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HomeMy WebLinkAboutJ.R. Clancy - Parcel 7A - $148,613.58Page 1 of 1 Lee, Mike E From: Michael Doyle [mdoyle @pedcor.net] Sent: Thursday, March 25, 2010 4:07 PM To: Lee, Mike E Cc: Cleveland, Don H; Dolores Krohne Subject: Mercantile PAC Submittal Mike, The Mercantile purchase contract accounts are out of balance due to retainage and fees that were paid in the initial loan disbursement. All of the initial closing fees were paid out of the Sound Equipment ($1,649,004 contract) account and as a result that account has insufficient funds to fully pay the remaining purchase contract. However, the Equipment account ($7,515,800) has sufficient funds since no fees were drawn out initially. As a result, for this upcoming disbursement request, we would like for the CRC to draw $127,501.20 from the Equipment account in addition to any contractor costs. This amount will be used to reimburse the Sound Equipment account for closing fees. The CRC can issue a check or wire the funds to Village Financial who will use that money to pay the contractor (All Pro Sound) its requested amount. To balance this transfer, the CRC should request $127,501.20 less than the contractor requested on the Sound Equipment account. If change orders are issued on the Equipment contract to the point where the purchase contract's balance to finish is greater than the remaining funds in the account, then the CRC is responsible for the overage. In addition, since retainage was paid to CRC on the Equipment account but the contractor (JR Clancy) did not acknowledge such on its latest pay application, $54,812.66 should be reduced from the next loan disbursement. Since the CRC already paid JR Clancy for Application #8, the CRC should request $93,800.92 (148,613.58- 54,812.66) to be wired directly from Mercantile Bank. I have attached a summary of the above information on two spreadsheets which are attached to this email. If you have any questions or would like to discuss any of this, please do not hesitate to contact me. Thanks, Michael Doyle Development Finance Officer The Pedcor Companies 770 3rd Avenue SW Carmel, IN 46032 (p) 317 - 564 -5855 (f) 317 - 218 -2665 mdoyle@pedcor.net Disclaimer: This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager. Please note that any views or opinions presented in this email are solely those of the author and do not necessarily represent those of the company. If you are not the named addressee you should not disseminate, distribute or copy this e -mail. Finally, the recipient should check this email and any attachments for the presences of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email. 8/27/2010 Exhibit D Disbursement Instructions Mercantile Bank hereby is instructed to make a disbursement of Loan Proceeds from the Borrower Loan Account to (or for the account of) Borrower in: (a) the amount of the "Total Authorized Disbursement: line in the "Amount of Authorized Disbursement" column below; and (b) accordance with the terms and conditions of the Agreement, the other Loan Documents, and the Disbursement instructions. Propose of Authorized Disbursement Amount of Authorized Disbursement t'lMSe. f-u,ic15 $o VWMe Etk0.1^.