HomeMy WebLinkAbout213918 10/23/2012 CITY OF CARMEL, INDIANA VENDOR: 365701 Page 1 of 1
0 ONE CIVIC SQUARE FROST BROWN TODD
CARMEL, INDIANA 46032 PO Box 44961 CHECK AMOUNT: $70,155.54
INDIANAPOLIS IN 46244-0961 CHECK NUMBER: 213918
CHECK DATE: 10123/2012
DEPARTMENT ACCOUNT PO NUMBER INVOICE NUMBER AMOUNT DESCRIPTION
1401 4340000 10781832 1,400 . 00 LEGAL FEES
1401 4340000 10782100 24 , 536 .28 LEGAL FEES
1401 R4340000 27410 10782100 44, 219 . 26 LEGAL FEES
L.,�
A 'I' T 0 R N I? T S
P.O.Box 44961
Indianapolis, IN 46244-0961
(317)237-3800
Facsimile (317) 237-3900
www.frostbrowntodd.com
City of Carmel - City Council FED. ID#61-0722001
Attn:President Rick Sharp October 12, 2012
Carmel City Hall Invoice # 10782100
One Civic Square Account # 0123312.0598182
Carmel, IN 46032
REGARDING: Consulting on Debt Restructuring for Carmel Redevelopment
Commission (Carmel City Council)
For Professional Services Rendered Through September 30, 2012 $68,384.00
Other Charges Through September 30, 2012 $371.54
TOTAL THIS INVOICE 568,755.54
THANK YOU
PAYMENT APPRECIATED WITHIN 30 DAYS
PLEASE INCLUDE YOUR INVOICE NUMBER ON CHECK
October 12,2012
Consulting on Debt Restructuring for Carmel Redevelopment
Commission (Carmel City Council)
Account#0 1213 12.0598182
Invoice# 10782100
ITEMIZED SERVICES
DATE TM KR HOURS AMOUNT
08/24/12 Review documents and CRC statutes. DAR 2.30 1,000.50
08/31/12 Continued review and analysis of financing issues. EMK 1.50 570.00
09/01/12 Review emails and documents from L. Snyder and T. Long, TDP 0.90 225.00
09/02/12 Review materials and outline initial report. TDP 0.70 175.00
09/04/12 Review and analyze TIF financing issues and refunding bond issues and EMK 0.70 266.00
underlying debt financing issues.
09/04/12 Attention to review of statutes and key transaction documents. KJH -2.70 945.00 .- .
09/04/12 Review of documentation regarding lines of credit to 4CDC,transfer of funds PMW 2.90 797.50
to CRC and grants from CRC to 4CDC to repay lines of credit. Research into
Indiana law regarding validity of transaction. Emails.
09/04/12 Review 4CDC materials and prepare email correspondence with R. Taylor re: TDP 0.40 100.00
E-I form and other financial information.
09/04/12 Review documents and prepare supporting materials for initial report. TDP 2.80 700.00
09/04/12 Prepare for Finance Committee meeting. TDP 1.20 300.00
09/04/12 Travel to Finance Committee meeting. TDP 0.40 100.00
09/04/12 Meet with D. Cordray re: Public Access to CRC materials. (No Charge) TDP 0.40 0.00
09/04/12 Finance Committee meeting. TDP 0.70 175.00
09/05/12 Review financing documents; review proposed initial report. DAR 1.00 435.00
09/05/12 Review and analyze financing city refunding and underlying, financing and EMK 1.60 608.00
TIF issues; participate in working group conference call.
09/05/12 Telephone conference with R. Sharp and L. Snyder re status of transactions KJH 2.60 910.00
and key issues; review of documents and Nvork on ordinance.
09/05/12 Emails, conference call. PMW i.10 302.50
09/05/12 Prepare for conference call with R. Sharp and L. Snyder. TDP 0.40 100.00
09/05/12 Conference call with R. Sharp and L. Snyder. (No Charge) TDP 0.70 0.00
09/05/12 Review emails and multiple correspondence with K. Haas, R. Wilmering, and TDP 0.60 150.00
