WARSAW COMMUNITY SCHOOLS - LEASE
September 9, 2016 at 2:32 p.m.
By -
WARSAW COMMUNITY SCHOOLS
You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Warsaw Community Schools (the "School Corporation") on October 17, 2016 at the hour of 7:00 p.m. (Local Time) at 1 Administration Drive, Warsaw, Indiana (i) to hold a hearing to discuss and hear objections and support regarding the proposed renovation of and improvements to Eisenhower Elementary School, Harrison Elementary School and Warsaw Community High School, and (ii) to consider a proposed Amendment to Lease (the "Amendment") to be entered into between Warsaw Multi-School Building Corporation (the "Building Corporation"), as lessor, and Warsaw Community Schools, as lessee.
The proposed Amendment upon which the hearing will be held amends the existing Lease Agreement dated November 21, 2007. The Amendment adds real estate to the Leased Premises, and increases the rent payable thereunder in exchange for the renovation of and improvements to the Leased Premises. The annual lease rental will be increased by the maximum amount of $440,000, payable on June 30 and December 31 beginning with the completion of the renovation of and improvements to the Leased Premises or December 31, 2017.
As additional rental, the lessee shall maintain insurance on the building as required in the Lease Agreement, 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 first mortgage bonds to pay for the cost of said renovation and improvements, including any other expenses incidental thereto, the additional annual 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 such bonds in each twelve-month period ending on January 15 plus $5,000, payable in equal semiannual installments.
The Amendment gives an option to the lessee to purchase the property on any rental payment date.
The building to be renovated and improved pursuant to the Amendment will be Eisenhower Elementary School located at 1900 County Farm Road, Warsaw, Indiana in the School Corporation. The School Corporation will use proceeds from the sale of such property to the Building Corporation to finance the renovation of and improvements to Harrison Elementary School and Warsaw High School.
The plans and specifications, including the estimates for the cost of said 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 Warsaw Community Schools, 1 Administration Drive, Warsaw, Indiana.
At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of such Amendment, 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 building. Such hearing may be adjourned to a later date or dates, and following such hearing the Board may either authorize the execution of such Amendment as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation.
Dated this 15th day of September, 2016.
/s/Randy Polston
Secretary, Board of School Trustees
Warsaw Community Schools
9-15 hspaxlp
WARSAW COMMUNITY SCHOOLS
You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Warsaw Community Schools (the "School Corporation") on October 17, 2016 at the hour of 7:00 p.m. (Local Time) at 1 Administration Drive, Warsaw, Indiana (i) to hold a hearing to discuss and hear objections and support regarding the proposed renovation of and improvements to Eisenhower Elementary School, Harrison Elementary School and Warsaw Community High School, and (ii) to consider a proposed Amendment to Lease (the "Amendment") to be entered into between Warsaw Multi-School Building Corporation (the "Building Corporation"), as lessor, and Warsaw Community Schools, as lessee.
The proposed Amendment upon which the hearing will be held amends the existing Lease Agreement dated November 21, 2007. The Amendment adds real estate to the Leased Premises, and increases the rent payable thereunder in exchange for the renovation of and improvements to the Leased Premises. The annual lease rental will be increased by the maximum amount of $440,000, payable on June 30 and December 31 beginning with the completion of the renovation of and improvements to the Leased Premises or December 31, 2017.
As additional rental, the lessee shall maintain insurance on the building as required in the Lease Agreement, 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 first mortgage bonds to pay for the cost of said renovation and improvements, including any other expenses incidental thereto, the additional annual 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 such bonds in each twelve-month period ending on January 15 plus $5,000, payable in equal semiannual installments.
The Amendment gives an option to the lessee to purchase the property on any rental payment date.
The building to be renovated and improved pursuant to the Amendment will be Eisenhower Elementary School located at 1900 County Farm Road, Warsaw, Indiana in the School Corporation. The School Corporation will use proceeds from the sale of such property to the Building Corporation to finance the renovation of and improvements to Harrison Elementary School and Warsaw High School.
The plans and specifications, including the estimates for the cost of said 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 Warsaw Community Schools, 1 Administration Drive, Warsaw, Indiana.
At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of such Amendment, 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 building. Such hearing may be adjourned to a later date or dates, and following such hearing the Board may either authorize the execution of such Amendment as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation.
Dated this 15th day of September, 2016.
/s/Randy Polston
Secretary, Board of School Trustees
Warsaw Community Schools
9-15 hspaxlp
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