NOTICE OF PUBLIC HEARING CONCERNING A
PROPOSED LEASE BETWEEN THE CITY OF WARSAW REDEVELOPMENT AUTHORITY AND THE CITY OF WARSAW REDEVELOPMENT COMMISSION
The City of Warsaw Redevelopment Commission (the “Commission”), the governing body of the City of Warsaw Redevelopment Department and the City of Warsaw Redevelopment District (the “District”), on February 18, 2025, adopted a resolution (the “Resolution”) approving a proposed Lease Agreement, to be dated as of March 3, 2025 (the “Lease”), between the City of Warsaw Redevelopment Authority (the “Authority”), as lessor, and the Commission, as lessee, of all or a portion of certain roads in the City of Warsaw, Indiana (the “City”), for the purpose of providing a means to finance all or a portion of the design, acquisition, construction, installation and equipping of a new building and related facilities for use by the Street Department of the City (collectively, the “Project”), as more fully described in the Resolution.
Pursuant to applicable law, the Commission will hold a public hearing on the proposed Lease, as well as the Project, on Monday, March 3, 2025, at 4:30 p.m. (local time) in the Council Chambers of City Hall, which is located at 102 South Buffalo Street, Warsaw, Indiana. All interested parties will be provided the opportunity to be heard at the hearing. After the public hearing, which may be adjourned from time to time, the Commission may adopt a resolution authorizing the execution of the proposed Lease if it finds that the service to be provided throughout the term of the proposed Lease will serve the public purpose of the City and is in the best interests of its residents and that the lease rental provided for is fair and reasonable. The Commission may modify the proposed Lease after the hearing but may not increase the rent as set out in this notice.
The proposed Lease will have a term of no longer than twenty (20) years beginning on the date the Authority acquires any interest in the leased premises and ending on the day prior to a date not later than twenty (20) years after such date of acquisition by the Authority. The maximum annual lease rental to be paid by the Commission under the proposed Lease is $1,300,000. The Commission’s lease payments under such Lease will be payable from a special tax levied and collected by the Commission on all taxable property within the geographical boundaries of the District pursuant to applicable law, as amended, provided that the Commission reserves the right under the Lease to pay all or any portion of the lease rentals from any other revenues legally available to the Commission. The proposed Lease further provides for terms concerning the use, maintenance, repair, operating and utility costs, indemnification and insurance, destruction of the premises, defaults, remedies, option to purchase, reduction of the lease rental and term following the sale of bonds by the Authority for the Project, and miscellaneous other matters.
Dated this 21st day of February, 2025.
CITY OF WARSAW REDEVELOPMENT COMMISSION
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