) (--$1,000's--) (------------------------In Dollars------------------------) 07/15/19 $10,525 3.940 $610 $110,582.67 $720,582.67 O1/15/20 9,915 3.940 535 195,325.50 730,325.50 $1,450,908.17 07/15/20 9,380 3.940 545 184,786.00 729,786.00 O1/15/21 8,835 3.940 555 174,049.50 729,049.50 1,458,835.50 07/15/21 8,280 3.940 565 163,116.00 728,116.00 01/15/22 7,715 3.940 575 151,985.50 726,985.50 1,455,101.50 07/15/22 7,140 3.940 585 140,658.00 725,658.00 O1/15/23 6,555 3.940 600 129,133.50 729,133.50 1,454,791.50 07/15/23 5,955 3.940 610 117,313.50 727,313.50 O1/15/24 5,345 3.940 625 105,296.50 730,296.50 1,457,610.00 07/15/24 4,720 3.940 635 92,984.00 727,984.00 O1/15/25 4,085 3.940 650 80,474.50 730,474.50 1,458,458.50 07/15/25 3,435 3.940 660 67,669.50 727,669.50 01/15/26 2,775 3.940 675 54,667.50 729,667.50 1,457,337.00 07/15/26 2,100 3.940 685 41,370.00 726,370.00 O1/15/27 1,415 3.940 700 27,875.50 727,875.50 1,454,245.50 07/15/27 715 3.940 715 14,085.50 729,085.50 729,085.50 Totals $10,525 $1,851,373.17 $12,376,373.17 $12,376,373.17 (Subject to the comments in the attached report dated April 9, 2019 of Baker Tilly.) EXHIBIT G CITY OF CARMEL REDEVELOPMENT AUTHORITY SCHEDULE OF COMBINED AMORTIZATION Payment 201713-1 201713-2 2017C-1 2019A-1 Total Budget Year Date Bonds 1 Bonds 2 Bonds 3 Bonds 4 Debt Service Total 07/15/19 $843,281.25 $534,000.00 $50,076.15 $720,582.67 $2,147,940.07 O1/15/20 849,281.25 531,600.00 49,637.75 730,325.50 2,160,844.50 $4,308,784.57 07/15/20 855,031.25 529,200.00 49,186.55 729,786.00 2,163,203.80 O1/15/21 845,531.25 531,800.00 48,725.35 729,049.50 2,155,106.10 4,318,309.90 07/15/21 846,156.25 534,320.00 48,244.15 728,116.00 2,156,836.40 O1/15/22 851,656.25 531,760.00 52,752.95 726,985.50 2,163,154.70 4,319,991.10 07/15/22 851,906.25 534,200.00 52,179.65 725,658.00 2,163,943.90 O1/15/23 852,031.25 531,560.00 51,595.10 729,133.50 2,164,319.85 4,328,263.75 07/15/23 852,031.25 533,920.00 50,999.30 727,313.50 2,164,264.05 O1/15/24 851,906.25 536,200.00 50,392.25 730,296.50 2,168,795.00 4,333,059.05 07/15/24 861,656.25 538,400.00 49,766.75 727,984.00 2,177,807.00 O1/15/25 861,031.25 535,520.00 49,130.00 730,474.50 2,176,155.75 4,353,962.75 07/15/25 860,281.25 537,640.00 48,477.50 727,669.50 2,174,068.25 O1/15/26 859,406.25 534,680.00 47,813.75 729,667.50 2,171,567.50 4,345,635.75 07/15/26 863,406.25 541,720.00 47,127.50 726,370.00 2,178,623.75 01/15/27 862,156.25 538,600.00 41,430.00 727,875.50 2,170,061.75 4,348,685.50 07/15/27 1,145,781.25 700,480.00 50,800.00 729,085.50 2,626,146.75 O1/15/28 1,137,156.25 699,720.00 1,836,876.25 4,463,023.00 07/15/28 1,448,406.25 868,880.00 2,317,286.25 O1/15/29 1,426,531.25 870,240.00 2,296,771.25 4,614,057.50 07/15/29 1,444,656.25 866,440.00 2,311,096.25 O1/15/30 1,431,781.25 867,560.00 2,299,341.25 4,610,437.50 07/15/30 1,453,656.25 878,520.00 2,332,176.25 O1/15/31 1,439,406.25 874,160.00 2,313,566.25 4,645,742.50 07/15/31 1,964,906.25 1,314,720.00 3,279,626.25 O1/15/32 1,926,656.25 1,313,080.00 3,239,736.25 6,519,362.50 07/15/32 1,953,406.25 1,316,200.00 3,269,606.25 O1/15/33 1,934,481.25 1,314,000.00 3,248,481.25 6,518,087.50 07/15/33 1,965,481.25 1,311,560.00 3,277,041.25 O1/15/34 1,932,381.25 1,313,880.00 3,246,261.25 6,523,302.50 07/15/34 1,959,281.25 1,310,880.00 3,270,161.25 O1/15/35 1,934,981.25 1,312,640.00 3,247,621.25 6,517,782.50 07/15/35 1,960,481.25 1,314,080.00 3,274,561.25 O1/15/36 1,932,590.63 1,315,200.00 3,247,790.63 6,522,351.88 07/15/36 2,069,700.00 2,096,000.00 4,165,700.00 O1/15/37 2,050,700.00 2,064,000.00 4,114,700.00 8,280,400.00 07/15/37 2,106,300.00 2,032,000.00 4,138,300.00 4,138,300.00 Totals $50,285,471.88 $34,509,360.00 $838,334.70 $12,376,373.17 $98,009,539.75 $98,009,539.75 (1) See Exhibit C. (2) See Exhibit D. (3) See Exhibit E. (4) See Exhibit F. (Subject to the comments in the attached report dated April 9, 2019 of Baker Tilly.)