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Home My WebLink AboutH J UMBAUGH & ASSOCIATES- 002756- 3/22/2012 CARMEL REDEVELOPMENT COMMISSION 002756 H J Umbaugh &Associates Check: 2756 8365 Keystone Crossing, St 300 Date: 3/22/2012 PO Box 40458 Vendor: UMBAUGO1 Indianapolis, IN 46240-0458 Prior Invoice P.O. Num. Invoice Amt Balance Retention Discount Amt. Paid 127787=92 41,430.00 41,430.00 0.00 0.00 41,430.00 Debt restructuring analysis 41,430.00 41,430.00 0.00 0.00 41,430.00 ":, THEKEYTO!DOCUMENTiSECURITY, HEAT*TIVATEDaTHUMBPRINTk f 0DI,T,-,LION'ALSEGURITY¢FEATUREStINCLUDE,1* EEEKO<FQRCDETAILS ''V" /Iris °E8/0 Carmel Redevelopment Commission ti 30 West Main Street A REGIONS 002756 Suite 220 2().142 I/740 • o Carmel, IN 46032 • iSTRIC 2756 DATE . AMOUNT • 3/22/2012 ******''***41,430:00 PAY THE SUM'OF,FORTY ONE THOUSAND FOUR HUNDRED THIRTY DOLLARS AND NO CENTS,****** TO THE ORDER OF • H J Umbaugh'&Associates 8365 Keystone Crossing, St 300 PO Box 40458 SENg t' Indianapolis, IN 46240-0458 0 000 2 7 5 60 1:0 7110 14 2 it 31: 008 7 50 4 1 1 III° CARMEL REDEVELOPMENT COMMISSION 002756 H J Umbaugh &Associates Check: 2756 8365 Keystone Crossing, St 300 Date: 3/22/2012 PO Box 40458 Vendor: UMBAUGO1 Indianapolis, IN 46240-0458 Prior Invoice P.O. Num. Invoice Amt Balance Retention Discount Amt. Paid 127787-92 41,430.00 41,430.00 0.00 0.00 41,430.00 Debt restructuring analysis . 41,430.00 41,430.00 0.00 0.00 ' 41,430.00 K-11-52 COMPUTEREASE FORMS DIVISION(877)577-5791 1-37228 - 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 c%Mr. Mike Lee and Mr. Don Cleveland 30 West Main Street, Suite 220 Carmel, IN 46032 Re: Tax Increment(TIF) and Financial Services Invoice No. 127787-92 Please Include Invoice No. With Remittance Date 02/29/2012 Client No. C00600 For financial services relating to tax increment financing from August 26, 2011 through February 27, 2012 for all Carmel TIF Areas, which includes assisting the Commission with the following services: Debt Restructuring Analysis and Options $ 22,550.00 Underwriter Proposals and Analysis 18,880.00 Special TIF Analyses and Info; TIF update and new TIF report 49,395.00 Pedcor TIF Feasibility 7,385.00 Legacy TIF 1,600.00 Current Amount Due $ 99,810.00 See attached hourly detail. 1°1191/ WIRING INSTRUCTIONS H. J. Umbaugh &Associates Key Bank, N.A. Account Number- 1215504838 Routing Number- 041001039 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 30 W. Main Street, Suite 220 Carmel, IN 46032 Re: Debt Restructuring and Underwriter Proposals Invoice No. 127787-92 Date 2/28/2012 Client No. C00600 DATE SERVICE/STAFF HOURS RATE AMOUNT Underwriter RFI and Proposal Analysis 8/9/2011 Financial Development- Prep Begin planning the RFI from Underwriters w/B.C. -desired outcomes, constraints, etc. Matthes 1.00 $350.00 $350.00 8/19/2011 Financial Development- Prep working on RFP to underwriters regarding debt restructuring; start to draft letter Matthes 1.00 350.00 350.00 8/23/2011 Financial Development- Prep Working on Underwriter RFP letter, terms, and chart Matthes 2.75 350.00 962.50 8/24/2011 Financial Development- Prep Working on Underwriter RFP letter, terms, and chart; discussions with Susan-BTG; Bob C. on RFP and alternative; and Heidi on chart revisions; adding descriptors of various outstanding obligations to chart Matthes 2.50 350.00 875.00 8/25/2011 Financial Development- Prep Working on Underwriter RFP letter, terms, and chart, Matthes 1.00 350.00 350.00 8/26/2011 Teleconference discuss RFP's and options with Carolyn Anker, CRC; post-call VM to Karl Matthes 0.50 350.00 175.00 8/29/2011 Correspondence Reviewed letter Malone 0.50 395.00 197.50 8/31/2011 Correspondence working on RFP letter for Mesirow Matthes 0.50 350.00 175.00 8/31/2011 Teleconference Carolyn Anker re: RFP go ahead Matthes 0.25 350.00 87.50 8/31/2011 Meeting Meeting with Mesirow on RFP, restructuring, etc. Matthes 1.50 350.00 525.00 9/2/2011 