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HomeMy WebLinkAboutCRA-R-12-0024 02-27-12 BackupSUPPORTING DOCUMENTATION FirstSouthlwesL_ September 29, 2011 Mr. Pete Chircut Treasurer City of Miami, FL 444 SW 2nd Avenue, 6th Floor Miami, FL Re: City of Miami, FL Financial Advisory Services Account No.: 2027020 Invoice No.: 5578 FEE STATEMENT Financial advisory services rendered for: Remaining balance for $50,000,000 S2010 Wachovia Note Expenses: Amount $ 28,000.00 Subtotal $ 28,000.00 Tota I $ 28,000.00 Kindly remit your payment to: By check: First Southwest Company 18851 NE 29th Avenue, Suite 520 Aventura, FL 33180 Wiring Instructions: The Bank of New York 1 Wall Street New York, NY 10012 ABA Number: 021-000-018 Account Name: First Southwest Company Account Number: 890 0271 779 Reference: 2027020 Should you have any questions regarding the above, please call (305) 819-8886. Thank you for your prompt attention to this matter. We greatly appreciate your business! Valentin, Miguel A From: Chircut, Pete nnt: Thursday, December 22, 2011 6:24 PM r: Valentin, Miguel A Subject: FW: Your Assistance Is Needed Attachments: Miami 2027020 09.29.2011.pdf; Miami Consulting 2011.pdf Importance: High DOCUMENTATIONSUPPORTING Hi Miguel Attached please find an invoice for $28,000 from Firstsouthwest Co. that represent the work that was completed on the Wells Fargo loan. I forward this invoice to you in October 2011 for payment as of today they are still unpaid please respond to the client request. Thanks From: Ed Stull [mailto:Ed.Stull©firstsw.com] Sent: Thursday, December 22, 2011 2:23 PM To: Chircut, Pete Cc: Dziedzic, Mirtha; Lakshmi McGrath Subject: Your Assistance Is Needed Importance: High Pete — I know that you have been extremely busy, but we just want to touch base with you on a couple of items: 1, Outstanding Invoices — As Lakshmi's email stated, our firm's year-end is coming to a close we need to report back to Dallas the status of the following two outstanding invoices: • Invoice 5587 Accounting 2027018 for Miami Consulting Period of January 1 through September 30, 2011 • Invoice 5578 Account 2027020 for the remaining $28,000 balance on the $50M Wachovia Two -Year Note 2. In Person Meeting - We would like to set up a meeting with you after the new year in order to meet the City's new finance person and to discuss status of various items, including the plans for the CRA. On a personal note, I hope that you and your family have a happy and relaxing holiday and look forward to working with you in 2012 as you put the final touches on your FGFOA Hall of Fame career. Please give me a call if you get a chance. Ed Ed Stull Managing Director FirstSouthwest direct 407.426,9611 fax 407.426.7835 cell 407.375.2936 450 S. Orange Avenue, Suite 460, Orlando, FL 32801 From: Lakshmi McGrath Nnt: Thursday, December 22, 2011 2:09 PM Ed Stull t Subject: FW: City of Miami Invoices Importance: High s per your request. Lakshm.i McGrath Vice President FirstSouthwest direct 305.819.8886 fax 305.819.9992 cell 305.439.6036 18851 NE 29th Avenue, Suite 520, Aventura, FL 33180 From: Lakshmi McGrath Sent: Friday, December 16, 2011 1:25 PM To: 'Pete Chircut' Subject: RE: City of Miami Invoices Importance: High Pete, SUPPORTING DOCUMENTATION Our firm's year-end is coming to a close and I have to provide a status update on outstanding invoices. Please let me know the status of the two outstanding invoices: 1) Invoice 5587 Accounting 2027018 for Miami Consulting Period ofJanuary 1 through September 30, 2011 2) Invoice 5578 Account 2027020 for the remaining $28,000 balance on the $50M Wachovia Two -Year Note lur assistance with this matter is greatly appreciated! Lakshmi McGrath Vice President FirstSouthwest direct 305.819.8886 fax 305.819.9992 cell 305.439.6036 18851 NE 29th Avenue, Suite 520, Aventura, FL 33180 Neither First Southwest Company nor any of its affiliates (collectively, "First Southwest") is responsible for any recommendation, solicitation, offer or agreement or any information about any transactions, customer account or account activity in this communication. Confidential or time -sensitive security -related communications should not be transmitted to First Southwest via the Internet as there can be no assurance of actual or timely delivery, receipt and/or confidentiality. Neither can there be any assurance that messages transmitted by electronic mail will not be corrupted, lost, deleted or modified. First Southwest reserves the right to refrain from processing or executing electronic mail until verification of the information is obtained in another format acceptable to First Southwest. 