HomeMy Public PortalAboutRE_ Gulf Stream Undergrounding Loan (2)
Renee Basel
From:mark <mark.raymond@mraymondlaw.com>
Sent:Wednesday, August 29, 2012 5:26 PM
To:'Brooke Cupell'
Cc:'Lee Evett'; 'Danny Brannon'; 'Susan Schoettle-Gumm'; Bill Thrasher
Subject:RE: Gulf Stream Undergrounding Loan
Attachments:DOC082912.pdf
Here is the amortization schedule for the loan.
-----Original Message-----
From: Brooke Cupell \[mailto:bcupell@willdan.com\]
Sent: Wednesday, August 29, 2012 11:02 AM
To: mark raymond
Cc: Lee Evett; Danny Brannon; Susan Schoettle-Gumm; Bill Thrasher
Subject: RE: Gulf Stream Undergrounding Loan
Thank you. Once we have the terms, we will calculate accordingly. The TRIM was an estimate until we had the
terms.
Brooke Cupell
Senior Project Analyst
Willdan Financial Services
1440 East Missouri Avenue, Suite C170
Phoenix, Arizona 85014
602.395.7541
951.587.3510 (Fax)
-----Original Message-----
From: mark raymond \[mailto:mark.raymond@mraymondlaw.com\]
Sent: Wednesday, August 29, 2012 8:01 AM
To: Brooke Cupell
Cc: Lee Evett; 'Danny Brannon'; 'Susan Schoettle-Gumm'; 'Bill Thrasher'
Subject: RE: Gulf Stream Undergrounding Loan
You will have the amortization schedule from the bank later today.
I noticed that the TRIM assessment roll you all provided appears to levy the assessments incorrectly. I noticed
that the principal amount of the assessment shown is 10% of the total principal, which makes me think you
contemplate the assessments being paid in 10 equal installments of principal, plus interest. This is not correct.
The assessment is to be repaid in 10 equal installments of principal and interest (like a home mortgage).
Mark E. Raymond
1
4360 Northlake Boulevard
Suite 204
Palm Beach Gardens, FL 33410
Tel.: 561-775-8440
Fax: 561-775-8442
Cell: 561-758-0930
Email: mark.raymond@mraymondlaw.com
website: www.mraymondlaw.com
-----Original Message-----
From: Brooke Cupell \[mailto:bcupell@willdan.com\]
Sent: Wednesday, August 29, 2012 10:40 AM
To: Susan Schoettle-Gumm; mark raymond; Bill Thrasher
Cc: Lee Evett; Danny Brannon
Subject: RE: Gulf Stream Undergrounding Loan
Good morning,
Please confirm that we are on schedule to have the loan terms by September 7th. I am going to be out of the
office starting tomorrow and will be back on September 10th and will need the terms so I can calculate the levy
and submit it to the County by the 14th.
Thank you,
Brooke Cupell
Senior Project Analyst
Willdan Financial Services
1440 East Missouri Avenue, Suite C170
Phoenix, Arizona 85014
602.395.7541
951.587.3510 (Fax)
-----Original Message-----
From: Susan Schoettle-Gumm \[mailto:spgumm@mailmt.com\]
Sent: Friday, July 27, 2012 10:19 AM
To: 'mark raymond'; 'Bill Thrasher'
Cc: Lee Evett; 'Danny Brannon'; Brooke Cupell
Subject: RE: Gulf Stream Undergrounding Loan
That seems workable from the assessment perspective. If we have any delays, I think the roll can be adjusted to
the loan terms even if the loan has not closed by Sept. 15th. Willdan will need the loan terms no later than
Sept.
7th to make sure that changes can be quality checked, roll certified by the Mayor, and roll submitted to the Tax
Collector by the 15th.
-----Original Message-----
From: mark raymond \[mailto:mark.raymond@mraymondlaw.com\]
2
Sent: Friday, July 27, 2012 12:52 PM
To: 'Bill Thrasher'
Cc: 'Susan Schoettle-Gumm'; 'Lee Evett'; 'Danny Brannon'
Subject: RE:
That plan does not give the banks enough time and provide enough time to finalize the tax roll by 9/15.
I think we will have to have a special meeting.
We should be able to send the RFP without TC approval, since it is not binding on anyone. We get the bank
responses in about 3 weeks, then have the special TC meeting to approve the loan, say around the last week in
August or first week in september, and close right after that, giving a week to finalize the tax roll.
What do you think?
Mark E. Raymond
4360 Northlake Boulevard
Suite 204
Palm Beach Gardens, FL 33410
Tel.: 561-775-8440
Fax: 561-775-8442
Cell: 561-758-0930
Email: mark.raymond@mraymondlaw.com
website: www.mraymondlaw.com
-----Original Message-----
From: Bill Thrasher \[mailto:bthrasher@gulf-stream.org\]
Sent: Friday, July 27, 2012 12:42 PM
To: mark raymond
Cc: Susan Schoettle-Gumm; Lee Evett; Danny Brannon
Subject: RE:
I plan to request approval for a 10 note at the 8/10 Commission meeting.
The RFP would follow that approval. The loan amount is correct. The next two meetings are 8/10 at 9:00 am
and 9/14 at 4 pm.
-----Original Message-----
From: mark raymond \[mailto:mark.raymond@mraymondlaw.com\]
Sent: Friday, July 27, 2012 12:36 PM
To: Bill Thrasher
Cc: 'Danny Brannon'; 'Lee Evett'; 'Susan Schoettle-Gumm'
Subject: RE:
IS $2,427,895.54 the loan amount? Do you want me to proceed to issue the RFP? If so:
Please tell me when the town commission meets during august and September.
