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Home My WebLink AboutUMBAUGH -001613 -2/3/2011 Transmittal Sheet Page 1 Carmel Redevelopment Comm Umbaugh Check: 1613 20 E 91st Street, Suite 100 Date: 2/3/2011 Indianapolis, IN 46240-0458 Vendor: UMBAUG01 Prior Invoice P.O. Num. Invoice Amt Balance Retention Discount Amt. Paid 123659-63-1 13,010.00 13,010.00 0.00 0.00 13,010.00 TIF admin assistance 123659-63-2 13,155.00 13,155.00 0.00 0.00 13,155.00 P47 TIF feasibility 123659-63-3 16,680.00 16,680.00 0.00 0.00 16,680.00 Maind & Meridian 123659-63-4 3,215.00 3,215.00 0.00 0.00 3,215.00 JC Hart 116th Centre 123659-63-5 4,580.00 4,580.00 0.00 0.00 4,580.00 Legacy- EDC bonds 50,640.00 50,640.00 0.00 0.00 50,640.00 H. J. Umbaugh & Associates Certified Public Accountants, LLP 8365 Keystone Crossing, Suite 300 P.O. Box 40458 Indianapolis, IN 46240-0458 (317) 465-1500 Carmel Redevelopment Commission Mr. Don Cleveland, Finance Manager 30 West Main Street, Suite 220 Carmel, IN 46032 Re: Main &Meridian Project- TIF Feasibility, TIF Separation and New Area, Tax Impact Invoice No. 123659-63-3 Date 12/13/2010 Client No. C00600 DATE SERVICE/STAFF HOURS RATE AMOUNT 9/26/2008 Meeting Meeting with Gary Malone and Jamie Browning Colton 0.50 $250 $125.00 9/29/2008 Financial Development-Prep Browning project- discuss maps, project, etc. Matthes 0.50 340 170.00 10/15/2008 Financial Development- Prep Putting together schedule of parcels included to determine base AV; preparing schedule to estimate TIF Simonetto 3.00 120 360.00 10/16/2008 Financial Development- Review Reviewing feasibility study Colton 1.50 250 375.00 2/12/2009 Teleconference Les Olds Matthes 0.25 340 85.00 2/16/2009 Teleconference Les Olds Matthes 0.25 340 85.00 4/16/2010 Meeting Bruce Donaldson and Mike Shaver regarding EDA's and TIF for Main& Meridian-Browning Matthes 1.00 340 340.00 4/16/2010 Financial Development- Prep Mtg w Mike Shaver and Bruce Donaldson to discuss Meridian & Main and 116th St Centre separate TIF Amspaugh 1.00 160 160.00 4/16/2010 Financial Development- Prep TIF Report Amspaugh 1.00 160 160.00 4/16/2010 Umbaugh Reports- Prep revisions to PAC TIF estimate and Report for Browning Medical Office project; Review Browning TIF#'s separating out TIF Matthes 1.00 340 340.00 4/16/2010 Teleconference follow-up call with Jamie Browning re: 50%TIF, developments and timing, financing guarantees, etc. Matthes 0.50 340 170.00 4/16/2010 Financial Development- Prep Reviewing Browning Meridian & Main TIF numbes; TIF revisions after call with Jamie Browning re: 50%TIF, developments and timing, hotel comp's, etc. Matthes 1.00 340 340.00 4/19/2010 Meeting Mike Shaver, Jamie Browning and Bruce; Mike's follow-up email Matthes 0.50 340 170.00 4/21/2010 Teleconference Steve Hardin, Bruce, Mike S Matthes 0.50 340 170.00 4/23/2010 Regulatory Reports- Review ED Plan draft by Mike Shaver Matthes 0.50 340 170.00 5/5/2010 Correspondence email to WG re: Browning road bonds and various impacts of 50%TIF capture for roads or PAC and IC repayment; add'I emails from and to WG Matthes 1.50 340 510.00 5/5/2010 Financial Development- Prep Meridian& Main Project- prepare illustrative EDC Bonds based on gradual TIF stream (50% capture) Matthes 1.00 340 340.00 5/5/2010 Financial Development- Review Meridian & Main Project-review and revise illustrative EDC Bonds based on gradual TIF stream (50% capture) Matthes 0.50 340 170.00 5/6/2010 Correspondence Main & Meridian-finish email to Working Group re: concerns about level D/S, but delayed TIF, etc. Matthes 0.75 340 255.00 5/6/2010 Financial Development- Prep Main & Meridian TIF analysis and bond structuring, revise Matthes 1.00 340 340.00 5/7/2010 Correspondence finish email to WG re: Main & Meridian bonds and TIF Matthes 0.50 340 170.00 5/12/2010 Correspondence Main &Meridian TIF/financing split with City-emails from Steve Hardin, Karl Matthes 0.25 340 85.00 5/19/2010 Teleconference Jamie Browning Matthes 0.25 340 85.00 5/19/2010 Financial Development- Review review TIF and Bond schedule provided from Jamie Browning Matthes 0.50 340 170.00 8/10/2010 Teleconference Bruce Donaldson re: Meridian & Main TIF impact,TIF comparison analysis needed- Matthes 0.50 340 170.00 8/16/2010 Financial Development- Prep Estimated Meridian & Main Tax Increment from current and future development, and impact on debt coverage and surplus TIF (per Dec 2009 report&June 2010 report) Mouser 3.75 120 450.00 8/18/2010 Financial Development- Prep Meridian & Main Est TIF Rev revisions: Browning med office bldg AV spread over 10 yr pd, Dec'09 and June '10 report comparison Mouser 1.25 120 150.00 8/19/2010 Financial Development- Review review Comparison schedule Matthes 0.25 340 85.00 8/20/2010 Financial Development- Prep Meridian & Main estimated TIF Revenues Mouser 0.75 120 90.00 8/20/2010 Financial Development- Prep Meridian& Main Project Amspaugh 0.75 160 120.00 8/20/2010 Financial Development- Prep For Bruce-M&M TIF comparison between HJU 12/29/09 Report and 7/16/10 Report Matthes 1.00 340 340.00 9/15/2010 Legal Documents Meridian & Main-emails/documents from Bruce with Amended Declaratory, ED Plan, TIF fo Browning M&M vs TIF for IC's and PAC -look up TIF Revenue Schedule and compare to ED Plan; email Bruce re: assumptions Matthes 1.00 340 340.00 9/16/2010 Legal Documents M&M- review ED Plan draft Matthes 0.50 340 170.00 10/18/2010 Teleconference Bruce Donaldson Matthes 0.25 340 85.00 10/18/2010 Meeting Council Meeting re: Separation of Allocation Area Matthes 4.50 340 1,530.00 10/18/2010 Travel Matthes 0.50 340 170.00 10/18/2010 Financial Development- Prep prep for meeting Matthes 1.00 340 340.00 11/1/2010 Legal Documents 2010 Resolutions amending the Old Meridian Area for separate Main and Meridian Allocation Area (Browning project) Matthes 0.50 340 170.00 11/1/2010 Regulatory Report- Prep Meridian & Main Tax Impact Statement(TIS) Amspaugh 4.00 160 640.00 11/2/2010 Regulatory Report- Prep Meridian &Main TIS Amspaugh 3.50 160 560.00 11/2/2010 Regulatory Report-Prep TIF Meridian and Main Tax Impact Statement Mouser 2.25 120 270.00 11/2/2010 Regulatory Report-Prep Tax Impact Statement: existing Old Meridian Allocation Area vs. amended Old Meridian w/Meridian & Main Allocation Area Mouser 0.75 120 90.00 11/3/2010 Regulatory Report- Prep TIS Amspaugh 1.25 160 200.00 11/3/2010 Regulatory Report-Prep TIF Meridian & Main Tax Impact Statement revisions Mouser 0.75 120 90.00 11/3/2010 Regulatory Report- Prep TIS drafting and revising -also reviewing Amending Resolution and ED Plan Supplement Matthes 6.00 340 2,040.00 11/4/2010 