London Witte/CRC/ Treasurer agreement I
LONDON
r v WITTE
GROUP
July 20, 2010
Les Olds, AIA
Executive Director
Carmel Redevelopment Commission
30 West Main Street, Suite 220
Carmel, IN 46032
Re: Engagement Letter— Commission Treasur
Dear Les
We are pleased—to—submit this engagement letter to you for consideration by the Carmel
Redevelopment Commission ("CRC") regarding our retention to provide accounting and
financial advisory services to the CRC in the role of its Treasurer as outlined in Indiana Code 36-
7-14-8 (the "Project").
SCOPE OF SERVICES
London Witte Group ("LWG") will provide the accounting and financial advisory services
necessary in connection with the Project including, but not limited to, the following:
• To serve as the Treasurer of the CRC and be responsible for the accounting and reporting
function; receiving and recording receipts along with the review, processing and payment
of claims/invoices/bills presented to the CRC.
• Review the current financial reporting system and recommend/make changes to aspects
of the system that will provide accurate and timely information to members of the CRC,
the Administration, the Clerk-Treasurer and the City Council.
• Provide the CRC with written policies for their review, consideration and adoption
concerning necessary procedures, including but not limited to, the collection, investment
and disbursement of funds of the CRC.
• Review, comment and assist in the analysis of the financial aspects of all prior transaction
documents
• Review, comment and assist in the analysis of the financial aspects of all future
transactions and the related documents.
• Review and comment to the CRC on the projections and information provided by other
financial consultants concerning the potential revenues and expenses of the CRC
• Prepare the required reports and prepare the necessary information required/requested by
the Indiana State Board of Accounts.
Certified PablicAceountants
One Independence Center, 1776 North Meridian Street,Suite soo Indianapolis,Indiana 46202
Telephone I 317-634-4747 Facsimile I 317-632-272,7 Toll Free I 877-634-4747
Web Iwww.LWGCPA.com
Les Olds, AIA
July 20, 2010
Page 2
SCOPE OF SERVICES (Continued)
• Prepare, or assist in the preparation, of historical and projected financial information for
the potential buyers of the CRC's financial obligations, underwriters' of such obligations,
rating agencies, credit enhancement providers, financing team members and other related
parties.
• Attend called regular and special meetings of the CRC (including executive sessions).
• Attend staff and working group meetings with the CRC staff and working groups as
directed by the Executive Director.
• Other such matters as directed by the CRC and/or the Executive Director.
ENGAGEMENT TEAM
The following individuals will comprise the engagement team for this Project:
Jim Higgins— Partner
Bob Swintz— Partner
Teresa Carusillo— Senior Staff Accountant
All of the above listed engagement team members are Certified Public Accountants. However,
please note that additional firm members will be assigned to various segments of the Project, as
it is our intent to staff this engagement at the level that will provide the greatest efficiency and be
most economical for CRC.
HOURLY RATES
Our fee for these services will be based on the following maximum hourly rates of the staff
assigned to the engagement:
Partners $275
Principals 225
Managers 200
Senior Accountants 125
Staff Accountants 90
Les Olds, AIA
July 20, 2010
Page 3
HOURLY RATES—(Continued)
These represent our maximum standard hourly fees. If the hourly rate of any individual assigned
to this engagement is less than the amount specified above, the lower rate would be charged.
These rates represent the current maximum hourly rates of the firm. Rates are adjusted from time
to time and any change in the maximum hourly rates listed above will be provided to the CRC at
least thirty (30) days prior to their implementation.
OUT-OF-POCKET EXPENSES
We would also request that reimbursement be provided for any out of pocket cost (travel,
photocopies, deliver charges, etc.) that maybe incurred during the engagement. Reimbursements
will not be requested for toll calls, cell phone charges or computer time. Additionally, "travel"
for this engagement would be associated with any out of town travel that may be required and
would not include travel to and from our offices in Indianapolis to Carmel for CRC related
matters.
INVOICING
A detailed invoice for services will be submitted monthly during the term of the Project. The
invoice will include a description that will outline the date, personnel, time on task and billing
rate for each individual that worked on the Project as well as a description of the items for which
reimbursements are being requested.
We greatly appreciate the opportunity to provide this proposal for your consideration. If the
foregoing terms are acceptable, please indicate so by signing and returning a copy of this letter,
retaining the original for your files. We look forward to being of service to the CRC and the
citizens of Carmel.
Les Olds, AIA
July 20, 2010
Page 4
If you should have any questions or need additional information, please do not hesitate to contact
me.
Since
James P. Higgins
ACKNOWLEDGED and AGREED to
this 2/ day of ax_.1 2010
CARMEL REDEVELOPMENT COMMISSION
Le ds, AIA, Executive Director