Correspondence follow-up email from and to Todd K from Mesirow Matthes 0.25 350.00 87.50 • 9/2/2011 Financial Development- Prep RFP Schedules; Disc w LMM Amspaugh 0.75 160.00 120.00 9/2/2011 Financial Development- Prep plan and discuss schedules to accompany RFP with Heidi; additional edits to RFP letter Matthes 1.00 350.00 350.00 9/6/2011 Financial Development- Prep RFP Schedules Amspaugh 1.00 160.00 160.00 9/7/2011 Teleconference Todd K. - Mesirow Matthes 1.00 350.00 350.00 9/7/2011 Financial Development- Prep finalizing RFP and schedules; review info from Todd Matthes 1.50 350.00 525.00 9/8/2011 Financial Development- Prep RFPs; Send to UWs Amspaugh 1.00 160.00 160.00 9/9/2011 Meeting Randy Ruhl- City Secruities Matthes 1.00 350.00 350.00 9/13/2011 Teleconference Todd K.- Mesirow-questions on obligations, etc. related to his REP response Matthes 0.25 350.00 87.50 9/20/2011 Correspondence responding to questions from Mesirow Matthes 1.00 350.00 350.00 9/21/2011 Teleconference questions and discussions related to REP and bond options with Oppenheimer Matthes 0.75 350.00 262.50 9/21/2011 Financial Development- Prep discuss underwriter RFP questions with Susan Matthes 0.25 350.00 87.50 9/23/2011 Financial Development- Prep underwriter(Morgan Keagan) RFP questions Matthes 0.25 350.00 87.50 9/26/2011 Teleconference question from Todd K.-Mesirow, re: VAR Bonds; check with Susan on recent bond sales including Ft.Wayne sewage bonds 2.8% Matthes 0.50 350.00 175.00 9/27/2011 Correspondence Call w Randy Ruhl; Email w Daniel Allen @ Morgan Keegan Amspaugh 0.50 160.00 80.00 9/30/2011 Financial Development- Prep Receive Proposals from 4 Underwriters and begin initial read/review Matthes 2.00 350.00 700.00 10/3/2011 Teleconference talk through Mesirow Proposal with Todd K. Matthes 0.50 350.00 175.00 10/3/2011 Financial Development- Prep First read-through of Underwriter Restructuring Proposals in response to RFP-Morgan Keagan, Oppenheimer, City Securities and Mesirow Matthes 2.75 350.00 962.50 10/4/2011 Teleconference Randy Ruhl, City Securities-walk through his proposal Matthes 1.00 350.00 350.00 10/5/2011 Other(Describe) scan/pdf UW RFPs Gandy 0.25 90.00 22.50 10/5/2011 Financial Development- Prep Proposals, prepare initial comments and send to CRC Finance Committee Matthes 3.00 350.00 1,050.00 10/10/2011 Financial Development- Prep review proposals w/BCC, prepare more questions and emails to underwriters Matthes 5.50 350.00 1,925.00 10/11/2011 Financial Development- Prep Discussions with different underwriters re: proposals and follow-up questions and info. Starting summary. Matthes 2.50 350.00 875.00 10/17/2011 Other(Describe) Print out revised proposals; Gandy 0.25 90.00 22.50 10/27/2011 Financial Development- Prep going through new underwriter schedules; formulating questions, drafting summary schedule Matthes 2.00 350.00 700.00 10/27/2011 Financial Development- Prep new schedules and info responses to questions- Morgan Keegan, Oppenheimer, Mesirow; email to CRC Finance Committee (time from 10/12) Matthes 1.00 350.00 350.00 11/1/2011 Correspondence prep and email requested analysis (for comparison) and assumptions to Mesirow Matthes 1.00 350.00 350.00 11/2/2011 Correspondence prep and email requested analysis (for comparison) and assumptions to Morgan Keagan and to City Securities; tailor to their Proposal responses and schedules Matthes 1.00 350.00 350.00 11/2/2011 Teleconference discuss requested analysis and assumptions with Todd K. at Mesirow Matthes 0.50 350.00 175.00 11/4/2011 Teleconference Mesirow question on structure request Matthes 0.25 350.00 87.50 11/8/2011 Teleconference Randy Ruhl-City Sec. Matthes 0.50 350.00 175.00 11/8/2011 Financial Development- Prep adding to summary for City Sec. and Oppenheimer Matthes 0.50 350.00 175.00 11/9/2011 Financial Development- Prep review new summary schedule"AA"option from Mesirow; exchange emails; receive new schedules from Morgan