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HomeMy WebLinkAboutCarmel RDA 2019A-1 and 2019A-2 Bonds Closing Letter 040919  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 April 9, 2019 Members of the Carmel Redevelopment Authority and the Carmel Redevelopment Commission 20 West Main Street, Suite 220 Carmel, Indiana 46032 Dear Ladies and Gentlemen: The purpose of this letter is to provide financial information that will be useful to administrative personnel, City of Carmel, Indiana (the “City”) officials, the Carmel Redevelopment Commission (the “Commission”), the Carmel Redevelopment Authority (the “Authority” and “Issuer”), the Bond purchasers, The Huntington National Bank (the “Trustee”), attorneys, and others following the placement of the Carmel Redevelopment Authority $10,525,000 Taxable Lease Rental Bonds, Series 2019A-1 (LIT Supported) (the “2019A-1 Bonds”) and the Carmel Redevelopment Authority $8,170,000 Taxable Lease Rental Bonds, Series 2019A-2 (TIF Supported) (the “2019A-2 Bonds” and, together with the 2019A-1 Bonds, the “2019 Bonds”). This letter should serve as a resource regarding the closing of the 2019 Bonds, the distribution of the 2019 Bond proceeds and the repayment of the 2019 Bonds. Brief Description of Transaction The 2019 Bonds are being issued to finance a portion of the design and construction of The Carmichael, a 122-room boutique hotel located in Carmel City Center (the “2019 Project”). The 2019 Bond proceeds will be used to purchase certain existing streets (the “Leased Premises”) from the City, which will eliminate construction risk from the lease financing. The sale proceeds will ultimately be provided to the Downtown City Center Development Corporation and be used to fund or reimburse the costs of the 2019 Project. The Leased Premises will be leased by the Authority to the Commission. The 2019 Bonds are being issued pursuant to two separate Trust Indentures each dated as of December 1, 2017 (the “Original Indentures”) between the Authority and the Trustee, as supplemented by separate First Supplemental Trust Indentures to be dated April 1, 2019 (the “Supplemental Indentures”, and, collectively, the “Indentures”). The 2019 Bonds are payable from lease rental payments to be made by the Commission under the terms of the LIT Lease and TIF Lease (the “Lease Agreements”), each between the Commission and the Authority. The LIT Lease Rentals for the 2019 A-1 Bonds will be paid from LIT revenues on parity with the Outstanding LIT Parity Obligations with a back-up of the Special Benefits Tax levy. The TIF Lease Rentals for 2019 A-2 Bonds will be paid from the Special Benefits Tax levy, however, the Commission intends to use other legally available funds to pay the TIF Lease Rentals as further described herein. (The capitalized terms are defined herein. See “Bond Repayment”.) 2019A-1 Bond Placement Results The 2019A-1 Bonds were privately placed on April 9, 2019 with Fifth Third Bank (the “A-1 Bond Purchaser”). The A-1 Bond Purchaser has agreed to purchase the taxable 2019A-1 Bonds at a fixed interest rate of 3.940%. The 2019A-1 Bonds will provide $10,000,000 of net proceeds to acquire the Leased Premises, which will thereafter be used to pay a portion of the 2019 Project. Members of the Carmel Redevelopment Authority and Carmel Redevelopment Commission April 9, 2019 Page 2 2019A-2 Bond Placement Results The 2019A-2 Bonds were privately placed on April 9, 2019. The 2019A-2 Bonds were sold as two tranches with Tranche 1 privately placed with Fifth Third Bank (the “A-2 Tranche 1 Purchaser”) and Tranche 2 privately placed with Pedcor Development Associates, LLC (the “A-2 Tranche 2 Purchaser”). The A-2 Tranche 1 Purchaser has agreed to purchase the taxable 2019A-2 Tranche 1 Bonds at a fixed interest rate of 3.990% for maturities July 15, 2019 through July 15, 2028. The par amount of the 2019A-2 Tranche 1 Bonds is $4,255,000. The A-2 Tranche 2 Purchaser has agreed to purchase the taxable 2019A-2 Tranche 2 Bonds at interest rates ranging from 4.500% – 4.850% for maturities January 15, 2029 through January 15, 2035. The par amount of the 2019A-2 Tranche 2 Bonds is $3,915,000. The 2019A-2 Bonds will provide $8,000,000 of net proceeds to acquire the Leased Premises, which will thereafter be used to pay a portion of the 2019 Project. Delivery of 2019 Bonds The Bond closing is to be held on April 9, 2019, on which day the following amounts of bond proceeds will be wired from the Bond Purchasers to the Trustee. 