Regulatory Report-Prep Meridian & Main Tax Impact Statement letters Mouser 1.75 120 210.00 11/4/2010 Correspondence Overnite Labels Black 0.50 90 45.00 11/4/2010 Regulatory Report-Prep TIS Amspaugh 3.50 160 560.00 11/4/2010 Umbaugh Reports-Review Discuss Meridian and Old Town impact statement with Loren and Heidi Semler 1.00 230 230.00 11/4/2010 Regulatory Report- Prep revising TIS-additional info on 43 house demolitions and revise tax impact, edit, etc. Matthes 3.00 340 1,020.00 11/5/2010 Financial Development- Prep TIS Revision Amspaugh 1.00 160 160.00 11/17/2010 Meeting RDC Mtg.; Drive to and from Amspaugh 2.00 160 320.00 11/17/2010 Financial Development- Prep Mtg Prep; Disc w LMM Amspaugh 2.75 160 440.00 11/17/2010 Regulatory Reports- Review prep Heidi for RDC Public Hearing and potential questions about Tax Impact analysis, demolitions, split of TIF and PAC Bond, etc. Matthes 0.50 340 170.00 11/18/2010 Correspondence Mtg disc w LMM Amspaugh 0.50 160 80.00 Total Hours 70.75 Total For Services $ 16,680.00 Director of Redevelopment / t ' b d 9 3 • H. J. Um Baugh & Associates Certified Public Accountants, LLP 8365 Keystone Crossing, Suite 300 P.O. Box 40458 Indianapolis, IN 46240-0458 (317) 465-1500 Carmel Redevelopment Commission Mr. Don Cleveland, Finance Manager 30 West Main Street, Suite 220 Carmel, IN 46032 Re: Legacy-EDC Bonds Invoice No. 123659-63-5 Date 12/13/2010 Client No. C00600 DATE SERVICE/STAFF HOURS RATE AMOUNT 12/9/2008 Teleconference Paul Rioux-update Matthes 0.25 $340 $85.00 3/24/2009 Teleconference Tom Pitman, B&D Matthes 0.25 340 85.00 3/24/2009 Financial Development- Prep Matthes 0.50 340 170.00 3/24/2009 Legal Documents Matthes 0.25 340 85.00 3/25/2009 Teleconference Rich Starkey Matthes 0.25 340 85.00 3/25/2009 Meeting Tom Pitman, B&D Matthes 0.50 340 170.00 3/27/2009 Correspondence email WG re: bond structure, bond terms, bond tax status and type of bonds, surplus, cap. int, and other issues Matthes 1.00 340 340.00 3/27/2009 Financial Development- Prep SPR Amspaugh 1.00 160 160.00 3/27/2009 Financial Development- Prep checking recent schedules and options Matthes 0.50 340 170.00 4/9/2009 Legal Documents discuss max parameters for Ordinance w/Tom Pitman; flexibility re:taxable vs tax-exempt EDC bonds, and project costs Matthes 0.50 340 170.00 4/14/2009 Legal Documents Matthes 0.75 340 255.00 4/30/2009 Correspondence emails from/to Working Group and Dave Arrensen Matthes 0.50 340 170.00 5/1/2009 Correspondence Email Paul and WG re: different options of bond schedules prepared in 2008; and questions re: how he would like schedules revised and modified Matthes 0.50 340 170.00 5/1/2009 Financial Development- Prep review the many different options of bond schedules prepared in 2008; select and summarize the various options for Paul to see which should be revised Matthes 2.00 340 680.00 5/5/2009 Correspondence Matthes 0.25 340 85.00 5/8/2009 Correspondence Matthes 0.25 340 85.00 5/11/2009 Teleconference Rich Starkey Matthes 0.25 340 85.00 5/11/2009 Legal Documents revised Timetable Matthes 0.25 340 85.00 5/13/2009 Legal Documents reviewing changes to Loan Agreement-potential tax exempt; no guarantee Matthes 1.00 340 340.00 5/22/2009 Legal Documents emails re: maximum bond amount for legal doc's Matthes 0.25 340 85.00 6/1/2009 