Please send me the last three years audited financial statements of the town.
3
Mark E. Raymond
4360 Northlake Boulevard
Suite 204
Palm Beach Gardens, FL 33410
Tel.: 561-775-8440
Fax: 561-775-8442
Cell: 561-758-0930
Email: mark.raymond@mraymondlaw.com
website: www.mraymondlaw.com
-----Original Message-----
From: mark raymond \[mailto:mark.raymond@mraymondlaw.com\]
Sent: Thursday, July 26, 2012 12:10 PM
To: 'Bill Thrasher'
Cc: 'Danny Brannon'; 'Lee Evett'; 'Susan Schoettle-Gumm'
Subject: RE:
So if the plan is to close the financing in early September, we should get started now. Does the Town know how
much the project is going to cost?
Does
the town know how much it wants to borrow?
Mark E. Raymond
4360 Northlake Boulevard
Suite 204
Palm Beach Gardens, FL 33410
Tel.: 561-775-8440
Fax: 561-775-8442
Cell: 561-758-0930
Email: mark.raymond@mraymondlaw.com
website: www.mraymondlaw.com
-----Original Message-----
From: Susan Schoettle-Gumm \[mailto:spgumm@mailmt.com\]
Sent: Thursday, July 26, 2012 12:06 PM
To: 'Bill Thrasher'
Cc: 'Danny Brannon'; 'mark raymond'; 'Lee Evett'
Subject: RE:
Mid-September would be great but I think you would be OK if you close on the loan before November 1. If we
know the terms by early September, the actual interest rate can be used to adjust the assessments before the
certified
roll is submitted to the Tax Collector on Sept. 15th. Susan
-----Original Message-----
From: Bill Thrasher \[mailto:bthrasher@gulf-stream.org\]
Sent: Thursday, July 26, 2012 11:59 AM
To: Danny Brannon; Susan Schoettle-Gumm
Subject: FW:
Can you tell me the answer to this? If we need to have financing completed before assessments are sent out, it
seems to me that it should be the middle of September.
4
-----Original Message-----
From: mark raymond \[mailto:mark.raymond@mraymondlaw.com\]
Sent: Wednesday, July 25, 2012 11:57 AM
To: Bill Thrasher
Subject:
I heard back from a bank today, and I think the actual rate for a 10 year deal will be around 2.2%. Are you to
the point where I should get the RFP ready, and if so, when do you want to close the loan, and when does the
town commission meet?
Mark E. Raymond
4360 Northlake Boulevard
Suite 204
Palm Beach Gardens, FL 33410
Tel.: 561-775-8440
Fax: 561-775-8442
Cell: 561-758-0930
Email: mark.raymond@mraymondlaw.com
website: www.mraymondlaw.com
5
08/29/2012 Page 1
Town of Gulf Stream Actual/365/366 2.09%
Compound Period ........:
Annual
Nominal Annual Rate ....:
2.090 %
Effective Annual Rate ...:
Undefined
Periodic Rate ..................:
2.0900 %
Daily Rate .......................:
0.00573%
CASH FLOW DATA
Event
Start Date
Amount
Number Period
End Date
1
Loan
09/06/2012
2,427,895.44
1
2
Payment
04/01/2013
269,156.93
9 Annual
04/01/2021
3
Payment
04/01/2022
269,156.93
1
AMORTIZATION SCHEDULE - US Rule
Date
Payment
Interest
Principal
Balance
Loan
09/06/2012
2,427,895.44
2012
Totals
0.00
0.00
0.00
1
04/01/2013
269,156.93
28,777.55
240,379.38
2,187,516.06
2013
Totals
269,156.93
28,777.55
240,379.38
2
04/01/2014
269,156.93
45,719.09
223,437.84
1,964,078.22
2014
Totals
269,156.93
45,719.09
223,437.84
3
04/01/2015
269,156.93
41,049.23
228,107.70
1,735,970.52
2015
Totals
269,156.93
41,049.23
228,107.70
4
04/01/2016
269,156.93
36,281.78
232,875.15
1,503,095.37
2016
Totals
269,156.93
36,281.78
232,875.15
5
04/01/2017
269,156.93
31,414.69
237,742.24
1,265,353.13
2017
Totals
269,156.93
31,414.69
237,742.24
6
04/01/2018
269,156.93
26,445.88
242,711.05
1,022,642.08
2018
Totals
269,156.93
26,445.88
242,711.05
7
04/01/2019
269,156.93
21,373.22
247,783.71
774,858.37
2019
Totals
269,156.93
21,373.22
247,783.71
8
04/01/2020
269,156.93
16,194.54
252,962.39
521,895.98
2020
Totals
269,156.93
16,194.54
252,962.39
9
04/01/2021
269,156.93
10,907.63
258,249.30
263,646.68
2021
Totals
269,156.93
10,907.63
258,249.30
10
04/01/2022
269,156.93
5,510.25
263,646.68
0.00
08/29/2012 Page 2
Town of Gulf Stream Actual/365/366 2.09%_
Date Payment Interest Principal Balance
2022 Totals
Grand Totals
269,156.93
2,691,569.30
5,510.25
263,673.86
P.iOCK*i:1��:3
2,427,895.44
08/29/2012 Page 3
Town of Gulf Stream Actual/365/366 2.09%
Last interest amount increased by 0.03 due to rounding.