2019 A-1 Bond proceeds $10,525,000.00 2019 A-2 Tranche 1 Bond proceeds 4,255,000.00 2019 A-2 Tranche 2 Bond proceeds 3,915,000.00 Further information regarding delivery of 2019 Bonds will be provided in a separate letter. Distribution of Funds Pursuant to the Original Indentures, the Trustee previously created separate Project Funds and within the respective Project Funds, the First Supplemental Indentures have created the 2019A-1 and 2019A-2 Construction Accounts to be held by the Trustee. On the day of closing, the moneys in the respective Construction Accounts shall be deemed to have been transferred to and received by the City as payment of the balance of the purchase price of the Leased Premises. The net proceeds of the respective 2019 Bonds will be deposited into the respective Construction Accounts. Disbursement of Funds from the Construction Accounts: Pursuant to the First Supplemental Indentures, upon receipt of written disbursement requests from an Authorized Representative (as defined in the Indentures) of the Authority, the Trustee will disburse funds held in the respective Construction Accounts, for the purpose of paying or reimbursing the costs of the 2019 Project, including the payment for the acquisition of the Leased Premises, any accrued interest on the 2019 Bonds, and costs of issuance. The written disbursement requests will state the character of the expenditure, the amount, and to whom the disbursement will be paid. Members of the Carmel Redevelopment Authority and Carmel Redevelopment Commission April 9, 2019 Page 3 All other payments will be made by the Trustee upon presentation of an architect’s or engineer’s certificates of work completed approved in writing by the Authorized Representative or upon presentation of an Affidavit executed by an Authorized Representative stating the character of the expenditure, the amount, and to whom the disbursement will be paid. Any balance remaining in the respective Construction Accounts after payment of all disputed claims and all other costs in connection with the 2019 Project shall be transferred to such other fund or account as directed in writing by an Authorized Representative. Investment of Bond Proceeds: Funds in the Construction Accounts will be invested by the Trustee in Qualified Investments (as defined in the Indentures) as the Authority directs in writing. Baker Tilly Cash Advisory Services will serve as the Investment Advisor to the Authority. Bond Amortization Schedules for the 2019 Bonds The attached amortization schedules provide the debt service requirements, both principal and interest, on a semiannual and budget year basis for the 2019 Bonds. The 2019 Bonds are dated April 9, 2019. The 2019A-1 Bonds mature on July 15, 2027 over a period of approximately 8 years and 3 months as shown on the amortization schedule. Principal and interest will be payable semiannually on each January 15 and July 15, with principal and interest commencing July 15, 2019 as shown on the amortization schedule. The 2019A-2 Bonds mature on January 15, 2035 over a period of approximately 15 years and 9 months as shown on the amortization schedule. Principal and interest will be payable semiannually on each January 15 and July 15, with principal and interest commencing July 15, 2019 as shown on the amortization schedule. The 2019A-2 Tranche 1 Bonds mature on July 15, 2028 over a period of approximately 9 years and 3 months as shown on the amortization schedule. The 2019A-2 Tranche 2 Bonds mature on January 15, 2035 over a period of approximately 15 years and 9 months as shown on the amortization schedule. Principal and interest will be payable semiannually on each January 15 and July 15, with principal and interest commencing July 15, 2019 for the 2019A-2 Tranche 1 Bonds and January 15, 2029 for the 2019A-2 Tranche 2 Bonds. The 2017 Bonds In 2017, the Authority issued, via the City of Carmel Local Public Improvement Bond Bank (the “Carmel Bond Bank”) the following bonds: $32,495,000 Lease Rental Bonds, Series 2017B-1 (the “2017B-1 Bonds”), $24,000,000 Lease Rental Bonds, Series 2017B-2 (the “2017B-2 Bonds”), and $815,000 Taxable Lease Rental Bonds, Series 2017C-1 (the “2017C-1 Bonds”, collectively, the “2017 LIT Bonds”); and $16,600,000 Lease Rental Bonds, Series 2017C-2 (TIF Supported) (the “2017C-2 Bonds”). The 2017 LIT Bonds and the 2017C-2 Bonds are referred to as the “2017 Bonds”. The 2017 Bonds and the 2019 Bonds were issued under the