093-22 - NOTICE OF HEARING ON PROPOSED FIFTH AMENDMENT TO LEASE CULVER COMMUNITY SCHOOLS CORPORATION
NOTICE OF HEARING ON PROPOSED FIFTH AMENDMENT TO LEASE CULVER COMMUNITY SCHOOLS CORPORATION
You are hereby notified that a public hearing will be held before the Board of School Trustees (the “Board”) of Culver Community Schools Corporation (the “School Corporation”) on June 6, 2022 at the hour of 7:00 p.m. (Local Time) at 700 School Street, Culver, Indiana, upon a proposed Fifth Amendment to Lease (the “Fifth Amendment”) to be entered into between Culver School Building Corporation (the “Building Corporation”), as lessor, and the School Corporation, as lessee.
The proposed Fifth Amendment upon which the hearing will be held amends the existing Lease Agreement originally dated October 10, 2000, as previously amended (the “Original Lease”, and together with the Fifth Amendment, the “Lease”). The Fifth Amendment extends the term of the Original Lease and increases the rent payable thereunder in exchange for the renovation of and improvements to the property subject to the Lease (the “Leased Premises”). The Fifth Amendment extends the term of the Original Lease to June 30, 2044 and increases the annual Lease rental by a maximum of $1,225,000, payable on June 30 and December 31 beginning with the completion of the renovation of and improvements to the Leased Premises or June 30, 2024.
As additional rental, the School Corporation shall maintain insurance on the Leased Premises as required in the Lease, shall pay all taxes and assessments against such Leased Premises, as well as the cost of alterations and repairs, and shall pay rebate amounts to the United States Treasury, if necessary. After the sale by the Building Corporation of its bonds (the “Bonds”) to pay for the cost of the renovation and improvements, including any other expenses incidental thereto, the increased annual Lease rental stated above shall be reduced to an amount equal to the multiple of $1,000 next higher than the sum of principal and interest due on the Bonds in each twelve-month period ending on January 15 plus $5,000, payable in equal semiannual installments.
The Lease gives an option to the School Corporation to purchase the Leased Premises on any Lease rental payment date.
The Leased Premises are Culver Community Jr./Sr. High School located at 701 School Street, Culver, Indiana, located within the School Corporation.
The plans and specifications, including the estimates for the cost of the renovation and improvement, as well as a copy of the proposed Fifth Amendment, are available for inspection by the public on all business days, during business hours, at the Administration Building of the School Corporation, 700 School Street, Culver, Indiana.
At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of the Fifth Amendment, and upon whether the increased Lease rental provided for therein to be paid to the Building Corporation is a fair and reasonable rental for the renovations to the Leased Premises. Such hearing may be adjourned to a later date or dates, and following such hearing the Board may either authorize the execution of the Fifth Amendment as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation.
Dated this 2nd day of May, 2022.
/s/ Secretary, Board of School Trustees
Culver Community Schools Corporation
093-22 G 5/11