R. Taylor.
09/05/12 Review materials to release to public site. TDP 0.70 175.00
09/05/12 Email correspondence with entire Council re: Hourly rates. (No Charge) TDP 0.20 0.00
09/05/12 Telephone conference with B. Roeger re: 4CDC documents. TDP 0.60 150.00
09/05/12 Review new documents. TDP 3.60 900.00
09/06/12 Further review of due diligence. DAR 2.50 1,087.50
09/06/12 Review tax commitment financing and special benefit tax issues. EMK 0.80 304.00
2
October 12, 2012
Consulting on Debt Restructuring for Carmel Redevelopment
Commission (Cannel City Council)
Account#0 1233 12.0598182
Invoice# 107 82 100
DATE TMKR HOURS AMOUNT
09/06/12 Attention to review of emails on transaction; review corporate documents. KJH 2.60 910.00
09/06/12 Call with E Kelly and T Perkins. PMW 0.30 82.50
09/06/12 Review transactions and prepare draft of executive summary. TDP 2.30 575.00
09/06/12 Telephone conference with R. Sharp re: Status update. (No Charge) TDP 030 0.00
09/06/12 Review and prepare supporting materials for initial report. TDP 1.60 400.00
09/06/12 Begin drafting initial report: Backround and validity of underlying TDP 2.40 600.00
transactions.
09/06/12 Review parcel 7 documentation. TDP 0.80 200.00
09/06/12 Email correspondence with K. Haas and B. Donaldson re: TiF pledges to TDP 0.30 75.00
obligations.
09/07/12 Continued review and analysis of underlying financing issues concerning City EMK 1.30 494.00
refunding; participate in internal working group conference call with T. Long.
09/07/12 Review and revise draft of initial report to council; review deal terms. KJH 2.60 910.00
09/07/12 Conference Call. PMW 1.00 275.00
09/07/12 Review emails from L. Matthes. TDP 0.40 100.00
09/07/12 Review additional documents in e-room. TDP 2.10 525.00
09/07/12 Revise and send draft CRC reform ordinance. TDP 0.40 100.00
09/07/12 Continue drafting initial report. TDP 3.40 850.00
09/07/12 Internal conference call. (No Charge) TDP 1.00 0.00
09/08/12 Review due diligence and draft restructuring plan summary. DAR 1.80 783.00
09/08/12 Revise draft CRC reform ordinance. TDP 2.10 525.00
09/09/12 Review emails and comments from K. Haas. TDP 0.30 75.00
09/09/12 Review documents in e-room re: CRC revenue sources and Civic "Theater TDP 0.60 150.00
agreement.
09/09/12 Revise draft of initial report. TDP 1.40 350.00
09/10/12 Due diligence and strategy call. DAR 2.00 870.00
09/10/12 Internal call to discuss strategy and review financial and legal updates. KJH 2.30 805.00
09/10/12 Emails and conference call 4:30- 5:20. PMW 1.00 275.00
09/10/12 Consult with T. Perkins regarding 4CDC expenditures. SSR 0.40 124.00
09/10/12 Telephone conversation with B. Roeger, 4CDC, re: Follow-up on provided TDP 0.20 50.00
documents.
09/10/12 Review leases, real estate interests, and CRC financials. TDP 2.30 575.00
09/10/12 Internal team conference call. (No Charge) TDP 0.80 0.00
09/10/12 Revise CRC reform ordinance. TDP 1.30 325.00
3
October 12, 2012
Consulting on Debt Restructuring for Carmel Redevelopment
Commission(Cannel City Council)
Account#0123312.0598182
Invoice# 10782100
DATE TM KR HOURS AMOUNT
09/10/12 Revise draft of initial report. TDP 1.60 400.00
09/10/12 Telephone call with R. Sharp re: Update. (No Charge) TDP 0.30 0.00
09/10/12 Review additional 4CDC documents. TDP 1.20 300.00
09/11/12 Review and analyze refinancing issues and special benefit tax issues. EMK 0.50 190.00
09/11/12 Attention to ordinance drafting and review; review various emails and updates KJH 1.60 560.00
on refinance project.
09/11/12 Revise initial report. TDP 1.70 425.00
09/11/12 Telephone conference with E. Seidensticker re: Update. (No Charge) TDP 0.30 0.00
09/11/12 Review emails and documents related to Parcel 7C and transactions not TDP 3.40 850.00
proposed for refunding. ^
09/11/12 Review Umbaugh documents. TDP 1.80 450.00
09/12/12 Attention to refinance project. KJH 1.60 560.00
09/12/12 Emails and reviewing attachments - Growth scenarios for TIF projections. PMW 0.30 82.50
09/12/12 Email correspondence with R. Sharp and L. Snyder re: Background materials. TDP 0.20 50.00
09/12/12 Revise supporting materials for initial report. TDP 1.40 350.00
09/12/12 Review additional 4CDC records from B. Roeger, and compare to existing TDP 2.40 600.00
documents.
09/12/12 Review public access documents and respond to emails from K. Haas. TDP 0.70 175.00
09/12/12 Review transactions not proposed for refinance and review initial report. TDP 2.30 575.00
09/13/12 Travel to Carmel, IN with T. Long; meeting with R. Shay and L. Snyder; DAR 9.00 3,915.00
review strategy and documents during drive.