same Original Indentures and Lease Agreements as further supplemented and amended by the Supplemental Indentures and Second Addenda to the Lease Agreements. Members of the Carmel Redevelopment Authority and Carmel Redevelopment Commission April 9, 2019 Page 4 Lease Rental Schedules The attached “Combined LIT Lease Rental Schedule” is based upon the final amortization schedules of the 2019A-1 Bonds and the 2017 LIT Bonds and is included in the Second Addendum to LIT Lease Agreement. The attached “Combined TIF Lease Rental Schedule” is based upon the final amortization schedule of the 2019A-2 Bonds and the 2017C-2 Bonds and is included in the Second Addendum to TIF Lease Agreement. After the pricing of the 2019 Bonds, the amount of the LIT Lease Rentals and TIF Lease Rentals for the respective 2019 Bonds when combined with the amount of the TIF Lease Rentals and the LIT Lease Rentals for the respective 2017 Bonds, was reduced to an amount equal to the sum of principal and interest due in each bond year period ending on January 15, rounded upward to the next $1,000 plus $5,000 for payment of administrative costs related to the 2019 Bonds and 2017 Bonds payable in semiannual installments on January 1 and July 1 each year as further described in the “Repayment” section herein. Redemption Provisions Optional Redemption. The 2019A-1 Bonds are not subject to optional redemption prior to maturity. The 2019A-2 Bonds maturing on or after January 15, 2029 are subject to redemption prior to maturity, at the option of the Authority, in whole or in part, in any order of maturity as selected by the Authority, on any date not earlier than July 15, 2028, at a price of 100% of the principal amount to be redeemed, without premium, plus accrued interest to the redemption date. Bond Repayment The Indentures establish certain funds and accounts and the flow of funds for the repayment of the 2019 Bonds. 2019A-1 Bonds: Pursuant to the LIT Lease Agreement as amended (the “LIT Lease”), the Commission agrees to pay the Authority annual lease rental (the “LIT Lease Rentals”) in amounts sufficient to pay the principal of and interest on the 2019A-1 Bonds and the 2017 LIT Bonds, together with administrative expenses. The LIT Lease Rental payments are due on each January 1 and July 1, beginning July 1, 2019. The LIT Lease Rentals are payable from the City’s distributive share of the certified shares portion of the Expenditure Rate of the local income tax (the “LIT Revenues”) on parity with the Outstanding LIT Parity Obligations (listed below). To the extent that the City LIT Revenues would be insufficient to pay the LIT Lease Rentals when due, such LIT Lease Rentals are payable from a special benefits tax (an ad valorem property tax) (the “Special Benefits Tax”), levied on all taxable property within the Carmel Redevelopment District (the “District”). The District boundaries are coterminous with the City boundaries. The pledge of LIT Revenues is on parity with the prior pledges of the LIT Revenues to the payment of the following: (i) debt service due on the County Option Income Tax Revenue Refunding Bonds of 2011; (ii) lease rentals due on the County Option Income Tax Lease Rental Revenue Refunding Bonds, Series 2014B; (iii) up to $465,000 annually (as back-up) to the payment of the Hamilton County Redevelopment Authority Members of the Carmel Redevelopment Authority and Carmel Redevelopment Commission April 9, 2019 Page 5 Economic Development Lease Rental Bonds of 2011 and the Hamilton County Redevelopment Authority Economic Development Lease Rental Bonds of 2012 (which have both been, and are anticipated to be, paid from Tax Increment generated from the 96th Street - U.S. 421 Economic Development Area); (iv) up to $650,000 annually (as back-up) to the payment of the Hamilton County Redevelopment District Tax Increment Refunding Revenue Bonds of 2015 (which have been, and are anticipated to be, paid from Tax Increment generated from the Thomson Economic Development Area); (v) lease rentals due on the Lease Rental Bonds, Series 2016A; (vi) lease rentals due on the Local Income Tax Lease Rental Revenue Refunding Bonds, Series 2017; and, (vii) lease rentals due on the 2017 LIT Bonds (all together referred to as the “Outstanding LIT Parity Obligations”). LIT Sinking Fund: The Trustee will deposit into the LIT Sinking Fund from each LIT Lease Rental payment received an amount equal to the lesser of (i) all of such rental payment; or (ii) an amount