(4113 LL(. $ 127,5e 21) Total Authorized Disbursement I 121, 501:2 (-; All terms used in these Disbursement Instructions without definition shall have the meanings ascribed thereto in that certain Loan Agreement (PAC Equipment), dated, as of August 31, 2009, by and between Le- der and Village Financial, LLC. Dated: CITY OF CARMEL REDEVELOPMENT COMMISSION By. Printed L.eS •5, Q ld.s Title E Xe. ctk+'iYe rc. Car' Exhibit D Disbursement Instructions Mercantile Bank hereby is instructed to make a disbursement of Loan Proceeds from the Borrower Loan Account to (or for the account of) Borrower in: (a) the amount of the "Total Authorized Disbursement: line in the "Amount of Authorized Disbursement" column below; and (b) accordance with the terms and conditions of the Agreement, the other Loan Documents, and the Disbursement instructions. Purpose of Authorized Disbursement Amount of Authorized Disbursement I'tt"i , 640ch'1, i 40 C P \C -tor pm me, rtt )1+ s 6',.59 v'':\' by C Rc k55 ))`N vitas re. 4-6th k p $ (51+ e12,+ 66 rQimiooriz enA t=ar- A;5'-t) 812, G6 Total Authorized Disbursement ' r 912J, All terms used in these Disbursement Instructions without definition shall have the meanings ascribed thereto in that certain Loan Agreement (PAC Equipment), dated, as of August 31, 2009, by and between I nder and Village Financial, LLC. Dated: 3 /30 /!0 CITY OF CARMEL REDEVELOPMENT COMMISSION By Printed Title Les .S'' a Oids 12, , c L4 h to Cii e ' r VILLAGE FINANCIAL LLC April 1, 2010 Michael Branigan Mercantile Bank 12813 East New Market Street Carmel, IN 46032 RE: PAC Equipment Dear Michael: Enclosed with the letter is disbursement request of $93,800.92 for cost incurred to date on the PAC Equipment along with wiring instructions to CRC. Please wire the funds directly to the CRC from account number: 101006403. Please do not hesitate to contact nee if you have any questions. It has been a pleasure to work with you and look forward to continue working with you in the future. Sincerely, Michael P. Doy1 Development Finance Officer Village Financial v One Pedcor Square, 770 3r'' Avenue SW ;',- .1r: -;.' Carmel, IN 46032;4- )4 ;:1-4-- (317) 587 -0320 Fax (317) 218 -2665 CRC Wiring Instructions Funds to be wired from PAC Equipment to City of Carmel: $93,800.92 Wiring Instructions: ABA: 042000314 Fifth Third Bank, Cincinnati Further Credit to: Fifth Third Bank, Indiana Account name: City of Carmel. Account number: 999 -93427 APPLICATION AND CERTIFICATE FOR PAYMENT CONSTRUCTION MANAGER - ADVISER EDITION AIA DOCUMENT G702 /CMa (Instructions on reverse side) PAt ;E ONE OP PAGES TO OWNER: Caine' - F1ie \2topw.nt Com ' s)'or PROJECT: 2095 One CiviC UOve COY nrle1 PktC Carmel, Z N' 4 1 0 0 3 2 _ � � � 3rt Ne u e Sw cormel 2 J '3 b03 Z FROM CONTRACTOR: C7 .t - GQncv,anc -3-oq1 snitar/ S cfi�# c a O0''deon CAC-Pa dVIA CONSTRUCTION ANAGER :Sh)QA S�'JCto(" Sa YU CONTRACT FOR: Pckf(el 9 -R) Qey MFor tioyMA(tsc�l'1Kt/ CI-fITECT: CONTRACTOR'S APPLICATION FOR PAYMENT Application is made for payment, as shown below, in connection with the Contract. Continuation Sheet, AIA Document G703, is attached. 1. ORIGINAL CONTRACT SUM s 1,515,g0O Ceas,1loo 6, 150 040. — 413 , z52 . 60 2. Net Change By Change Orders S 3. CONTRACT SUM TO DATE (Line 1 ± 2) S 4. TOTAL COMPLETED & STORED TO DATE (Column G on G702) 5. RETAINAGE: a. 'S6 of Completed Work (Columns- D + E on G703) b. ';6 of Storecl Aiaterial (Column F on G703) Total Retainage (Line 5a + 5b or Total in Column I of G703) S 6. TOTAL EARNED LESS RETAINAGE $ (Line 4 less Linc 5 Total) 7. LESS PREVIOUS CERTIFICATES FOR PAYMENT (Line 6 from prior Certificate) S S 41,32S.2.e) 0. 0 8. CURRENT PAYMENT DUE 1-1,12c . 2 6L1-I 19 29- SZ i93313.94 s 1 z+5, (p13.5e) 9. BALANCE TO FINISH, INCLUDING RETAINAG (Line 3 less Line 6) S �14)-i),112-`i'3 CHANGE ORDER SUMMARY ADDITIONS DEDUC'T'IONS Total changes approved in previous months by Owner 0.00 (S2 ,1 bo•00) Total approved this Month 0 .0 0 0.00 TOTALS 0. 0 U ' jo41.0U3 NET CHANGES by Change Order — 60. 