David M. Umpleby

Partner Indianapolis

Summary

Dave has significant experience representing business clients in structured financings, including developers, banks, local governments, local and regional economic development organizations and redevelopment commissions. He focuses his practice on structured financings involving the use of tax incentives including New Markets Tax Credits, Low Income Housing Tax Credits, federal Historic Rehabilitation Tax Credits, Opportunity Zones and state tax credits including the Redevelopment Tax Credit, Indiana Venture Capital Investment Tax Credit, Industrial Recovery Tax Credit (aka DINO) and the CReED Tax Credit. Through his experience in structured financing, Dave is known for finding his clients success in transactions involving public/private financing of both real estate developments and operating businesses.

Dave also serves as bond counsel in the issuance of various types of bonds, with an emphasis on 4% LIHTC / tax exempt private activity bond financings, but also governmental bonds for municipalities and school corporations, including general obligation bonds, lease rental bonds, utility bonds and TIF bonds. In addition, Dave’s practice includes general municipal law and redevelopment law. He is listed as nationally recognized bond counsel in The Bond Buyer’s Municipal Market Place (the “Redbook”).

Dave is an active participant in Novogradac’s New Markets Tax Credit Working Group and Opportunity Zone Working Group, which are national industry groups focused on developing industry “best practices” for the New Markets Tax Credits and Opportunity Zone programs.

All Service Areas

Education

  • Indiana University Maurer School of Law - Bloomington (1998)
  • Indiana University (1995)

Admissions

  • State - Indiana

Notable Matters

New Markets Tax Credits

  • Undertook the joint representation a statewide Community Development Entity (CDE) and a national CDE in structuring, documenting and closing the first ever leveraging of the Indiana Industrial Recovery Tax Credit (aka DINO) through the New Markets Tax Credit structure, resulting in an $18 million redevelopment of an abandoned rail facility into a state-of-the-art railcar repair facility in rural Indiana.
  • Represented a Community Development Entity (CDE) in successfully obtaining a $50 million allocation of New Markets Tax Credits for use in rural projects in Southern Indiana, a second $45 million allocation for use in rural projects throughout the State of Indiana, and a third $15 million allocation, also for use in rural projects throughout the State of Indiana.
  • Represented a manufacturing company in a $10 million New Markets Tax Credit financing of a new production line in upstate New York.
  • Structured, negotiated, documented, and closed a $9.4 million “twin” New Markets Tax Credit and Historic Rehabilitation Tax Credit “combined” financing of mixed use facilities for two separate borrowers in two separate towns.
  • Represented a Community Development Entity (CDE) in structuring, documenting and closing a New Markets Tax Credit financing for a hotel conference center expansion.
  • Represented a Community Development Entity (CDE) in structuring and closing a $40 million mixed use facility in Louisville, Kentucky, which was financed with a combination of New Markets Tax Credit equity from three local and national CDEs, Recovery Zone Facility Bonds, and private bridge equity.

Economic Development and Tax Incentives

  • Represented a public entity created by inter-local agreement in negotiating a local development agreement with a developer for a $500 million hotel and casino development.
  • Represented the project developer in negotiating, documenting, and closing a public/private structured financing of a $60 million mixed use redevelopment project in northern Indiana.
  • Represented the project developer in a $23 million CReED tax credit financing of a manufacturing facility.
  • Assisted regional economic development organization in organizing and structuring a for-profit subsidiary to provide venture capital to both regional business prospects, as well as low cost gap funding for strategic public investments.
  • Represented the issuer in a public/private financing of a mixed use facility featuring local equity incentives, senior debt, and the issuance of subordinate layer TIF enhanced variable rate demand obligations (aka low floaters).
  • Represented local redevelopment commissions in establishing tax increment financing districts.
  • Represented local redevelopment commission in real estate acquisition, negotiating and drafting project development agreements, project financing, environmental mitigation, and general project implementation for a complex downtown redevelopment involving multiple property owners, multiple developers, and both public and private stakeholders.

Bond Counsel

  • Represented the issuer of private activity bonds in order to provide a credit enhancement for a $19 million hotel and waterpark development financed through a combination of New Markets Tax Credits, private bank debt, and bonds credit enhanced with TIF.
  • Acted as bond counsel for a school corporation in the issuance of lease rental revenue bonds used to finance a building project.
  • Acted as bond counsel in a general use bond issue funded through a special benefits tax levied by a local redevelopment commission.
  • Acted as issuer counsel in a redevelopment authority lease revenue bond financing.
  • Acted as bond counsel in a USDA sewer project financing for a unit of local government.
  • Assisted a public utility with a Rural Utility Service (RUS) financing.
  • Acted as bond counsel in Recovery Zone Economic Development Bond (aka Build America Bond) issuance used for local public improvements.

Other

  • General outside counsel for the Town of French Lick.
  • General outside counsel for an eight county regional economic development organization.

Professional Affiliations

  • National Association of Bond Lawyers

    Member

  • The Bond Buyer's Municipal Market Place (Red Book)

    Listed

  • Novogradac

    Member, New Markets Tax Credits Industry Working Group
    Member, Opportunity Zone Industry Working Group

  • United States Department of Agriculture

    Approved Bond Counsel