2 HOURLY LOG ED MARQUEZ Date Task Description SUPPORTING DOCUMENTATION FirstSouthwes t4P A Plal nscapttaf Cotnparty., Hours 01/06/11 01/14/11 01/24/11 01/26/11 02/09/11 02/24/11 02/25/11 03/07/11 03/08/11 03/09/11 03/17/11 03/18/11 03/21/11 03/25/11 03/29/11 03/29/11 03/30/11 04/14/11 04/18/11 04/19/11 04/21/11 04/26/11 04/27/11 05/12/11 05/19/11 05/25/11 05/25/11 05/27/11 05/30/11 05/31/11 06/02/11 Brief Comm. Carollo on Wachovia loan Meeting at Squires to go over Omni validation process Meeting at City Hall with Larry and Pieter Conference call on CRA pledged revenues Calls with Robin and Eli Feinberg et al about SEC rules Meeting to discuss cash flow for Omni at city hall Revamping of Cash Flow model for new data Cali with Larry et al on CRA projections Meeting at Comm. Sarnoff re: CRA Meeting at Larry's to discuss Marina Transaction Questions re: Gates to Bond Counsel Review of Marina revenues and expenses Various discussions re: re -issued CUSIP with Robin et al Meeting at MRC re; Omni CRA Discussions re: structure of CRA bonds Review of new Gates proposal and conference calls Meeting at City to Discussion Gates Meeting with Alex Bugallo discussing restructuring Review of Raymond James restructuring method Meeting on Omni CRA with Sarnoff Write-up of business points for Omni Interlocal Omni CRA cash flow/interlocal call Meeting with Comm. Suarez on Omni Call with Raymond James about restructuring concept Meeting at Carollo's office on Marlins Garage Discussion with Robin and Pete on Mercy Hospital Read through Marlins Parking and operating contracts Meeting at Carollo's office on Marlins Garage Meeting with Larry and Jolinda on Gates Attended CRA meeting at Douglas Elementary Review of Gates Term sheet from Larry Spring and call Page 1 of 3 1.00 3.00 1.00 1.00 2.00 2.00 1.00 0.50 1.50 1.50 0.50 0.50 1.50 1.50 0.50 1.00 1.50 1.00 1.00 1.50 3.00 0.50 1.00 0.50 2.00 0.50 1.50 2.00 2.00 2.50 3.00 ED MARQUEZ Date (Continued) Task Description Hours 06/03/11 06/06/11 06/07/11 06/16/11 06/17/11 06/20/11 06/22/11 07/01/11 07/06/11 07/06/11 07/0.7/11 07/07/11 07/14/11 07/20/11 07/20/11 07/26/11 07/27/11 07/28/11 07/28/11 JOEL TINDAL Date Tour of Marlins Stadium Garages with Comm. Carollo Review of Restructuring and Gates Number from JT Finance Committee meeting Review of cash flow restructuring numbers Review of cash flow restructuring numbers Review of Gates Term sheet from Diana and call Review of cash flow restructuring numbers Marina Monetization meeting Meeting with Comm. Suarez on restructuring Meeting with Comm. Dunn on restructuring Meeting with Comm. Gort on restructuring Meeting with Sarnoff on restructuring Commission meeting on restructuring concept Meeting with Comm. Carollo on garage Meeting with Mgr and others on Pension Meeting at City Hall with Gates group and Manager Adjustment of Omni Cash flow for new assessment Calls re: FOP Pension bullet points Review and call re: Joel's numbers at 0%, 2%, and 4% TOTAL HOURS for E. MARQUEZ: Task Description 2.00 1.50 2.00 0.50 0.50 0.50 1.00 1.00 1.00 1.00 1.00 1.00 5.00 2.00 2.00 2.00 0.50 0.50 1.00 69.50 Hours 06/02/11 06/05/11 06/06/11 06/07/11 06/14/11 06/16/11 06/17/11 06/20/11 06/30/11 07/28/11 08/04/11 08/05/11 08/24/11 09/08/11 Review Gates Term Sheet/Numbers Analysis re Gates Lease / Defeasance of 1987 Update 1987 defeasance with OMS indication Analysis on Gates proposal vs. bond issue capacity Cash flow Restructuring Analysis of Special Ob Bonds Update of Restructuring Analysis & Gates Comparison Additional Special Ob Restructuring Numbers Review Gates Numbers & Additional Restructuring Analysis Updated Restructuring numbers Alternative TAV growth comparison for OMNI CRA Miami OMNI CRA Conference Call Discuss OMNI Cash flow with Miguel Conference call with J. Sugden at Standard & Poors OMNI CRA Meeting at City Page 2 of 3 1.50 1.75 1.25 2.00 3.50 2.00 1.50 1.75 1.25 1.75 1.00 0.75 1.25 1.75 TOTAL HOURS for J. TINDAL: 23.00 LAKSHMI MCGRATH Date Task Description SUPPORTING DOCUMENTATION Hours 07/29/11 08/01/11 08/03/11 08/04/11 08/24/11 08/25/11 08/26/11 09/08/11 ED STULL Date Reviewed City of Miami CRA - Omni Project background and preliminary numbers with E. Marquez Review Miami Financials; discuss with E. Marquez Call with J. Tindal re: taxable value growth scenarios (0%, 2%, and 4% growth scenarios). Reviewed Miami/Wells Fargo Loan Agreement Meeting w/ D. Gomez Meeting w/Miami CRA group Meeting w/R. Jackson Calls w/ M. Valentin@ Miami CRA; J. Tindal re: Taxable value growth nos. Conference call with J. Sugden at Standard & Poors Conference call with Barbara Ruth Rosenberg Meeting w/Miami CRA group Reviewed full Global Agreement Conference Call with J. Incorvaia at Moody's Meeting w/ Miami CRA Group and Counsels Task Description 2.00 2.50 1.00 1.50 0.50 1.00 1.00 1.00 1.25 1.00 2.00 1.50 0.75 1.50 TOTAL HOURS for L. MCGRATH: 18.50 Hours 07/28/11 08/04/11 08/05/11 08/24/11 08/25/11 08/26/11 09/08/11 1 Review of Omni CRA refinancing and assumptions Review of financials and interlocal agreement Miami OMNI CRA Conference Call and Call with Diana Gomez Discussions with FSC staff regarding assumptions Conference call with J. Sugden at Standard & Poors Conference call with Barbara Ruth Rosenberg Review of Global Agreement and Documentation Conference CaII with J. Incorvaia at Moody's OMNI CRA Meeting at City Page 3 of 3 1.50 1.25 2.00 0.50 1.25 1 1.50 0.75 1.75 TOTAL HOURS for E. STULL: 11.50 TOTAL HOURS 122.50