170 APPLICATION NO.: PERIOD TO: PROJECT NOS.: (0 6 CONTRACT DAI'E:2.) )Z) O' Distribution to: ❑ OWNER ❑ CONSTRUCTION MANAGER ❑ ARCHITECT ❑ CONTRACTOR The undersigned Contractor certifies that to the hest of the Contractor's knowledge, infor- mation and belief the Wort: covered by this Application for Payment has been completed in accordance with the Contract Documents, that all amounts have been paid by the Contractor for Work for which previous Certificates for Payment were issued and pay- ments received from the Owner, and that current payment shown herein is now due. CONTRACTOR: '3.9-Clancy,. aY'C • By. / ��: D•ue• State of: - Mi.() Yi dr County of: O71d'1c/Ccgr Subscribed and sworn to before me this i57-4 day of ecemiLlf Notary Public: My Commission expires: ?-2 7_13 l�l /s10 9 ZUa9 BRADLEY R RiVERS Notary I't,o1+c.:S:aI of York (1udt.fieU .r. J: .i..; t;la County No. 01 PI 01 P349 Commission Expires S p ;ernber Z0/3 CERTIFICATE FOR PAYMENT In accordance with the Contract Documents; based on on -site observations and the data comprising this application, the Construction Manager and Architect certify to the Owner that to the best of their knowledge, information and belief the Work has progressed as indicated, the quality of the Work is in accordance with the Contract Documents, and the Contractor is entitled to payment of the AMOUNT CERTIFIED. AMOUNT CERTIFIED $ `Lt���•�. (Attach e lil anation if amount certified differs frwrr the amount applied for Initial all figures on this Application and on a Continuation Sheet that changed 10 conform to the amount certified.) Ct+NSTRUC1 ANAGE gy• ∎ �iiY� i ' L r. ARCH D'ite- Datc• L 10-1,1W This Certificate is not negotiable. The AMOUNT CERTIFIED is payable only to the Con- tractor named herein. issuance, payment and acceptance of payment are without prejudice to any rights of the Owner or Contractor under this Contract. AIA DOCUMENT G702/CMa • APPLIcxrloN AND CERTIFICATE FOR PAYMENT • CONSTRL'CI'ION MANAGER-ADVISER EDITION 1992, EDITION • AI,' • ©1992 • THE AMERICAN INSTI'T'UTE OP ARCHITECTS. 1735 NEW YORK AVENUE. NAV...\C,LtiIIINGTON. t D.C. 20006-5292 • WARNING: Unlicensed photocopying violates -U.S. copyright laws and will subject the violator to legal prosecution. :re. O • CAUTION: _ kiu-should, use an originai,AlA document wtilch has this caution printed•in red: -An original assures.that changes will not be- obscured as may occur when-documents areveoroduced. G702 /CMa -1992 CONTINUATION PAGE Page 2 of 4 PROJECT: 2695 Carmel PAC Payment Application containing Contractor's signature is attached. APPLICATION #: DATE OF APPLICATION: 'PERIOD THRU: PROJECT #s: 8. 12/15/2009 12/31/2009 2695 A B C D E F G H I' ITEM # WORK DESCRIPTION SCHEDULED AMOUNT COMPLETEQWORK STORED MATERIALS ( NOT IN ) D`OR E TOTAL COMPLETED AND STORED (D + E + F) % COMP. (G / C) BALANCE TO COMPLETION (C -G) RETAINAGE (If Variable) AMOUNT PREVIOUS PERIODS AMOUNT THIS PERIOD 1 Bond $47,266.00 547,266:00 $0.00' 50.00 $47,266.00 100% .50.00' 2 Engineering /Project 5415;534.00 5166 :213:60 $20,776.70 50.00 $186;990.30 45% $228,543 :70 Management/Mobilization 3 Master Control System $238,100.00 $0.00 $0.00 50.00 50.00 0% $238,100.00 4 Control System Electrical Work 533,750.00 $0.00 $3,375.00 $0.00 •53,375.00 10% 530,375.00. 