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Home My WebLink AboutH J UMBAUGH & ASSOCIATES -002281 -9/22/2011 CARMEL REDEVELOPMENT COMMISSION 002281 H J Umbaugh &Associates Check: 2281 8365 Keystone Crossing, St 300 Date: 9/22/2011 PO Box 40458 Vendor: UMBAUGO1 Indianapolis, IN 46240-0458 Prior Invoice P.O. Num. Invoice Amt Balance Retention Discount Amt. Paid 126005-07 41,435.00 41,435.00 0.00 0.00 41,435.00 services 41,435.00 41,435.00 0.00 0.00 41,435.00 • • F 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: Tax Increment(TIF)Administration and Financial Services Invoice No. 126005-07 Date 08/31/2011 Client No. C00600 For professional services relating to tax increment financing from December 1, 2010 through August 26, 2011 for all Carmel TIF Areas, which include assisting the County Auditor with the annual DLGF neutralization worksheets for taxes payable in 2012, assisting the Commission and legal counsel with the tax increment information needed for installment contracts and other obligations, preparing Tax Increment Financing Feasibility Reports, providing information for bond rating surveillance, and other services as requested. (Does not include time and services related to preparing Underwriter RFPs.) Annual neutralization calculations, other TIF assistance $ 10,695.00 Installment Contracts and other Obligation 14,315.00 Pedcor Developments-TIF Feasibility 16,425.00 Current Amount Due $ 41,435.00 Oti 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: TIF Management-2012 Neutralizations for all Carmel TIF Areas and Other Assistance Invoice No. 126005-07 Date 8/31/2011 Client No. C00600 DATE SERVICE/STAFF HOURS RATE AMOUNT 12/1/2010 Umbaugh Reports-Prep Revise report on Clarian TIF for Nuveen-2004 Bond -adjust for new appeal info Amspaugh 2.00 $160 $320.00 12/17/2010 Umbaugh Reports-Review Review Clarian schedules prepared for bond holder Semler 1.00 250 250.00 1/5/2011 Umbaugh Reports-Review review Clarian TIF report for CRC to provide to Nuveen, Bondholder Matthes 0.50 350 175.00 1/12/2011 Teleconference respond to citizen inquiry(Kevin Lavell) regarding Carmel TIE and debt, etc. Matthes 0.50 350 175.00 2/4/2011 Other(Describe) info request from Underwriter-secondary market purchase Merchants Sq. TIF Bonds-update on TIF revenues compared to debt service,taxpayer payments, Matthes 0.50 350 175.00 3/1/2011 Correspondence Call w Mike Hollibaugh Amspaugh 0.50 160 80.00 3/1/2011 Teleconference call from Mike Hollibaugh re:AV comparison between 1-story and multistory, etc Matthes 0.50 350 175.00 3/2/2011 Meeting Meeting w/Brad and Dave-new CRC members about TIF, obligations, CRC cash flow, etc. Matthes 1.50 350 525.00 3/10/2011 Correspondence CRC-Dave Bowers and Council follow-up re: COPS and interest rates, unrated vs rated bonds, additional emails from and to Mayor, Diana Cordray Matthes 1.25 350 437.50 3/15/2011 Financial Development- Prep discuss new major tax appeals and tax refunds info from Auditor with Heidi; email from Mike Hollibaugh re: new development list Matthes 0.50 350 175.00 5/31/2011 Financial Development-Prep TIF Settlement prep for AOM Amspaugh 0.75 160 120.00 5/31/2011 Financial Development-Prep TIF Spring Settlement comparison Mouser 3.25 120 390.00 6/1/2011 Financial Development-Prep Settlement check Amspaugh 0.25 160 40.00 6/2/2011 Financial Development- Review 2011 TIF Spring Settlement Matthes 0.50 350 175.00 6/10/2011 Correspondence Call w Karl Haas re:TIF update Amspaugh 1.00 160 160.00 6/24/2011 Other(Describe) responding to S&P inquiry re: Park One EDC Bonds with Duke rating,TIF coverage, etc. Matthes 0.50 350 175.00 7/5/2011 Financial Development- Prep Neutralization