Meeting Council meeting re: Legacy EDC Bonds- 1st Reading of Ordinance;financial schedules for meeting Matthes 0.50 340 170.00 6/15/2009 Meeting Matthes 1.00 340 340.00 6/15/2009 Travel Matthes 0.50 340 170.00 6/15/2009 Legal Documents EDC documents-Findings and Facts-jobs, payroll and project info-discuss w/Steve Pittman, Dave Arrensen Matthes 1.00 340 340.00 Total Hours 14.00 Current Amount Due $4,580.00 Director of Redevelopment/131-'8,306 H. J. Umbaugh & Associates Certified Public Accountants, LLP 8365 Keystone Crossing, Suite 300 P.O. Box 40458 Indianapolis, IN 46240-0458 (317) 465-1500 Carmel Redevelopment Commission Mr. Don Cleveland, Finance Manager 30 West Main Street, Suite 220 Carmel, IN 46032 Re: JC Hart 116th Centre Project- TIF Feasibility, TIF Separation and New Area Invoice No. 123659-63-4 Date 12/13/2010 Client No. C00600 DATE SERVICE/STAFF HOURS RATE AMOUNT 4/16/2010 Meeting Bruce Donaldson and Mike Shaver regarding EDA's and TIF for 116th & College Matthes 0.50 $340 $170.00 4/16/2010 Financial Development- Prep Mtg w Mike Shaver and Bruce Donaldson to discuss Meridian & Main and 116th St Centre separate TIF Amspaugh 1.50 $160 $240.00 4/16/2010 Umbaugh Reports-Prep revisions to TIF estimate and Report for Hart 116th Centre project; reviewing 116 Centre TIF Report#'s; separating out TIF Matthes 1.00 340 340.00 5/3/2010 Correspondence emails from attorneys, etc. re: 116th & College, Meridian & Main, etc Matthes 0.50 340 170.00 5/4/2010 Legal Documents 116th & College Project- Developer Agreement; vm to Bruce Matthes 0.50 340 170.00 5/5/2010 Correspondence 116th & College Project- Developer Agreement- email Karl and WG Matthes 0.50 340 170.00 • 9/15/2010 Legal Documents 116th & College PUD- Hart Dev't- emails/documents from Bruce with Amended Declaratory- 126th St., TIF for Hart vs TIF for IC's and PAC - look up TIF Revenue Schedule in HJU 6/16/10 TIF Report and email Bruce and Karl re: assumptions Matthes 0.50 340 170.00 9/16/2010 Financial Development- Review 116th Centre - review ED Plan/Project Agreement Matthes 0.50 340 170.00 9/17/2010 Correspondence 116th Centre- emails from/to WG and Developer related to apartment square footage, minimum appeal; impacts of split; deal structure, PILOT, minimum AV, appeals, etc. and potential changes to ED Plan and Project Agreement Matthes 1.00 340 340.00 9/17/2010 Financial Development- Prep 116th Centre- ED Plan re: 4 Equicor parcels under appeal; info on pending appeals, prepare TIF/Base and Appeals schedule w/ Heidi to provide to Mike Shaver and WG; and list comments and questions for WG and Developer Matthes 1.00 340 340.00 9/20/2010 Correspondence 116th Centre- emails from/to WG and Developer related to deal structure, TIF share, PILOT, minimum AV, appeals, etc. and potential changes to ED Plan and Project Agreement Matthes 0.50 340 170.00 9/22/2010 Correspondence 116th Centre: more WG emails re: Ex. F, parcels/change of use, appeals, CRC/Developer split, etc. Matthes 0.50 340 170.00 9/23/2010 Correspondence 116th Centre- email Karl re: Ex. F and recommendations Matthes 0.50 340 170.00 9/23/2010 Teleconference 116th Centre- call from Bruce D. and Seth Lewis re: TIF est, tax appeals, etc. Matthes 0.50 340 170.00 11/3/2010 Correspondence emails re: Hart 116th St Centre- Karl-Project