which equals the sum of principal and interest on the 2017 LIT Bonds and the 2019A-1 Bonds due on, before or within 20 days after the date such rental payment becomes due. Any excess LIT Lease Rental remaining after such deposit will be deposited into the LIT Operation Fund. LIT Operation Fund: The LIT Operation Fund will be used to pay necessary and incidental expenses of the Authority (e.g. trustee fees, required audits, attorney’s fees, appraisals, meetings, reports and deposits into the Rebate Fund), to pay any rebate owed to the United States Government, to accumulate excess funds for the redemption of the 2017 LIT Bonds and the 2019A-1 Bonds, and to restore the LIT Sinking Fund to the required amount, if ever depleted. 2019A-2 Bonds: Pursuant to the TIF Lease Agreement as amended (the “TIF Lease”), the Commission agrees to pay the Authority annual lease rental (the “TIF Lease Rentals”) in amounts sufficient to pay the principal of and interest on the 2019A-2 Bonds and the 2017C-1 Bonds, together with administrative expenses. The TIF Lease Rental payments are due on each January 1 and July 1, beginning July 1, 2019. The TIF Lease Rentals are payable from the Special Benefits Tax levied on all taxable property within the District, however, the Commission reasonably expects to pay the TIF Lease Rental payments from other revenues legally available to the Commission, including but not limited to, Tax Increment derived from one or more allocation areas established within the District (the “TIF Revenues”). The Amended and Restated Revenue Deposit Agreement (the “Revenue Deposit Agreement”), dated April 9, 2019, between the Redevelopment Commission and the City directs the order and priority of obligations that the Redevelopment Commission pays from the TIF Revenues. TIF Sinking Fund: The Trustee will deposit into the TIF Sinking Fund from each TIF Lease Rental payment received an amount equal to the lesser of (i) all of such rental payment; or (ii) an amount which equals the sum of principal and interest on the 2017C-2 Bonds and 2019A-2 Bonds due on, before or within 20 days after the date such rental payment becomes due. Any excess TIF Lease Rental remaining after such deposit will be deposited into the TIF Operation Fund. Members of the Carmel Redevelopment Authority and Carmel Redevelopment Commission April 9, 2019 Page 6 TIF Operation Fund: The TIF Operation Fund will be used to pay necessary and incidental expenses of the Authority (e.g. trustee fees, required audits, attorney’s fees, appraisals, meetings, and reports), to accumulate excess funds for the redemption of the 2017C-2 Bonds and 2019A-2 Bonds, and to restore the TIF Sinking Fund to the required amount, if ever depleted. Post Issuance Compliance – Continuing Disclosure Since the 2019 Bonds have been privately placed and are not subject to SEC Rule 15C-2-12, there are no requirements for information to be provided to the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access System. Post Issuance Compliance – Arbitrage Rebate Services Since the interest on the 2019 Bonds are federally taxable, Internal Revenue Code Section 148 covering calculations and reporting of arbitrage rebate does not apply. * * * * * * * * * * * * * * * * * * * * * * * * * * * * We wish to congratulate you all on bringing this financing to a close and look forward to the opening of the Carmichael Hotel in Carmel City Center. We appreciate the opportunity to be part of this important endeavor. BAKER TILLY MUNICIPAL ADVISORS, LLC Loren M. Matthes, Principal LMM/kfq cc: Honorable James Brainard, Mayor of Carmel Mr. John Alexander, The Huntington National Bank, Trustee Ms. Heidi Amspaugh, Baker Tilly - Umbaugh Ms. Denise Barkdull, Frost Brown Todd, Fifth Third Purchaser’s Counsel Mr. Joseph Bates, Fifth Third Bank Mr. Bradley J. Bingham, Barnes & Thornburg LLP, Bond Counsel Ms. Kim Bond, Fifth Third Bank Mr. Ron Brown, Pedcor Development Associates, LLC Mr. Bruce Cordingly, Pedcor Development Associates, LLC Mr. Bruce D. Donaldson, Barnes & Thornburg LLP, Bond Counsel Mr. Douglas C. Haney, City Attorney Mr. Scott Krapf, Frost Brown Todd, Fifth Third Purchaser’s Counsel Mr. Michael Lee, Finance Director, Carmel Redevelopment Commission Mr. Henry Mestetsky, Executive Director, Carmel Redevelopment Commission Members of the Carmel Redevelopment Authority and Carmel Redevelopment Commission April 9, 2019 Page 7 Mr. Carl Mills, Fifth Third Bank Ms. Laurie Siler, Pedcor Development