Schedules Smith 1.00 120 120.00 7/7/2011 Correspondence respond to questions from Mike Lee and LW Matthes 1.00 350 350.00 7/7/2011 Financial Development- Prep 2012 Neutralizations Mouser 0.75 120 90.00 7/11/2011 Financial Development- Prep TIF neutralization document preparation for review and use Hollenberg 0.75 90 67.50 7/11/2011 Financial Development-Prep 2012 Neutralizations Mouser 0.25 120 30.00 7/12/2011 Financial Development-Prep 2012 Neutralizations Mouser 1.00 120 120.00 7/12/2011 Financial Development-Prep 2012 neutralization Hollenberg 1.00 90 90.00 7/13/2011 Financial Development- Prep 2012 neutralization Hollenberg 1.25 90 112.50 7/13/2011 Financial Development- Prep 2012 Neutralizations: Residential parcels? Mouser 0.50 120 60.00 7/18/2011 Financial Development- Prep TIF Neutralization document prep for print Hollenberg 0.50 90 45.00 7/18/2011 Financial Development- Prep TIF Neutralization -separate residentials and verify Gross AVs Hollenberg 3.50 90 315.00 7/18/2011 Financial Development-Prep 2012 Neutralizations Mouser 5.00 120 600.00 7/19/2011 Financial Development- Prep 2012 Neutralizations Mouser 3.25 120 390.00 7/20/2011 Other(Describe) Info to Becknell Industrial consultants who are preparing report on Brookshire Golf Course for the City-info on 2006 Notes and info in connection with City purchase of golf course and later redemption of Notes from the 2010 Bonds Matthes 0.50 350 175.00 7/20/2011 Financial Development- Prep TIF Neutralization disc w AOM; Call w Lee Amspaugh 1.00 160 160.00 7/20/2011 Financial Development- Prep 2012 Neutralizations-Growth check Mouser 3.50 120 420.00 7/25/2011 Financial Development- Prep 2012 Neutralizations Mouser 0.50 120 60.00 7/25/2011 Financial Development- Prep Neutralization Amspaugh 0.25 160 40.00 7/29/2011 Correspondence Call w LMM; Email w Ryan Wilmering Amspaugh 0.50 160 80.00 8/1/2011 Financial Development-Review Neutralization proof Amspaugh 1.50 160 240.00 8/2/2011 Financial Development- Review Proof Neutralizations Amspaugh 3.25 160 520.00 8/3/2011 Financial Development- Prep Large Taxpayers finalization Hollenberg 0.50 90 45.00 8/3/2011 Financial Development-Prep 2012 Neutralizations: revisions &questions to Lee Graham; transmittal letter&final copies Mouser 3.25 120 390.00 8/3/2011 Financial Development-Prep Proof Neutralizations Amspaugh 6.25 160 1,000.00 8/4/2011 Financial Development- Prep Neutralizations Amspaugh 1.75 160 280.00 8/4/2011 Umbaugh Reports-Review Review BN Semler 1.00 250 250.00 8/5/2011 Other(Describe) Matt Cohort re: Golf Course BANs, Bonds, etc. Matthes 0.25 350 87.50 8/8/2011 Correspondence S&P Surveillance-Additional Info Request- Disc w LMM Amspaugh 1.25 160 200.00 8/9/2011 Financial Development- Prep 116th St. Centre TIF Neutralizations 2012 Mouser 1.25 120 150.00 8/9/2011 Financial Development-Prep S&P Info request Amspaugh 1.75 160 280.00 8/9/2011 Financial Development-Prep review appeals listing and data, and email note to Mike Lee Matthes 1.00 350 350.00 8/11/2011 Financial Development-Prep Post-Neutral Databases Mouser 0.25 120 30.00 Total Hours 64.25 Current Amount Due $ 10,695.00 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: Financial Advisory Services related to Installment Contracts and Other Obligations Invoice No. 126005-07 Date 8/31/2011 Client No. C00600 DATE SERVICE/STAFF HOURS RATE AMOUNT 12/8/2010 Financial Development- Prep CRC Outstanding Obligations for Ron Carter Matthes 0.50 $350 $175.00 12/8/2010 Financial Development-Prep Update Outstanding Debt Mouser 2.75 120 330.00 1/5/2011 Other(Describe) revising debt obligations schedule, notes, lay-out, etc.; correspondence with Mayor Brainard, CRC