Agreement; Mike Shaver-ED Plan, calculate TIF percentage split between Hart and CRC Matthes 0.50 340 170.00 • 11/4/2010 Teleconference return call to Randy Ruhl re: 116th Center- Hart project TIF and bonds; question to Bruce, Karl about subordination Matthes 0.25 340 $85.00 Total Hours 10.25 Current Amount Due $3,215.00 Director of Redevelopment / L/q D 09 H. J. Um Baugh & Associates Certified Public Accountants, LLP 8365 Keystone Crossing, Suite 300 P.O. Box 40458 Indianapolis, IN 46240-0458 (317)465-1500 Carmel Redevelopment Commission Mr. Don Cleveland, Finance Manager 30 West Main Street, Suite 220 Carmel, IN 46032 Re: TIF Admin Assistance-2011 Neutralizations for all Carmel TIF Areas Invoice No. 123659-63-1 Date 12/13/2010 Client No. C00600 DATE SERVICE/STAFF HOURS RATE AMOUNT 6/17/2010 Financial Development- Prep 2011 Neutralization Schedules Set Up Smith 0.75 $120 $90.00 6/23/2010 Financial Development-Prep Database Comparison for Captured AV, Base AV and NAV Smith 3.25 120 390.00 6/23/2010 Financial Development- Prep Neutralization Amspaugh 1.00 160 160.00 6/24/2010 Financial Development- Prep 2011 Neutralization Schedules, county gross AV, tax rates Smith 0.50 120 60 00 6/24/2010 Financial Development-Prep TIF Databases comparison version 4/13 to version 6/23 Smith 1.75 120 210.00 6/28/2010 Financial Development-Prep 2011 Neutralization Schedules Smith 2.00 120 240.00 6/29/2010 Financial Development-Prep 2011 Neutralization Schedules, compare 2010 Base AV to 2011 Base AV Smith 1.50 120 180.00 7/7/2010 Financial Development-Prep 2011 Neutralization Schedules, enter updated database information 2011 Gross and Net AV(without residential) Smith 4.50 120 540.00 7/8/2010 Financial Development-Prep Neutralization Amspaugh 0.25 160 40.00 7/8/2010 Financial Development- Prep 2011 Neutralization schedules, exemptions Smith 175 120 210.00 7/9/2010 Financial Development- Prep 2011 Neutralization Schedules, Gross AV 2011 Smith 1.75 120 210.00 7/12/2010 Financial Development- Prep Neutralization Amspaugh 0.50 160 80.00 7/13/2010 Financial Development- Prep 2011 TIF Mgmt Carmel-TIF Property Growth Calculations Mouser 4.50 120 540.00 7/14/2010 Financial Development- Prep Carmel TIF property growth calculations for Neutralizations (increases, decreases, new parcels), other Neutralization work Mouser 4.75 120 570.00 7/15/2010 Financial Development-Prep 2011 TIF Mgmt neutralizations: Pay 2010, Pay 2011 gross AVs and exemptions, other neutral. work Mouser 2.00 120 240.00 7/16/2010 Financial Development-Prep Carmel 2011 Neutralizations: Base AV, Net Real Estate Value, Pay 2010 Captured AV, other neutral.work Mouser 2.75 120 330.00 7/16/2010 Financial Development-Prep Neutralization database work including Pay 2010 Captured AV revisions Mouser 1.50 120 180.00 7/19/2010 Financial Development- Prep Neutralization: abatements Mouser 1.75 120 210.00 7/20/2010 Financial Development-Prep Neutralization Abatement revisions Mouser 0.50 120 60.00 7/20/2010 Financial Development-Prep 10 Pay 11 Appeals by TIF Area (2011 Neutralization) Mouser 1.00 120 120.00 7/22/2010 Financial Development-Prep Neutralization Amspaugh 1.25 160 200.00 7/22/2010 Financial Development-Prep Neutralization: county appeals, Amend. 