5 Control System Turn on and Testing $68,900.00 50.00. $0.00' $0.00 50.00 0% 568,900.00 6 CYC, FOH,.Lighting Truss Motorized Rigging 51 ,356,800.00 $0:00- $0.00 50.00 50.00 0% 51,356 :800.00 7 CYC, FOH, Lighting Truss Motorized Rigging Installation 5514,200.00 50.00 $0.00 50.00 $0.00 0% $514,200.00 8 Canopy Rigging and Cable Reels $1,301,000.00 50.00 50.00 50.00 50.00 0% $1,301,000.00 9 Canopy Rigging and Reel Installation 5348,800.00 50.00 .50 :00 $0.00 50.00 0% $348,800.00 10 LoudspeakerMotorized Rigging $316,200.00 50.00 $0.00 50.00 50.00 0% $316;200.00 11 Loudspeaker Rigging Installation $55,800.00 50.00 50.00 50.00 $0.00 0% $55;800.00 12 Variable Acoustic Curtains, $118,000.00 $0.00 50.00 50.00 50.00' 0% 5118,000.00 13 Curtain Installation $17,700.00 '50.00 50.00 50.00 50.00 0% 517,700.00 14 Variable Acoustic.Tracks /Blocking & Actuators $426,000.00 $255,600:00 5127,800.00 50.00 $383,400.00 90% $42,600.00 15 Track & Actuator Installation 5131,745.00 ,579,047.00 $13,174.50 50.00 592,221.50 70% $39,523.50 16 Extension Lift :& Railings 5607,521.00 50.00 $0.00 50.00 50.00 0% $607,521.00 SUB-TOTALS 55,997,316.00 5548,126.60 S165,126.20 50.00 5713',252.80 12% 55,284,063.20 CONTINUATION PAGE Quantum Software Solutions, Inc. Document CONTINUATION PAGE Page 3 of 4 PROJECT: 2695 Carmel PAC Payment Application containing Contractor's signature is attached. APPLICATION #: DATE' OF'APP LICATION: PERIOD THRU: PROJECT #s: 8 12/15/2009. 12/31/2009 2695 A B C 0 E F G H I ITEM # WORK DESCRIPTION SCHEDULED AMOUNT COMPLETED WORK STORED MATERIALS (NOT IN D OR E) TOTAL :COMPLETED AND STORED (D + E -+ F) ° %, COMP. .(G / C) BALANCE TO COMPLETION (C -G) RETAINAGE (If Variable) AMOUNT PREVIOUS PERIODS AMOUNT THIS PERIOD 17 Lift Installation 590,000.00 $0.00 50.00 50.00 50.00 0% 590,000.00 18 Extension Lift Wagons 511:1,300.00 50.00 50.00 50:00 50 .00 0% 5111,300.00' 19 Extension Lift Wagon Installation 518,000.00 50.00 50.00 50:00 50.00 0% $18,000 :00 20 House Mix Lift &Railings 5248,000.00 50.00 50.00 50.00 50.00 0% 5248,000.00. 21 House Mix Lift Installation $60,000.00 50.00 50.00 50.00 $0.00 0% 560,000.00 .22 House Mix Lift Wagons 570,000.00 50.00 50.00 50.00 50.00 0% $70,000:00" 23 House Mix Lift Wagon Installation 516;000.00 $0;00 50.00 50 :00 50.00 0% $16,000 :00, 24 Loudspeaker Wagon 535,384.00 $0.00 50.00 50.00 $0.00 0% 535,384.00 .25 Loudspearker Wagon Installation 57,000.00 $0.00 $0.00 50.00 50 :00 0% 57,000.00, 26 Demountable Risers, 545,000.00 $0.00 50.00 50.00 50.00 0% 545,000.00 27 Demountable Riser Installation 54,800.00 $0.00: 50 .00 50.00 50.00 0% 54,800.00 28 Chorus Wagons $189,000.00 50.00 50.00 50.00 50.00 0% 5189;000:00 29 Package 5170 Allowance 5200,000.00 50.00 50.00 50.00 S0.00 0% 5200,000.00 30 Package 5180 Allowance 5200,000.00 .50.00 50.00 50.00 50:00 0% $200,000:00 31 Package 5190 Allowance 55;000.00 50.00, 50.00, 50.00 so :00 0% $5,000:00 32 CAD As- Builts 5170 & 5180 520,000.00 -$0:00 "50.00 50.00 50.00 0% $20,000.00 Allowance SUB - TOTALS 57;316;800.00 5548,126.60 5165;126:20 $0.00 5713;252.80 10% $6,603,547.20 CONTINUATION PAGE Quantum Software Solutions, Inc. Document CONTINUATION PAGE Page 4 of 4 PROJECT: 2695 Carmel PAC Payment Application containing Contractor's signature is attached. APPLICATION #: DATE OF APPLICATION: PERIOD THRU: PROJECT #s: 8 12/15/2009 12/31/2009 2695 A B C 0 E F G H 1 ITEM # WORK DESCRIPTION COMPLETED WORK STORED MATERIALS (NOT IN D OR E) TOTAL COMPLETED AND STORED (D +-E + F) % COMP. (G / C) BALANCE TO COMPLETION (C -G) RETAINAGE (if Variable) SCHEDULED AMOUNT AMOUNT PREVIOUS PERIODS AMOUNT THIS PERIOD 33 CAD As- Builts 5190 Allowance $5,000.00 50.00 50.00 $0.00 $0:00 0% $5,000.00 34 Orchestra Risers $194,000.00 $0.00 50.00 50.00 $0:00 0% $194,000.00 35 37 CIO #1 Orchestra riser /slack line deletions, chairwagon - bronze, C/O #2 Allowance Reductions (5203,040.00) ($322,720.00). 50.00 50.00 50.00 30,00 50.00 50.00. 50.00 $0:00 0% 0% (5203,040.00) ($322,720.00) 38 C/O #3 Work Directive $0.00 50.00 50.00. S0.00 $0.00 50.00 TOTALS 56';990,040.00 $548,126:60 5165,126.20 50.00 $713,252.80 10% 56,276 :787.20 CONTINUATION PAGE Quantum Software Solutions, Inc. Document