staff, etc. Matthes 1.00 350 350.00 1/19/2011 Other(Describe) info from/to Mayor Brainard for WSJ article- prepare a summary of Financing Plans for the Palladium- info related to the 2005 Bonds, Installment contracts, TIF estimates, etc.; questions for Karl Haas Matthes 1.00 350 350.00 1/20/2011 Other(Describe) info to Mayor Brainard for WSJ article-prepare a summary of Financing Plans for the Palladium-info related to the 2005 Bonds, Installment contracts, TIF estimates, etc.; info from Curt Coonrod; Karl Haas Matthes 2.00 350 700.00 2/11/2011 Financial Development-Prep Debt summary update Amspaugh 6.25 160 1,000.00 2/11/2011 Financial Development-Prep revise Debt Summary Schedule per Michelle and Mayor instructions and edit the Bond Explanation drafted by Michelle; WG emails/discussions and conference call w/ Mayor, Michelle, Curt, Karl and Allan Matthes 4.00 350 1,400.00 2/11/2011 Umbaugh Reports- Review Review outstanding debt for Heidi Semler 1.00 250 250.00 2/14/2011 Financial Development- Prep revise Debt Summary Schedule per Michelle and Les instructions; WG emails/discussion; additional technical info from Curt and input from Karl Matthes 2.50 350 875.00 2/17/2011 Financial Development- Prep Debt summary Amspaugh 0.25 160 40.00 3/17/2011 Correspondence discuss, email Karl haas re: POS TIF report and TIF info 0.50 350 175.00 for discussions with banks Matthes 3/30/2011 Correspondence email re: COPS redemption provisions, and financial options Matthes 0.50 350 175.00 4/25/2011 Teleconference Jim Rush-UFB-questions regarding energy center and TIF estimates Matthes 0.25 350 87.50 4/25/2011 Financial Development- Prep Jim Rush- UFB-questions regarding energy center and TIF estimates-look-up info to respond to questions Matthes 0.25 350 87.50 4/25/2011 Correspondence Call w United Fidelity Bank Amspaugh 0.25 350 87.50 6/10/2011 Teleconference Karl Haas Matthes 0.50 350 175.00 6/10/2011 Financial Development-Prep Discussion with Loren and KAH regarding refunding and review Colton 1.50 250 375.00 7/6/2011 Legal Documents Clarian Bond legal doc's from Bruce- PILOT Agreement, etc.-begin to read through various agreements to determine if potential TIF loss if Clarian- IU becomes tax-exempt, and rely on PILOT Matthes 1.00 350 350.00 7/28/2011 Teleconference Dave Bowers re: CRC financial planning, info, obligations, etc. Matthes 1.00 350 350.00 8/2/2011 Financial Development-Prep Caroline West from S&P info request Amspaugh 0.50 160 80.00 8/2/2011 Financial Development- Prep Large Taxpayers Hollenberg 1.00 90 90.00 8/2/2011 Financial Development- Prep Large Taxpayers Hollenberg 0.75 90 67.50 8/2/2011 Financial Development- Prep start gathering doc's and info in prep for CRC Finance Committee meeting-Clarian agreements, etc. Matthes 0.50 350 175.00 8/3/2011 Financial Development-Prep gathering and reviewing doc's and info in prep for CRC Finance Committee meeting Matthes 2.00 350 700.00 8/3/2011 Meeting Matthes 2.00 350 700.00 8/3/2011 Meeting CRC Finance Committee Matthes 1.00 350 350.00 8/3/2011 Travel Matthes 0.50 350 175.00 8/8/2011 Umbaugh Reports-Prep info for S&P regarding the 2008 Bond, TIF, other obligations, appeals, large taxpayers, etc. Matthes 1.75 350 612.50 8/16/2011 Other(Describe) more questions from S&P re: 2008 TIF bonds rating; gathering and reviewing info to send and begin drafting response to questions Matthes 1.00 350 350.00 8/16/2011 Financial Development-Prep S&P info request Amspaugh 1.75 160 280.00 8/17/2011 Correspondence S&P response; communications with WG re: upcoming S&P call and questions Matthes 0.50 350 175.00 8/18/2011 Other(Describe) questions from S&P re: 2008 TIF bonds