09/13/12 Participate in status conference call with City; continued review and analysis EMK 0.60 228.00
of refunding financing backed by special benefits tax.
09/13/12 Meeting with R. Sharp and L. Snyder re refinance project; review of ordinance KJH 2.40 840.00
and financing reports and emails.
09/13/12 Review email and new material from Umbaugh. TDP 0.60 150.00
09/13/12 Review and revise initial report. TDP 0.40 100.00
09/13/12 Conference call with FBI'team re: Planning for Finance Committee meeting. TDP 0.90 0.00
(No Charge)
09/13/12 Prepare and send email with Initial Report to Council. TDP 0.30 75.00
09/13/12 Prepare for meeting with R. Sharp and L. Snyder. TDP 0.40 100.00
09/13/12 Meet with R. Sharp and L. Snyder. TDP 1.40 350.00
09/13/12 Email correspondence with K. Haas re: CRC reform ordinance. TDP 0.20 50.00
09/13/12 Prepare for Finance Committee meeting. TDP 1.20 300.00
09/13/12 Travel to Finance Committee meeting. TDP 0.40 100.00
4
October 12, 2012
Consulting on Debt Restructuring for Carmel Redevelopment
Commission (Carmel City Council)
Account 4 0123312.0598182
Invoice# 10782100
DATE TMKR HOURS AMOUNT
09/13/12 Finance Committee meeting. TDP 2.20 550.00
09/13/12 Review proposed transaction compared to Finance Committee presentation. TDP 1.40 350.00
09/14/12 Further document review; review due diligence; conference call; prepare for DAR 3.50 1,522.50
Finance committee meeting.
09/14/12 Review Rule 15-2-12. DAR 0.50 217.50
09/14/12 Review material event notice issues and refunding financing issues backed by EMK 1.00 380.00
special benefits tax.
09/14/12 Research into effect of untimely disclosure of ratings downgrade under 15c2- PMW 1.90 522.50
12. Conference Call.
09/14/12 Review ernaii.s regarding Moody's and Notice of Material Event. TDP 0.60 _150.00
09/14/12 Review prepayment penalty provisions. TDP 0.70 175.00
09/14/12 Draft outline of presentation. TDP 1.20 300.00
09/14/12 Email correspondence re: Request for fiscal plan and prior TIF projections. TDP 0.20 50.00
09/14/12 Review materials for presentation. TDP 2.30 575.00
09/14/12 Conference call with FBT team. (No Charge) TDP 0.70 0.00
09/14/12 Multiple email correspondence with K. Haas re: Initial report. TDP 0.40 100.00
09/16/12 Revise CRC reform ordinance. TDP 0.70 175.00
09/17/12 Review due diligence; conference call with Bruce Donaldson re refunding DAR 1.00 435.00
plans.
09/17/12 Review financing issues with B. Donaldson, D. Rogers; participate in working EMK 1.50 570.00
group call; analyze same.
09/17/12 Conference call with T. Perkins and R. Sharp re ordinance; review and revise KJH 2.70 945.00
ordinance; attention to review of updates on refinance project.
09/17/12 Provide disclosure rules for D Rogers. Read emails. Research viability of PMW 0.80 220.00
reduction of swap termination payments.
09/17/12 Conference call with R. Sharp and K. Hupfer. (No Charge) TDP 0.70 0.00
09/17/12 Conference call with FBT team. (No Charge) TDP 0.40 0.00
09/17/12 Review proposed transactions for parity of obligations and other information. TDP 3.10 775.00
09/17/12 Review support materials for presentation. TDP 1.80 450.00
09/18/12 Prepare for and attend call re strategy for meetring; prepare power point DAR 2.00 870.00
presentation.
09/18/12 Review and analyze financing issues and underlying debt obligations. EMK 0.50 190.00
09/18/12 Review updated refinance information; office conference re status of review KJH 2.30 805.00
and presentation.
09/18/12 Internal conference call. Discuss with D Rogers. Read emails. PMW 1.40 385.00
09/18/12 FBT conference call. (No Charge) TDP 1.10 0.00
5
r
October 12,2012
Consulting on Debt Restructuring for Carmel Redevelopment
Commission(Carmel City Council)
Account#0 1233 12.0598182
Invoice# 10782100
DATE TMKR HOURS AMOUNT
09/18/12 Review material related to presentation. TDP 1.60 400.00
09/18/12 Multiple email correspondence with K. Haas re: Transaction structures. TDP 0.30 75.00
09/18/12 Review emails re: Financial conference call. TDP 0.40 100.00
09/19/12 Calls with Kane Hass and FBT working group re presentation and what QIC DAR 3.00 1,305.00
did.
