185-17 - NOTICE OF HEARING ON PROPOSED LEASE

NOTICE OF HEARING ON PROPOSED LEASE

WEST CENTRAL SCHOOL CORPORATION

You are hereby notified that a public hearing will be held before the Board of School Trustees (the “Board”) of West Central School Corporation (the “School Corporation”) on December 7, 2017 at the hour of 6:00p.m. (Local Time) at 117 E. Montgomery Street, Francesville, Indiana, upon a proposed Lease Agreement (the “Lease”) to be entered into between West Central School Building Corporation (the “Building Corporation”), as lessor, and the School Corporation, as lessee.

The proposed Lease upon which the hearing will be held is for a term of fourteen (14) years, commencing with the acquisition of title to the buildings to be renovated by the Building Corporation. The Lease provides for rental during renovation in the amount of $300,000 per payment payable on June 30 and December 31 beginning on June 30, 2019 through completion of construction. Thereafter, the Lease provides for an annual rental of $600,000, payable on June 30 and December 31 of each year during the term of the Lease, commencing with the completion of the building or December 31, 2020, whichever is later.

As additional rental, the lessee shall maintain insurance on the buildings as required in the Lease, shall pay all taxes and assessments against such property, as well as the cost of alterations and repairs, and shall pay rebate amounts to the United States Treasury, if so required. After the sale by the Building Corporation of its Ad Valorem Property Tax First Mortgage Bonds (the “Bonds”) to pay for the cost of the buildings, including the acquisition of the sites thereof and other expenses incidental thereto, the annual rental shall be reduced to an amount equal to the multiple of $1,000 next higher than the sum of principal and interest due on such bonds in each twelve-month period ending on January 15 plus a maximum of $5,000, payable in equal semiannual installments.

The Lease gives an option to the lessee to purchase the property on any rental payment date.

The buildings to be renovated will be renovated in the School Corporation located in Francesville, Indiana.

The plans, including the estimates for the cost of the renovation as well as a copy of the proposed Lease, are available for inspection by the public on all business days, during business hours, at the Administration Building of West Central School Corporation, 117 East Montgomery Street, Francesville, Indiana 47946.

At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of such Lease, and upon whether the lease rental provided for therein to be paid to the Building Corporation is a fair and reasonable rental for the proposed buildings. Such hearing may be adjourned to a later date or dates, and following the hearing the Board may either authorize the execution of such Lease as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation.

Dated this 5th day of October, 2017.

James Bergens

Secretary, Board of School Trustees

West Central School Corporation

185-17 G 10/18

 

Pulaski County Journal

114 W. Main Street
Winamac, IN 46996

(574) 946-6628
 

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