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/W Department of <br /> PEACE <br /> Community Investment <br /> 1865 <br /> Memorandum <br /> December 22, 2014 <br /> TO: Redevelopment Commission <br /> FROM: Scott Ford, David Relos OV/ <br /> SUBJECT: 2015 Infrastructure Bond Professional Services Agreements <br /> Faegre Baker Daniels and H.J. Umbaugh &Associates <br /> These professional services agreements are for consulting and financial analysis for the <br /> proposed TIF backed-bond to fund infrastructure improvements as part of the City's <br /> overall Smart Streets initiative, including the south and west side's corridors. Standard <br /> procedure is to have bond issuance fees be paid from bond proceeds, so these initial fees <br /> will not have a direct out of pocket cost. <br /> This bond is consistent with the inter-related aims of: Fiscal stewardship; Economic <br /> development; and, a Plan-driven redevelopment agenda, and will allow the City to <br /> strategically focus its resources on current priorities. <br /> The Umbaugh proposal contains three Scope of Services. They are: <br /> • Article I: initial analysis through bond issuance and sale <br /> Y g <br /> o $75,000 <br /> • Article II: annual preparation of materials required by SEC Rule 15(c)2-12 <br /> o $5,500 per year <br /> • Article III: arbitrage rebate services as required by Section 148 of the Internal <br /> Revenue Code; due on 5 year anniversary date (Umbaugh to track) <br /> o $6,000 every 5 years <br /> The Faegre Baker Daniels proposal is for legal counsel necessary for the bond issuance <br /> and sale, and is $63,500. Additionally, filing fees, printing costs, etc. would be billed at <br /> their actual or indirect cost. <br /> Based on a preliminary schedule, it is anticipated that the bond sale would occur in the <br /> third week of March, with their closing the first to second week of April. <br /> Staff requests Commission approval for the engagement of these two firms to assist <br /> throughout the bond issuance AM and sales process. <br /> w A& <br /> 227 W.JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574-235-9371 1 FAX: 574-235-9021 1 SOUTHBENDIN.GOV <br />