rating; drafting response to questions Matthes 1.00 350 350.00 8/22/2011 Correspondence emails to Caroline from S&P, Karl,etc. trying to set-up conf call Matthes 0.25 350 87.50 8/23/2011 Financial Development- Prep S&P Information Amspaugh 1.00 160 160.00 8/24/2011 Financial Development- Prep S&P Information; Disc w LMM re: Term Sheet; Schedules for Term Sheet Amspaugh 5.25 160 840.00 8/25/2011 Financial Development- Prep S&P Rating Surveillance call-additional info per request and in prep for call Matthes 2.00 350 700.00 8/25/2011 Financial Development- Review Comparison of Taxes Billed vs. Collected proofing& revisions Mouser 0.75 120 90.00 8/26/2011 Correspondence Conf Call w S&P re: rating Amspaugh 1.50 160 240.00 8/26/2011 Teleconference S&P Rating Surveillance call and prep Matthes 1.50 350 525.00 8/26/2011 Financial Development-Prep Comparison of Taxes Billed&Collected revisions Mouser 0.50 120 60.00 8/26/2011 Financial Development- Review review/changes to TIF info for S&P-taxes billed and collected, etc. Matthes 0.50 350 175.00 Total Hours 54.50 Current Amount Due $14,315.00 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: Pedcor Developments-Preliminary TIF Feasibility and Refinancing (Interim billing) Invoice No. 126005-07 Date 8/31/2011 Client No. C00600 DATE SERVICE/STAFF HOURS RATE AMOUNT 12/8/2010 Financial Development- Prep Pedcor parcel look up Loeffelholz 0.25 $120 $30.00 12/9/2010 Financial Development-Prep Pedcor Parcel Look Up Loeffelholz 1.00 120 120.00 12/10/2010 Financial Development-Prep Pedcor Parcel Look Up Loeffelholz 0.25 120 30.00 12/13/2010 Meeting Pedcor Mtg. Amspaugh 2.25 160 360.00 12/13/2010 Meeting Meeting with Pedcor and R. McGinley,Oppenheimer re: bonds and partial redemption and new issue, Pedcor TIF estimates,subordination priorities,etc. Matthes 3.25 350 1,137.50 12/13/2010 Travel Matthes 0.50 350 175.00 12/13/2010 Financial Development-Prep Pedcor Mtg. Prep Amspaugh 0.50 160 80.00 12/13/2010 Financial Development- Prep Matthes 1.00 350 350.00 12/14/2010 Meeting meeting with Karl and Ralph McGinley from Oppenheimer re: bonds, Pedcor TIF, big TIF, subordination priority,etc. Matthes 1.00 350 350.00 12/14/2010 Financial Development-Prep Financial Planning related to the take-out bonds,TIF analysis schedules,etc. Matthes 2.00 350 700.00 12/16/2010 Financial Development-Prep discuss financial plan and schedules with Heidi Matthes 0.50 350 175.00 12/20/2010 Financial Development- Prep TIF Report Amspaugh 6.00 160 960.00 12/21/2010 Financial Development-Prep TIF Report Amspaugh 1.50 160 240.00 12/22/2010 Financial Development- Prep TIF Report Amspaugh 2.50 160 400.00 12/22/2010 Financial Development- Prep reviewing and discussing Pedcor#of sq.ft. assumptions and AV per sq.ft. assumptions versus other comps,etc. with Heidi Matthes 1.00 350 350.00 12/23/2010 Financial Development- Prep TIF Report Amspaugh 2.00 160 320.00 1/5/2011 Financial Development- Prep TIF Report Amspaugh 2.75 160 440.00 1/5/2011 Financial Development-Prep discuss status of TIF estimate, bond schedules needed, timing,additional changes/info needed, etc.with Heidi- prepare list for Working Group Matthes 1.00 350 350.00 1/10/2011 Financial Development-Prep TIF Report Amspaugh 4.75 160 760.00 1/12/2011 Financial Development- Prep TIF Report Amspaugh 2.00 160 320.00 1/13/2011 Financial Development-Prep TIF Report Amspaugh 3.50 160 560.00 1/25/2011 Financial Development-Prep TIF Report Amspaugh 2.00 160 320.00 1/26/2011 Financial Development-Prep TIF Report;Conference call Amspaugh 6.00 160 960.00 1/27/2011 Financial Development-Prep TIF Calc/TIF Report Amspaugh 2.75 160 440.00 1/28/2011 Financial Development-Prep