126th abatement, growth and new parcels list Mouser 1.00 120 120.00 7/26/2010 Financial Development-Prep Neutralization database work: negative bases, appeals, other work Mouser 1.25 120 150.00 7/27/2010 Financial Development-Prep Neutralizations Amspaugh 2.50 160 400.00 7/27/2010 Financial Development-Prep Neutralizations: growth analysis, auditors growth parcels HJU growth parcels comparison, other database work Mouser 3.25 120 390.00 7/27/2010 Financial Development-Prep Neutralization: 2010-2011 base value variance, parcel growth analysis, 2010 neutralization revisions impact on 2011 neutralization, Legacy&Arts District Mouser 5.25 120 630.00 7/28/2010 Financial Development-Prep Neutralization Amspaugh 1.75 160 280.00 7/28/2010 Financial Development-Prep Neutralization: new construction growth, Old Meridian Expansion update, Legacy&Arts District, 2010 neutralization revision adjustment to 2011 neutralization Mouser 3.50 120 420.00 7/28/2010 Financial Development- Prep Neutralization final prep for proofing: TIF area Captured AV adjustment, referencing, printout, other work Mouser 3.75 120 450.00 7/29/2010 Financial Development- Prep Neutralizations Amspaugh 3.75 160 600.00 7/30/2010 Financial Development-Prep Neutralizations Amspaugh 4.25 160 680.00 7/30/2010 Umbaugh Reports-Review Review BN Semler 3.50 230 805.00 8/1/2010 Financial Development- Prep Neutralizations Amspaugh 1.50 160 240.00 8/2/2010 Financial Development- Prep Neutralizations Amspaugh 3.00 160 480.00 8/2/2010 Umbaugh Reports-Review Review BN Semler 1.50 230 345.00 8/16/2010 Financial Development-Prep Verify Post-Neutral databases to Neutralization forms; variations due to rounding, variations due to reasons other than rounding Mouser 1.75 120 210.00 1/22/2010 Teleconference call from Nuveen, owner of Illinois St. Bonds, re: TIF update; also call from NY firm re: Redevt Authority 2004 bonds technical default(due to surety downgrade); Matthes 0.25 340 85.00 11/22/2010 Financial Development- Prep Illinois Street TIF calc for Nuveen Amspaugh 1.00 160 160.00 • 11/22/2010 Financial Development- Prep info for Nuveen, owner of Illinois St. Bonds, re: TIF update; also info for NY firm re: Redevt Authority 2004 bonds technical default(due to surety downgrade); Matthes 0.25 340 85.00 11/23/2010 Financial Development- Prep 90608E-Clarian TIF Calc: estimated Tax Increment, amortization, comparison Mouser 2.50 120 300.00 11/24/2010 Financial Development- Prep Revisions to 91608E-Clarian TIF Calc schedules and transmittal letter Mouser 1.00 120 120.00 11/24/2010 Umbaugh Reports-Review Review Clarian TIF schedules to provide to Bond Purchaser Semler 0.50 230 115.00 11/29/2010 Correspondence info request from Ron Carter-instructions to staff Matthes 0.25 340 85.00 11/29/2010 Financial Development-Prep Nuveen TIF request update Amspaugh 1.75 160 280.00 11/29/2010 Financial Development-Prep Parcel lookup for Mark Moore Amspaugh 1.00 160 160.00 11/29/2010 Umbaugh Reports-Review Report on Clarian TIF for Nuveen-2004 Bond Purchaser; review bond doc's Matthes 1.00 340 340.00 11/30/2010 Financial Development- Prep Outstanding Debt summary Amspaugh 1.00 160 160.00 11/30/2010 Financial Development-Prep CRC Outstanding Debt schedule-detail Mouser 0.50 120 60.00 Total Hours 92.00 Current Amount Due $13,010.00 Director of Redevelopment/8 o) O6