Associates, LLC Mr. Ryan Wilmering, Wallack Somers & Haas, Commission Attorney Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly-owned subsidiary 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 of which are separate and independent legal entities. © 2019 Baker Tilly Municipal Advisors, LLC CARMEL (INDIANA) REDEVELOPMENT AUTHORITY $10,525,000 TAXABLE LEASE RENTAL BONDS, SERIES 2019A-1 (LIT Supported) Bonds Dated April 9, 2019 Debt Service Schedule Date Principal Coupon Interest Total Fiscal Total 07/15/2019 $610,000.00 3.940% $110,582.67 $720,582.67 01/15/2020 535,000.00 3.940% 195,325.50 730,325.50 $1,450,908.17 07/15/2020 545,000.00 3.940% 184,786.00 729,786.00 01/15/2021 555,000.00 3.940% 174,049.50 729,049.50 1,458,835.50 07/15/2021 565,000.00 3.940% 163,116.00 728,116.00 01/15/2022 575,000.00 3.940% 151,985.50 726,985.50 1,455,101.50 07/15/2022 585,000.00 3.940% 140,658.00 725,658.00 01/15/2023 600,000.00 3.940% 129,133.50 729,133.50 1,454,791.50 07/15/2023 610,000.00 3.940% 117,313.50 727,313.50 01/15/2024 625,000.00 3.940% 105,296.50 730,296.50 1,457,610.00 07/15/2024 635,000.00 3.940% 92,984.00 727,984.00 01/15/2025 650,000.00 3.940% 80,474.50 730,474.50 1,458,458.50 07/15/2025 660,000.00 3.940% 67,669.50 727,669.50 01/15/2026 675,000.00 3.940% 54,667.50 729,667.50 1,457,337.00 07/15/2026 685,000.00 3.940% 41,370.00 726,370.00 01/15/2027 700,000.00 3.940% 27,875.50 727,875.50 1,454,245.50 07/15/2027 715,000.00 3.940% 14,085.50 729,085.50 729,085.50 Total $10,525,000.00 $1,851,373.17 $12,376,373.17 $12,376,373.17 Yield Statistics Bond Year Dollars $46,989.17 Average Life 4.465 Years Average Coupon 3.9400000% Net Interest Cost (NIC)3.9400000% True Interest Cost (TIC)3.9411963% Bond Yield for Arbitrage Purposes 4.2394196% All Inclusive Cost (AIC)5.2508032% IRS Form 8038 Net Interest Cost 3.9400000% Weighted Average Maturity 4.465 Years Baker Tilly CARMEL (INDIANA) REDEVELOPMENT AUTHORITY $10,525,000 TAXABLE LEASE RENTAL BONDS, SERIES 2019A-1 (LIT Supported) Assumes Bonds Dated April 9, 2019 Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 07/15/2019 Serial Coupon 3.940% 3.940% $610,000.00 100.000% $610,000.00 01/15/2020 Serial Coupon 3.940% 3.940% 535,000.00 100.000% 535,000.00 07/15/2020 Serial Coupon 3.940% 3.940% 545,000.00 100.000% 545,000.00 01/15/2021 Serial Coupon 3.940% 3.940% 555,000.00 100.000% 555,000.00 07/15/2021 Serial Coupon 3.940% 3.940% 565,000.00 100.000% 565,000.00 01/15/2022 Serial Coupon 3.940% 3.940% 575,000.00 100.000% 575,000.00 07/15/2022 Serial Coupon 3.940% 3.940% 585,000.00 100.000% 585,000.00 01/15/2023 Serial Coupon 3.940% 3.940% 600,000.00 100.000% 600,000.00 07/15/2023 Serial Coupon 3.940% 3.940% 610,000.00 100.000% 610,000.00 01/15/2024 Serial Coupon 3.940% 3.940% 625,000.00 100.000% 625,000.00 07/15/2024 Serial Coupon 3.940% 3.940% 635,000.00 100.000% 635,000.00 01/15/2025 Serial Coupon 3.940% 3.940% 650,000.00 100.000% 650,000.00 07/15/2025 Serial Coupon 3.940% 3.940% 660,000.00 100.000% 660,000.00 01/15/2026 Serial Coupon 3.940% 3.940% 675,000.00 100.000% 675,000.00 07/15/2026 Serial Coupon 3.940% 3.940% 685,000.00 100.000% 685,000.00 01/15/2027 Serial Coupon 3.940% 3.940% 700,000.00 100.000% 700,000.00 07/15/2027 Serial Coupon 3.940% 3.940% 715,000.00 100.000% 715,000.00 Total $10,525,000.00 $10,525,000.00 Bid Information Par Amount of Bonds $10,525,000.00 Gross Production $10,525,000.00 Bid (100.000%)10,525,000.00 Total Purchase Price $10,525,000.00 Bond Year Dollars $46,989.17 Average Life 4.465 Years Average Coupon 3.9400000% Net Interest Cost (NIC)3.9400000% True Interest Cost (TIC)3.9411963% Baker Tilly CARMEL (INDIANA) REDEVELOPMENT AUTHORITY 2017B-1, 2017B-2, 2017C-1 and 2019A-1 LIT Lease Bonds COMBINED ANNUAL LIT LEASE RENTAL PAYMENTS LIT Obligations Bond Lease Tax-Exempt Taxable Combined Payment Payment QO1 QO2 QO3 2019 LIT Bonds Total Lease Rentals Dates Dates 2017B-1 2017B-2 2017C-1 Debt Service Debt Service Annual Semiannual 07/15/18 07/01/18 $50,500 01/15/19 01/01/19 $683,281.25 $384,000.00 $98,229.73 $1,165,510.98 $1,171,000 1,120,500 07/15/19 07/01/19 2,157,000 01/15/20 01/01/20 1,692,562.50 1,065,600.00 99,713.90 $1,450,908.17 4,308,784.57 4,314,000 2,157,000 07/15/20 07/01/20 2,162,000 01/15/21 01/01/21 1,700,562.50 1,061,000.00 97,911.90 1,458,835.50 4,318,309.90 4,324,000 2,162,000 07/15/21 07/01/21 2,162,500 01/15/22 01/01/22 1,697,812.50 1,066,080.00 100,997.10 1,455,101.50 4,319,991.10 4,325,000 2,162,500 07/15/22 07/01/22 2,167,000 