Keagan Matthes 1.00 350.00 350.00 11/10/2011 Financial Development- Prep review supporting bond schedules from Mesirow and MK; exchange emails re: schedules, etc. Matthes 1.00 350.00 350.00 11/11/2011 Teleconference R. McGinley-Oppenheimer Matthes 0.25 350.00 87.50 12/12/2011 Meeting Morgan Keegan - Kevin and Daniel Matthes 0.25 350.00 87.50 2/15/2012 Financial Development- Prep Underwriter Proposal summary Amspaugh 4.75 160.00 760.00 2/16/2012 Correspondence Disc AOM re: coverage calc; Call to Kevin Thompson Amspaugh 0.50 160.00 80.00 2/16/2012 Financial Development- Prep proposals coverage calcs Mouser 4.25 120.00 510.00 2/17/2012 Financial Development- Prep UW Summary; Ref analysis Amspaugh 2.00 160.00 320.00 2/17/2012 Financial Development- Prep Underwriter Proposal summary Matthes 1.00 350.00 350.00 2/17/2012 Engagement Planning Meeting with Loren, Brian and Heidi to discuss refunding options Semler 1.00 20.00 20.00 2/17/2012 Financial Development- Prep UW proposals covg Mouser 0.25 120.00 30.00 2/20/2012 Financial Development- Prep UW proposals coverage; Mouser 1.75 120.00 210.00 Subtotal: 18,880.00 Additional Umbaugh Debt Restructuring Analysis 8/23/2011 Teleconference Haas-discuss Underwriter RFP, realistic options, various restrictions and alternative plan to RFP; Matthes 0.50 350.00 175.00 8/29/2011 Financial Development- Prep discuss refinancing w/bruce-particularly the idea of reallocation of projects and bond proceeds to maximize tax exempt refinancing Matthes 0.25 350.00 87.50 8/31/2011 Teleconference Carolyn Anker re: request review of Oppenheimer COPs proposal (before RFI) Matthes 0.25 350.00 87.50 8/31/2011 Financial Development- Prep Pre-RFI- Review Oppenheimer Refinancing with COPs proposal and Term Sheet Matthes 0.50 350.00 175.00 9/1/2011 Financial Development- Prep Pre-RFI- review Oppenheimer Proposal-term sheet and schedules; draft comments to Carolyn and Karl Matthes 3.00 350.00 1,050.00 9/9/2011 Financial Development- Prep preparing internal Umbaugh restructuring analysis and options for meeting with Karl and Carolyn re: strategy Matthes 3.00 350.00 1,050.00 9/9/2011 Financial Development- Prep Debt restructuring options and schedules Amspaugh 4.75 160.00 760.00 9/12/2011 Financial Development- Prep instructing staff regarding analysis options and schedules Matthes 2.00 350.00 700.00 9/12/2011 Financial Development- Prep discussing schedules with LMM Amspaugh 2.00 160.00 320.00 9/13/2011 Financial Development- Prep Disc w JGS& LMM re: Debt Restructure Schedules; Update schedules; Mtg w Karl, Bruce&Carolyn Amspaugh 8.25 160.00 1,320.00 9/13/2011 Financial Development- Prep Prepare"Summary Points on Restructuring"and download graphs with bond interest rate history and interest rate comparison graphs based on ratings for WG meeting. Matthes 1.25 350.00 437.50 9/13/2011 Financial Development- Prep Plan, instruct, review, discuss and revise bond restructuring schedules, options and assumptions for WG meeting. "AA"vs"BAA", IC's and IC/COPs take-out, additional net proceeds raised for projects, etc. Review revised schedules Matthes 3.75 350.00 1,312.50 9/13/2011 Umbaugh Reports- Review Review schedules regarding potential refunding of outstanding debt Semler 3.00 250.00 750.00 9/13/2011 Meeting Meeting w/Karl, Bruce, Carolyn and Heidi re: proposed IC restructuring options and strategy; review HJU analysis comparing "AA"vs"BAA", estimated variance in net bond proceeds, etc. Prepare"Summary Points on Restructuring"and download graphs with bond interest rate history and interest rate comparison graphs based on ratings for WG meeting Matthes 3.00 350.00 1,050.00 9/14/2011 Financial Development- Prep review LW CRC cash flow schedule for all TIF Areas with June 2011 and Dec. 2010 TIF distributions, bond payments, developer bonds, etc. Matthes 1.00 350.00 350.00 9/30/2011 Teleconference Karl Haas-new info on obligations paid from Big TIF- draws on