NOTICE OF HEARING ON PROPOSED AMENDMENT TO LEASE

TIPPECANOE VALLEY SCHOOL CORPORATION

    You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Tippecanoe Valley School Corporation (the "School Corporation") on January 16, 2023 at the hour of 6:00 p.m. (Local Time) at Burket Educational Center, Burket, Indiana, upon a proposed Amendment to Lease (the "Amendment") to be entered into between Tippecanoe Valley-Akron School Building Corporation (the "Building Corporation"), as lessor, and the School Corporation, as lessee.

    The proposed Amendment upon which the hearing will be held amends the existing Lease Agreement originally dated October 19, 2021 (the "Original Lease", and together with the Original Lease, the "Lease").  The 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 Amendment extends the term of the Original Lease to December 31, 2042 and increases the annual Lease rental by a maximum of $1,358,000, 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 is a portion of Tippecanoe Valley High School located at 8345 South State Road 19, Akron, Indiana in the School Corporation.

    The drawings, plans and specifications, including the estimates for the cost of the renovation and improvement, as well as a copy of the proposed Amendment, are available for inspection by the public on all business days, during business hours, at the Administration Building of the School Corporation, 8343 South State Road 19, Akron, Indiana.

    At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of the 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 Amendment as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation.

    Dated this 15th day of December, 2022.

/s/ Secretary, Board of School Trustees    

Secretary, Board of School Trustees

Tippecanoe Valley School Corporation

12-15 hspaxlp