01/15/23 01/01/23 1,703,937.50 1,065,760.00 103,774.75 1,454,791.50 4,328,263.75 4,334,000 2,167,000 07/15/23 07/01/23 2,169,500 01/15/24 01/01/24 1,703,937.50 1,070,120.00 101,391.55 1,457,610.00 4,333,059.05 4,339,000 2,169,500 07/15/24 07/01/24 2,179,500 01/15/25 01/01/25 1,722,687.50 1,073,920.00 98,896.75 1,458,458.50 4,353,962.75 4,359,000 2,179,500 07/15/25 07/01/25 2,175,500 01/15/26 01/01/26 1,719,687.50 1,072,320.00 96,291.25 1,457,337.00 4,345,635.75 4,351,000 2,175,500 07/15/26 07/01/26 2,177,000 01/15/27 01/01/27 1,725,562.50 1,080,320.00 88,557.50 1,454,245.50 4,348,685.50 4,354,000 2,177,000 07/15/27 07/01/27 729,085.50 2,629,000 01/15/28 01/01/28 2,282,937.50 1,400,200.00 50,800.00 4,463,023.00 4,469,000 1,840,000 07/15/28 07/01/28 2,310,000 01/15/29 01/01/29 2,874,937.50 1,739,120.00 4,614,057.50 4,620,000 2,310,000 07/15/29 07/01/29 2,308,000 01/15/30 01/01/30 2,876,437.50 1,734,000.00 4,610,437.50 4,616,000 2,308,000 07/15/30 07/01/30 2,325,500 01/15/31 01/01/31 2,893,062.50 1,752,680.00 4,645,742.50 4,651,000 2,325,500 07/15/31 07/01/31 3,262,500 01/15/32 01/01/32 3,891,562.50 2,627,800.00 6,519,362.50 6,525,000 3,262,500 07/15/32 07/01/32 3,262,000 01/15/33 01/01/33 3,887,887.50 2,630,200.00 6,518,087.50 6,524,000 3,262,000 07/15/33 07/01/33 3,264,500 01/15/34 01/01/34 3,897,862.50 2,625,440.00 6,523,302.50 6,529,000 3,264,500 07/15/34 07/01/34 3,261,500 01/15/35 01/01/35 3,894,262.50 2,623,520.00 6,517,782.50 6,523,000 3,261,500 07/15/35 07/01/35 3,264,000 01/15/36 01/01/36 3,893,071.88 2,629,280.00 6,522,351.88 6,528,000 3,264,000 07/15/36 07/01/36 4,143,000 01/15/37 01/01/37 4,120,400.00 4,160,000.00 8,280,400.00 8,286,000 4,143,000 07/15/37 07/01/37 2,106,300.00 2,032,000.00 4,138,300.00 4,141,500 4,141,500 $50,968,753.13 $34,893,360.00 $936,564.43 $12,376,373.17 $99,175,050.73 $99,283,500 $99,283,500 PREPARED BY BAKER TILLY CARMEL (INDIANA) REDEVELOPMENT AUTHORITY $8,170,000 TAXABLE LEASE RENTAL BONDS, SERIES 2019A-2 (TIF Supported) Bonds Dated April 9, 2019 Debt Service Schedule Date Principal Coupon Interest Total Fiscal Total 07/15/2019 $260,000.00 3.990% $93,966.53 $353,966.53 01/15/2020 190,000.00 3.990% 171,000.25 361,000.25 $714,966.78 07/15/2020 190,000.00 3.990% 167,209.75 357,209.75 01/15/2021 195,000.00 3.990% 163,419.25 358,419.25 715,629.00 07/15/2021 200,000.00 3.990% 159,529.00 359,529.00 01/15/2022 205,000.00 3.990% 155,539.00 360,539.00 720,068.00 07/15/2022 205,000.00 3.990% 151,449.25 356,449.25 01/15/2023 210,000.00 3.990% 147,359.50 357,359.50 713,808.75 07/15/2023 215,000.00 3.990% 143,170.00 358,170.00 01/15/2024 220,000.00 3.990% 138,880.75 358,880.75 717,050.75 07/15/2024 225,000.00 3.990% 134,491.75 359,491.75 01/15/2025 225,000.00 3.990% 130,003.00 355,003.00 714,494.75 07/15/2025 230,000.00 3.990% 125,514.25 355,514.25 01/15/2026 235,000.00 3.990% 120,925.75 355,925.75 711,440.00 07/15/2026 240,000.00 3.990% 116,237.50 356,237.50 01/15/2027 245,000.00 3.990% 111,449.50 356,449.50 712,687.00 07/15/2027 250,000.00 3.990% 106,561.75 356,561.75 01/15/2028 255,000.00 3.990% 101,574.25 356,574.25 713,136.00 07/15/2028 260,000.00 3.990% 96,487.00 356,487.00 01/15/2029 265,000.00 4.500% 91,300.00 356,300.00 712,787.00 07/15/2029 270,000.00 4.500% 85,337.50 355,337.50 01/15/2030 275,000.00 4.550% 79,262.50 354,262.50 709,600.00 07/15/2030 275,000.00 4.550% 73,006.25 348,006.25 01/15/2031 280,000.00 4.600% 66,750.00 346,750.00 694,756.25 07/15/2031 285,000.00 4.600% 60,310.00 345,310.00 01/15/2032 295,000.00 4.650% 53,755.00 348,755.00 694,065.00 07/15/2032 310,000.00 4.650% 46,896.25 356,896.25 01/15/2033 315,000.00 4.700% 39,688.75 354,688.75 711,585.00 07/15/2033 325,000.00 4.750% 32,286.25 357,286.25 01/15/2034 330,000.00 4.800% 24,567.50 354,567.50 711,853.75 07/15/2034 340,000.00 4.800% 16,647.50 356,647.50 01/15/2035 350,000.00 4.850% 8,487.50 358,487.50 715,135.00 Total $8,170,000.00 $3,213,063.03 $11,383,063.03 $11,383,063.03 Yield Statistics Bond Year Dollars $71,763.67 Average Life 8.784 Years Average Coupon 4.4772838% Net Interest Cost (NIC)4.4772838% True Interest Cost (TIC)4.4551190% Bond Yield for Arbitrage Purposes 4.2394196% All Inclusive Cost (AIC)4.7610297% IRS Form 8038 Net Interest Cost 4.4772838% Weighted Average Maturity 8.784 Years Baker Tilly CARMEL (INDIANA) REDEVELOPMENT AUTHORITY $8,170,000 TAXABLE LEASE RENTAL BONDS, SERIES 2019A-2 (TIF Supported) Bonds Dated April 9, 2019 Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 07/15/2019 Serial