09/19/12 Review and analyze financing options for City of Cannel with respect to EMK 1.30 494.00
outstanding refunding obligations of the CRC.
09/19/12 Work on presentation for finance committee; conference call with KJH 2.40 840.00
Oppenheimer and counsel.
09/19/12 Conference call with working group. PMW 1.10 302.50 _
09/19/12 Conference call with D. Rogers, K. Haas, and B. Donaldson. (No Charge) TDP 1.10 0.00
09/19/12 Review new documents and changes to structure. TDP 1.50 375.00
09/19/12 Oppenheimer conference call. (No Charge) TDP 1.00 0.00
09/19/12 Telephone conference with L. Snyder re: Update. (No Charge) TDP 0.50 0.00
09/19/12 FBT team conference call re: Presentation. (No Charge) TDP 0.80 0.00
09/19/12 Compile and revise various versions of presentation. TDP 1.80 450.00
09/20/12 Travel to and fi-om Carmel, IN; meet with L. Snyder; prepare for and attend DAR 11.00 4,785.00
Finance Committee meeting.
09/20/12 Review and analyze financing options for City of Carmel with respect to EMK 0.30 114.00
outstanding refunding obligations of the CRC.
09/20/12 Call with Luci re presentation; finalized and results of Oppenheimer call; KJH 5.40 1,890.00
finalize presentation; attend finance committee meeting.
09/20/12 Telephone conference with R. Sharp re: Update. (No Charge) TDP 0.30 0.00
09/20/12 Review new materials from Umbaugh. TDP 0.40 100.00
09/20;12 Revise CRC presentation. TDP 1.40 350.00
09/20/12 Conference call with 1.. Snyder re: Update. (No Charge) TDP 0.60 0.00
09/20/12 Prepare for CRC presentation to Finance Committee. TDP 1.20 300.00
09/20/12 Travel from Indy office to Carmel City Hall for Finance Committee meeting. TDP 0.40 100.00
09/20/12 Meet with FBT team for Finance Committee meeting. TDP 1.40 350.00
09/20/12 Finance Committee meeting. TDP 2.30 575.00
09/21/12 Review and analyze financing issues. EMK 0.30 114.00
09/21/12 Review materials related to CRC "other" revenue. TDP 2.80 700.00
09/21/12 Email correspondence with B. Roeger re: CRC lease payment arrangements. TDP 0.20 50.00
09/21/12 Email correspondence with B. Donaldson re: Revisions to D-2108-12. TDP 0.20 50.00
6
October 12, 2012
Consulting on Debt Restructuring for Carmel Redevelopment
Commission (Carmel City Council)
Account 9 0123312.0598182
Invoice# 10782100
DATE TMKR HOURS AMOUNT
09/22/12 Review email correspondence from L. Matthes and others. TDP 0.40 100.00
09/23/12 Multiple email correspondence with K. Haas re: CRC financial documents. TDP 0.30 75.00
09/23/12 Telephone conversation with R. Sharp re: Updates. (No Charge) TDP 0.30 0.00
09/24/12 Discuss refinancing and renegotiation scenarios with T. Long and T. Perkins. DAR 1.00 435.00
09/24/12 Review emails from Rick Sharp and L. Snyder re plan of finance. DAR 0.80 348.00
09/24/12 Continued review and analysis of financing issues and underlying TIF debt. EMK 0.30 114.00
09/24/12 Working group call; review of open issues. KJH 2.20 770.00
09/24/12 Internal conference call. PMW 0.60 165.00
09/24/12 Review materials from C. Schlei;. TDP 0.60 1-50:00
09/24/12 Review emails from the weekend. TDP 0.60 150.00
09/24/12 Internal conference call. (No Charge) TDP 0.60 0.00
09/24/12 Review materials related to existing debts and TIF commitments. TDP 1.60 400.00
09/24/12 Review developer bonds with TIF split. TDP 1.80 450.00
09/24/12 Conference call with R. Sharp, L. Snyder: Updates. (No Charge) TDP 1.30 0.00
09/24/12 Email correspondence with B. Donaldson re: Proposed revisions. TDP 0.30 75.00
09/24/12 Email correspondence with R. Sharp re: Pending action items. TDP 0.20 50.00
09/25/12 Meeting with Mike Shaver; review of emails of deal changes. KJH 1.80 630.00
09/25/12 Prepare for meeting with M. Shaver. TDP 0.40 100.00
09/25/12 Meeting with M. Shaver. (No Charge) TDP 2.20 0.00
09/25/12 Telephone conference with E. Seidensticker re: Updates. (No Charge) TDP 0.30 0.00
09/25/12 Review email correspondence with R. Sharp and B. Donaldson. TDP 0.20 50.00
09/26/12 Call with Rick Sharp; discuss internal draft of'key points for Council; review KJH 2.40 840.00
updated projection.