Mercantile Line of Credit and Regions Reserve; 2 new Lines of Credit closed; Harris Bank Loan replaces$12.5 MM Key Bank Loan; Pedcor and Harris Bank- loan and COPS plan; discuss receipt of Underwriter proposals and analysis and timing of presentation to Mayor, etc.; update Heidi Matthes 0.50 350.00 175.00 10/3/2011 Correspondence email to Oppenheimer re: Proposal; also email re: SWAPs penalty Matthes 1.00 350.00 350.00 10/3/2011 Correspondence email to Regions and Morgan Keagan re: Regions IC SWAP penalty Matthes 0.50 350.00 175.00 10/4/2011 Correspondence email to Oppenheimer re: Proposal; also email re: SWAPs penalty; email from Todd- Mesirow Matthes 1.00 350.00 350.00 10/6/2011 Financial Development- Prep Swap confirm info from Regions; pass on to underwriters; additional review of proposals Matthes 3.00 350.00 1,050.00 10/10/2011 Teleconference Todd K. - mesirow re: Swaps, etc. Matthes 0.50 350.00 175.00 11/2/2011 Financial Development- Prep email exchange with Curt and Karl regarding Line of Credit usage, reserves, and coverage Matthes 0.50 350.00 175.00 11/23/2011 Teleconference Karl Haas Matthes 0.50 350.00 175.00 2/7/2012 Teleconference Dave Bowers Matthes 1.00 350.00 350.00 2/14/2012 Meeting meeting with Mayor and Karl Matthes 2.00 350.00 700.00 2/15/2012 Financial Development- Prep ICs refinancing analysis (w/HLA& LMM) Mouser 4.75 120.00 570.00 2/15/2012 Financial Development- Prep working on underwriter analysis and summary; new plans and possibilities for Mayor-based on 2/14/12 meeting with Mayor and Karl Matthes 4.00 350.00 1,400.00 2/17/2012 Financial Development- Prep discussing, planning, reviewing and preparing options, schedules and info for CRC Finance Committee meeting Matthes 6.00 350.00 2,100.00 2/20/2012 Financial Development- Prep IC Restructure runs Amspaugh 7.75 160.00 1,240.00 2/20/2012 Financial Development- Prep Debt restructuring schedules Mouser 3.00 120.00 360.00 2/20/2012 Financial Development- Prep preparing info for mtg w/Finance Committee Matthes 2.50 350.00 875.00 2/21/2012 Teleconference Dave Bowers Matthes 0.50 350.00 175.00 2/21/2012 Meeting RDC Finance Committee Mouser 4.25 120.00 510.00 2/21/2012 Meeting Working Group meeting to discuss debt restructure, CRC cash flow Amspaugh 3.25 160.00 520.00 2/21/2012 Financial Development- Prep schedules for 02/21/12 mtg. Mouser 2.50 120.00 300.00 2/22/2012 Financial Development- Prep post meeting- planning modifications to schedules Matthes 2.00 350.00 700.00 • 2/23/2012 Teleconference Call w Daniel Allen at Morgan Keagan Amspaugh 0.50 160.00 80.00 2/23/2012 Financial Development- Prep Mouser 0.25 120.00 30.00 2/27/2012 Financial Development- Prep Restructuring FS revisions and structuring Mouser 3.25 120.00 390.00 Subtotal-Additional Umbaugh Debt Restructuring 22,550.00 Current Amount Due $ 41,430.00 Prescribed by State 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. // JJ Payee // J - v / �� ¢ ��55cc,�jT�� Purchase Order No. e ern 2/azl.S S Terms /7.4 ��r� �o�i5 /�v 4/6 27d—Ui'S—e Date Due Invoice Invoice Description Amount Date Number (or note attached invoice(s) or bill(s)) 1�.+r•�ow i y/7 1277 J277 ?-92 / s,�,-ter�.03 f Z 74/7 74/7 ,JQ. uo 6 -�/ .-o 2 -2 7- /2 , ( r. • Total 91 Li)°, 0° I hereby certify that the attached invoice(s), or bill(s), is (are) true and correct and I have au • same in accor- dance with IC 5-11-10-1.6. 3-L 1 , 20 /I- lit-,Treasurer VOUCHER NO. WARRANT NO. (1(-4 / ALLOWED 20 b --e/ 4 �7 95.nC,'oil�o ft 3 511 / s IN SUM OF $ • /!,'t�c'!r,'yf'o/i 5) /4 2/6 04/.5-32 • $ `1I, ' '.3D °° ON ACCOUNT OF APPROPRIATION FOR Board Members D PT.# INVOICE NO. ACCT#/TITLE AMOUNT I hereby certify that the attached invoice(s), goy /277 7_y2 b35�C'6 c 1,10), or 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 3 - 2-,. 20 /2 vw ignature Execuitivee Director Cost distribution ledger classification if claim paid motor vehicle highway fund Carmel Redevelopment Commission