Coupon 3.990% 3.990% $260,000.00 100.000% $260,000.00 01/15/2020 Serial Coupon 3.990% 3.990% 190,000.00 100.000% 190,000.00 07/15/2020 Serial Coupon 3.990% 3.990% 190,000.00 100.000% 190,000.00 01/15/2021 Serial Coupon 3.990% 3.990% 195,000.00 100.000% 195,000.00 07/15/2021 Serial Coupon 3.990% 3.990% 200,000.00 100.000% 200,000.00 01/15/2022 Serial Coupon 3.990% 3.990% 205,000.00 100.000% 205,000.00 07/15/2022 Serial Coupon 3.990% 3.990% 205,000.00 100.000% 205,000.00 01/15/2023 Serial Coupon 3.990% 3.990% 210,000.00 100.000% 210,000.00 07/15/2023 Serial Coupon 3.990% 3.990% 215,000.00 100.000% 215,000.00 01/15/2024 Serial Coupon 3.990% 3.990% 220,000.00 100.000% 220,000.00 07/15/2024 Serial Coupon 3.990% 3.990% 225,000.00 100.000% 225,000.00 01/15/2025 Serial Coupon 3.990% 3.990% 225,000.00 100.000% 225,000.00 07/15/2025 Serial Coupon 3.990% 3.990% 230,000.00 100.000% 230,000.00 01/15/2026 Serial Coupon 3.990% 3.990% 235,000.00 100.000% 235,000.00 07/15/2026 Serial Coupon 3.990% 3.990% 240,000.00 100.000% 240,000.00 01/15/2027 Serial Coupon 3.990% 3.990% 245,000.00 100.000% 245,000.00 07/15/2027 Serial Coupon 3.990% 3.990% 250,000.00 100.000% 250,000.00 01/15/2028 Serial Coupon 3.990% 3.990% 255,000.00 100.000% 255,000.00 07/15/2028 Serial Coupon 3.990% 3.990% 260,000.00 100.000% 260,000.00 01/15/2029 Serial Coupon 4.500% 4.500% 265,000.00 100.000% 265,000.00 07/15/2029 Serial Coupon 4.500% 4.500% 270,000.00 100.000% 270,000.00 01/15/2030 Serial Coupon 4.550% 4.550% 275,000.00 100.000% 275,000.00 07/15/2030 Serial Coupon 4.550% 4.550% 275,000.00 100.000% 275,000.00 01/15/2031 Serial Coupon 4.600% 4.600% 280,000.00 100.000% 280,000.00 07/15/2031 Serial Coupon 4.600% 4.600% 285,000.00 100.000% 285,000.00 01/15/2032 Serial Coupon 4.650% 4.650% 295,000.00 100.000% 295,000.00 07/15/2032 Serial Coupon 4.650% 4.650% 310,000.00 100.000% 310,000.00 01/15/2033 Serial Coupon 4.700% 4.700% 315,000.00 100.000% 315,000.00 07/15/2033 Serial Coupon 4.750% 4.750% 325,000.00 100.000% 325,000.00 01/15/2034 Serial Coupon 4.800% 4.800% 330,000.00 100.000% 330,000.00 07/15/2034 Serial Coupon 4.800% 4.800% 340,000.00 100.000% 340,000.00 01/15/2035 Serial Coupon 4.850% 4.850% 350,000.00 100.000% 350,000.00 Total $8,170,000.00 $8,170,000.00 Bid Information Par Amount of Bonds $8,170,000.00 Gross Production $8,170,000.00 Bid (100.000%)8,170,000.00 Total Purchase Price $8,170,000.00 Bond Year Dollars $71,763.67 Average Life 8.784 Years Average Coupon 4.4772838% Net Interest Cost (NIC)4.4772838% True Interest Cost (TIC)4.4551190% Baker Tilly CARMEL (INDIANA) REDEVELOPMENT AUTHORITY $4,255,000 TAXABLE LEASE RENTAL BONDS, SERIES 2019A-2 - TRANCHE 1 (Fifth Third)(TIF Supported) Bonds Dated April 9, 2019 Debt Service Schedule Date Principal Coupon Interest Total Fiscal Total 07/15/2019 $260,000.00 3.990% $45,273.20 $305,273.20 $305,273.20 01/15/2020 190,000.00 3.990% 79,700.25 269,700.25 07/15/2020 190,000.00 3.990% 75,909.75 265,909.75 535,610.00 01/15/2021 195,000.00 3.990% 72,119.25 267,119.25 07/15/2021 200,000.00 3.990% 68,229.00 268,229.00 535,348.25 01/15/2022 205,000.00 3.990% 64,239.00 269,239.00 07/15/2022 205,000.00 3.990% 60,149.25 265,149.25 534,388.25 01/15/2023 210,000.00 3.990% 56,059.50 266,059.50 07/15/2023 215,000.00 3.990% 51,870.00 266,870.00 532,929.50 01/15/2024 220,000.00 3.990% 47,580.75 267,580.75 07/15/2024 225,000.00 3.990% 43,191.75 268,191.75 535,772.50 01/15/2025 225,000.00 3.990% 38,703.00 263,703.00 07/15/2025 230,000.00 3.990% 34,214.25 264,214.25 527,917.25 01/15/2026 235,000.00 3.990% 29,625.75 264,625.75 07/15/2026 240,000.00 3.990% 24,937.50 264,937.50 529,563.25 01/15/2027 245,000.00 3.990% 20,149.50 265,149.50 07/15/2027 250,000.00 3.990% 15,261.75 265,261.75 530,411.25 01/15/2028 255,000.00 3.990% 10,274.25 265,274.25 07/15/2028 260,000.00 3.990% 5,187.00 265,187.00 530,461.25 Total $4,255,000.00 - $842,674.70 $5,097,674.70 $5,097,674.70 Yield Statistics Bond Year Dollars $21,119.67 Average Life 4.963 Years Average Coupon 3.9900000% Net Interest Cost (NIC)3.9900000% True Interest Cost (TIC)3.9911193% Bond Yield for Arbitrage Purposes 4.4551190% All Inclusive Cost (AIC)5.0970826% IRS Form 8038 Net Interest Cost 3.9900000% Weighted Average Maturity 4.963 Years Baker Tilly CARMEL (INDIANA) REDEVELOPMENT AUTHORITY $3,915,000 TAXABLE LEASE RENTAL BONDS, SERIES 2019A-2 - TRANCHE 2 (Pedcor Development Associates LLC)(TIF Supported) Bonds Dated April 9, 2019 Debt Service Schedule Date Principal Coupon Interest