HomeMy WebLinkAboutCRA-R-12-0024 03-29-12 BackupFiNrstSouthw st.
September 29, 2011
Mr. Pete Chit -cut
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 52010 Wachovia Note
Expenses:
Amount
$ 28,000.00
Subtotal $ 28,000.00
Total
$ 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
Sent: Thursday, December 22, 2011 6:24 PM
To: Valentin, Miguel A
object: FW: Your Assistance Is Needed
tachments: Miami 2027020 09.29.2011.pdf; Miami Consulting 2011.pdf
Importance: High
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 ofJanuary 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
Sent: Thursday, December 22, 2011 2:09 PM
To: Ed Stull
1
Subject: FW: City of Miami Invoices
Importance: High
As per your request.
Lalcshmi McGrath.
Vice President
FirstSouthwest
direct 305.819.8886 fax 305.819,9992 ce11305.439.6036
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,
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
Your 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
FirstSouthvvest
ilatfr
A Pkainscapctaicornparty.;
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
Call 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
07/07/11
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%
Task Description
TOTAL HOURS for E. MARQUEZ:
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
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
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 Call 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