TIF Report Amspaugh 5.50 160 880.00 1/31/2011 Financial Development-Prep Reviewing and discussing Pedcor TIF/w Heidi-actual partial assessments,comparables and AV PSF, Pedcor est's;conf.call discussion,etc. Matthes 1.00 350 350.00 1/31/2011 Financial Development-Prep TIF Report Amspaugh 6.75 160 1,080.00 2/1/2011 Financial Development-Prep Pedcor TIF Calc;Call w Tyler from Oppenheimer re: Term Sheet Amspaugh 1.50 160 240.00 2/4/2011 Financial Development- Prep TIF Report Amspaugh 2.50 160 400.00 2/4/2011 Umbaugh Reports- Review TIF Estimate Report Matthes 1.00 350 350.00 2/8/2011 Correspondence Emails Amspaugh 0.50 160 80.00 2/8/2011 Financial Development-Prep email to Karl and WG re: Umbaugh TIF estimate based on completed buildings and shortfall to cover D/S on $24 Million COPs Matthes 0.50 350 175.00 2/9/2011 Teleconference call with WG re: Umbaugh TIF estimate based on completed buildings and shortfall to cover D/S on$24 Million COPs Matthes 1.00 350 350.00 2/9/2011 Financial Development- Prep Conference call w Wkg Group;TIF Estimate update Amspaugh 3.25 160 520.00 2/10/2011 Correspondence Call w Kevin Poore re: assessments Amspaugh 0.25 160 40.00 2/10/2011 Umbaugh Reports- Review revised TIF Report;additional discussions with Heidi re: assessments on Design Center and City Center to follow-up with Kevin Poore from Assessor's office Matthes 1.25 350 437.50 2/11/2011 Financial Development-Prep Call w Kevin Poore; Update TIF numbers Amspaugh 0.50 160 80.00 2/15/2011 Correspondence email from and to Dolores at Pedcor re:TIF estimates and assessments Matthes 0.50 350 175.00 2/16/2011 Financial Development- Prep emails between Heidi and Kevin from Assessor's office re: assessment of City Center, Design Center,etc. Matthes 0.25 350 87.50 3/2/2011 Meeting Mtg w Pedcor and Assessor Amspaugh 3.50 160 560.00 4/1/2011 Financial Development-Prep Assessment disc of Pedcor condos w Auditors office&JGS Amspaugh 0.50 160 80.00 6/10/2011 Financial Development-Prep contact from Pedcor; call Karl to discuss-analysis and options Matthes 0.50 350 175.00 7/18/2011 Correspondence Karl Haas re: Harris Bank term sheet and TIF estimate status, etc. Matthes 0.25 350 87.50 7/25/2011 Correspondence to Pedcor re new TIF info and assumptions Matthes 0.50 350 175.00 7/25/2011 Financial Development-Review New Reports from Pedcor Matthes 0.50 350 175.00 Total Hours 82.25 Current Amount Due $16,425.00 Prescribed byState Board of Accounts City Form No.201(Rev.1995) ACCOUNTS PAYABLE VOUCHER 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 �� Scc>v�°' Purchase Order No. g 36 S��Phs/air �r�ss, S2 30a- Terms /,'U /3gy2/ /5-6' ///vi-gi,. .od/5, /x/ z/6 29 L O S/S-g Date Due Invoice Invoice Description Amount Date Number (or note attached invoice(s) or bill(s)) 301 )26&o5=o7 I/3 57W 1, P. Total y// 4/3S-C r; I hereby certify that the attached invoice(s), or bill(s), is (are) true . . o -c ar. I have audi -d -• e in accordance with IC 5-11-10-1.6. , 20 X /� C :rk-Treasurer �:' VOUCHER NO. WARRANT NO. ~ / ALLOWED 20 7-71,. � UtiJ/6 4? f M-5-6 ,i?/4 1 !� / / ,[ IN SUM OF $ C/ 3 6 S�CP5, �r�Sf.P5_, 3l7 // .:./ /7,( )) /it) /6:3 ._0 /5g $ S'/J 2-7/3 57DG ON ACCOUNT OF APPROPRIATION FOR goz Board Members PO#EP . INVOICE NO. ACCT#/TITLE AMOUNT hereby certify invoice(s),DEPT.# I hereb certi that the attached invoices or /26005= 0 7 Y3y0300.■ 1//,93511k bill(s) is (are) true and correct and that the materials or services itemized thereon for which charge is made were ordered and received except 2-7 20// Vii" Signature Executive Director Title Cost distribution ledger classification if claim paid motor vehicle highway fund Carmel Redevelopment Commission