Total Fiscal Total 07/15/2019 $48,693.33 $48,693.33 01/15/2020 91,300.00 91,300.00 $139,993.33 07/15/2020 91,300.00 91,300.00 01/15/2021 91,300.00 91,300.00 182,600.00 07/15/2021 91,300.00 91,300.00 01/15/2022 91,300.00 91,300.00 182,600.00 07/15/2022 91,300.00 91,300.00 01/15/2023 91,300.00 91,300.00 182,600.00 07/15/2023 91,300.00 91,300.00 01/15/2024 91,300.00 91,300.00 182,600.00 07/15/2024 91,300.00 91,300.00 01/15/2025 91,300.00 91,300.00 182,600.00 07/15/2025 91,300.00 91,300.00 01/15/2026 91,300.00 91,300.00 182,600.00 07/15/2026 91,300.00 91,300.00 01/15/2027 91,300.00 91,300.00 182,600.00 07/15/2027 91,300.00 91,300.00 01/15/2028 91,300.00 91,300.00 182,600.00 07/15/2028 91,300.00 91,300.00 01/15/2029 $265,000.00 4.500% 91,300.00 356,300.00 447,600.00 07/15/2029 270,000.00 4.500% 85,337.50 355,337.50 01/15/2030 275,000.00 4.550% 79,262.50 354,262.50 709,600.00 07/15/2030 275,000.00 4.550% 73,006.25 348,006.25 01/15/2031 280,000.00 4.600% 66,750.00 346,750.00 694,756.25 07/15/2031 285,000.00 4.600% 60,310.00 345,310.00 01/15/2032 295,000.00 4.650% 53,755.00 348,755.00 694,065.00 07/15/2032 310,000.00 4.650% 46,896.25 356,896.25 01/15/2033 315,000.00 4.700% 39,688.75 354,688.75 711,585.00 07/15/2033 325,000.00 4.750% 32,286.25 357,286.25 01/15/2034 330,000.00 4.800% 24,567.50 354,567.50 711,853.75 07/15/2034 340,000.00 4.800% 16,647.50 356,647.50 01/15/2035 350,000.00 4.850% 8,487.50 358,487.50 715,135.00 Total $3,915,000.00 $2,370,388.33 $6,285,388.33 $6,285,388.33 Yield Statistics Bond Year Dollars $50,644.00 Average Life 12.936 Years Average Coupon 4.6804919% Net Interest Cost (NIC)4.6804919% True Interest Cost (TIC)4.6768671% Bond Yield for Arbitrage Purposes 4.4551190% All Inclusive Cost (AIC)5.1742450% IRS Form 8038 Net Interest Cost 4.6804919% Weighted Average Maturity 12.936 Years 2018A-2 Bonds (MP) (Final | 11-17 | 3/29/2019 | 2:05 PM Baker Tilly CARMEL (INDIANA) REDEVELOPMENT AUTHORITY 2017C-2 and 2019A-2 TIF Lease Bonds COMBINED ANNUAL TIF LEASE RENTAL PAYMENTS Outstanding Bond Lease Taxable QO4 Combined Payment Payment 2017C-2 2019A-2 Total Lease Rentals Dates Dates Debt Service Debt Service Debt Service Annual Semiannual 07/15/18 07/01/18 $305,108.46 $305,108.46 $435,500 01/15/19 01/01/19 560,282.10 560,282.10 $871,000 435,500 07/15/19 07/01/19 507,132.10 $353,966.53 861,098.63 866,000 01/15/20 01/01/20 504,507.10 361,000.25 865,507.35 1,732,000 866,000 07/15/20 07/01/20 706,882.10 357,209.75 1,064,091.85 1,065,000 01/15/21 01/01/21 702,104.60 358,419.25 1,060,523.85 2,130,000 1,065,000 07/15/21 07/01/21 692,327.10 359,529.00 1,051,856.10 1,050,000 01/15/22 01/01/22 682,602.10 360,539.00 1,043,141.10 2,100,000 1,050,000 07/15/22 07/01/22 627,929.60 356,449.25 984,378.85 985,500 01/15/23 01/01/23 623,782.10 357,359.50 981,141.60 1,971,000 985,500 07/15/23 07/01/23 668,552.30 358,170.00 1,026,722.30 1,024,500 01/15/24 01/01/24 657,549.25 358,880.75 1,016,430.00 2,049,000 1,024,500 07/15/24 07/01/24 641,433.25 359,491.75 1,000,925.00 996,000 01/15/25 01/01/25 630,348.75 355,003.00 985,351.75 1,992,000 996,000 07/15/25 07/01/25 589,186.25 355,514.25 944,700.50 942,500 01/15/26 01/01/26 578,433.75 355,925.75 934,359.50 1,885,000 942,500 07/15/26 07/01/26 537,658.75 356,237.50 893,896.25 891,500 01/15/27 01/01/27 527,233.75 356,449.50 883,683.25 1,783,000 891,500 07/15/27 07/01/27 521,800.00 356,561.75 878,361.75 878,500 01/15/28 01/01/28 516,280.00 356,574.25 872,854.25 1,757,000 878,500 07/15/28 07/01/28 935,587.50 356,487.00 1,292,074.50 1,288,500 01/15/29 01/01/29 922,690.00 356,300.00 1,278,990.00 2,577,000 1,288,500 07/15/29 07/01/29 784,792.50 355,337.50 1,140,130.00 1,132,000 01/15/30 01/01/30 763,666.25 354,262.50 1,117,928.75 2,264,000 1,132,000 07/15/30 07/01/30 1,052,712.50 348,006.25 1,400,718.75 1,394,500 01/15/31 01/01/31 1,036,116.25 346,750.00 1,382,866.25 2,789,000 1,394,500 07/15/31 07/01/31 1,054,520.00 345,310.00 1,399,830.00 1,395,500 01/15/32 01/01/32 1,037,060.00 348,755.00 1,385,815.00 2,791,000 1,395,500 07/15/32 07/01/32 334,600.00 356,896.25 691,496.25 690,500 01/15/33 01/01/33 329,398.75 354,688.75 684,087.50 1,381,000 690,500 07/15/33 07/01/33 584,197.50 357,286.25 941,483.75 935,500 01/15/34 01/01/34 569,115.00 354,567.50 923,682.50 1,871,000 935,500 07/15/34 07/01/34 529,125.00 356,647.50 885,772.50 884,500 01/15/35 01/01/35 519,562.50 358,487.50 878,050.00 1,769,000 884,500 $22,234,277.16 $11,383,063.03 $33,617,340.19 $32,841,000 $32,841,000 PREPARED BY BAKER TILLY