09/26/12 Multiple email correspondence with J. Shoup and J. Higgins re: CRC TDP 0.40 100.00
documents.
09/26/12 Multiple email correspondence with M. Shaver re: Documents. TDP 0.40 100.00
09/26/12 Telephone conference with D. Bowers re: Scope of document requests. TDP 0.70 175.00
09/26/12 Review CRC debt documents and transaction 1117. TDP 2.60 650.00
09/26/12 Conference call with R. Sharp re: Updates and tasks pending. (No Charge) TDP 0.80 0.00
09/26/12 Initial outline of"Final report. TDP 1.30 325.00
09/26/12 Review and compare material from J. Shoup re: Transaction #17. TDP 0.60 150.00
09/26/12 Review email from L. Matthes and related documents re: Refundability of TDP 0.60 150.00
secondary installment purchase contracts in transaction #17.
7
' October 12,2012
Consulting on Debt Restructuring for Carmel Redevelopment
Commission(Carmel City Council)
Account#0 1233 12.0598182
Invoice# 10782100
DATE TMKR HOURS AMOUNT
09/27/12 Discuss alternative structures for debt with T. Long. DAR 1.00 435.00
09/27/12 Prepare for and attend conference call on debt structures and FBT report. DAR 1.00 435.00
09/27/12 Review further due diligence from T. Perkins. DAR 1.00 435.00
09/27/12 Call to discuss status and nest steps. KJH 0.80 280.00
09/27/12 Email correspondence with B. Donaldson re: CRC reform ordinance. TDP 0.20 50.00
09/27/12 Internal conference call. (No Charge) TDP 0.60 0.00
09/27/12 Additional review of transaction 17, including interest rates, legal descriptions, TDP 2.10 525.00
and purchase prices.
09/27/12 Review of TIF allocation areas and debt service schedules for obligations. TDP 1.60 400.00
09/27/12 Review parcel 7c transactions. TDP 1.60 400.00
09/27/12 Review email correspondence with K. Haas. TDP 0.40 100.00
09/28/12 Review due diligence and discuss TIF projections with T. Long. DAR 1.00 435.00
09/28/12 Review pending document requests. TDP 0.80 200.00
09/28/12 Email correspondence with R. Sharp re: Pending document requests. TDP 020 50.00
09/29/12 Review CRC and 4CDC financial records. TDP 1.20 300.00
235.10 $68,384.00
ITEMIZED COSTS
DATE DESCRIPTION AMOUNT
09/09/12 Meals Lunch- D Rogers - Lunch meeting with T. Long; discuss Carmel 55.89
initial report. Tim Long
09/13/12 Mileage Mileage -390 Miles- D Rogers-Travel to and from Carmel for 216.45
meeting
TOTAL $272.34
SUMMARIZED COSTS
DESCRIPTION QTY PER UNIT TOTAL
Reproductions 246.00 0.15 36.90
Reproductions 518.00 0.10 51.80
Color Reproductions 30.00 0.35 10.50
TOTAL $99.20
8
October 12,2012
Consulting on Debt Restructuring for Carmel Redevelopment
Commission (Carmel City Council)
Account#0 1233 12.0598 182
Invoice# 10782100
TOTAL COSTS $371.54
9
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.
Payee
Purchase Order No.
Terms
Date Due
Invoice Invoice Description Amount
Date Number (or note attached invoice s) or bill(s))
--Tow
S g7' S_
Total
1 hereby certify that the attached invoice(s), or bill(s), is (are) true and correct and I have audited same in accordance
with IC 5-11-10-1.6.
, 20
Clerk-Treasurer
VOUCHER NO. WARRANT NO.
r, i1 ALLOWED 20
IN SUM OF $
Alo/
$ 110 1 163 54
ON ACCOUNT OF APPROPRIATION FOR
-
Board Members
PO#or INVOICE NO. AC T#/TITLE AMOUNT
DEPT.# I hereby certify that the attached invoice(s), or
10'J 8 CZ {-ZI .Zl bill(s) is (are) true and correct and that the
SDI �I Z 531�2� materials or services itemized thereon for
which charge is made were ordered and
received except
20
Signat
Title
Cost distribution ledger classification if
claim paid motor vehicle highway fund