WAWASEE COMMUNITY SCHOOL CORP - PROPOSED
March 9, 2017 at 1:17 p.m.
By -
WAWASEE COMMUNITY SCHOOL CORPORATION
You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Wawasee Community School Corporation (the "School Corporation") on April 18, 2017 at the hour of 5:30 p.m. (Local Time) at Wawasee High School Warrior Room, 1 Warrior Path, Building 1, Syracuse, Indiana, upon a proposed Lease Agreement (the "Lease") to be entered into between Wawasee High 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 twenty-two (22) years, commencing with the acquisition of title to the real estate to be renovated by the Building Corporation. The Lease provides for rental during renovation in the amount of $450,000, payable on June 30, 2018, through the completion of renovation. Thereafter, the lease provides for a maximum annual rental of $900,000, payable on June 30 and December 31 of each year during the term of the Lease, commencing with the completion of the buildings or June 30, 2019, 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 first mortgage bonds to pay for the cost of said renovation, including the acquisition of real estate 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 $1,500, payable in equal semiannual installments.
The Lease gives an option to the lessee to purchase the property on any rental payment date.
The building to be renovated pursuant to he Lease will be Wawasee High School, located at 1 Warrior Path, Building 1, Syracuse, Indiana. The School Corporation will utilize the proceeds from the sale of such facility to the Building Corporation towards all or a portion of the cost of (a) renovation and improvements at (i) the former VFW building for a career and technology skills center, (ii) Wawasee Middle School, and (iii) Milford School; (b) site improvements at Syracuse Elementary School; and (c) the replacement or renovation of the Central Office.
The plans and 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 Wawasee Community School Corporation, 1 Warrior Path, Building #2, Syracuse, Indiana 46567.
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 such 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 15th day of March, 2017.
Michael Wilson, Secretary, Board of School Trustees
Wawasee Community School Corporation
3-15 hspaxlp
WAWASEE COMMUNITY SCHOOL CORPORATION
You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Wawasee Community School Corporation (the "School Corporation") on April 18, 2017 at the hour of 5:30 p.m. (Local Time) at Wawasee High School Warrior Room, 1 Warrior Path, Building 1, Syracuse, Indiana, upon a proposed Lease Agreement (the "Lease") to be entered into between Wawasee High 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 twenty-two (22) years, commencing with the acquisition of title to the real estate to be renovated by the Building Corporation. The Lease provides for rental during renovation in the amount of $450,000, payable on June 30, 2018, through the completion of renovation. Thereafter, the lease provides for a maximum annual rental of $900,000, payable on June 30 and December 31 of each year during the term of the Lease, commencing with the completion of the buildings or June 30, 2019, 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 first mortgage bonds to pay for the cost of said renovation, including the acquisition of real estate 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 $1,500, payable in equal semiannual installments.
The Lease gives an option to the lessee to purchase the property on any rental payment date.
The building to be renovated pursuant to he Lease will be Wawasee High School, located at 1 Warrior Path, Building 1, Syracuse, Indiana. The School Corporation will utilize the proceeds from the sale of such facility to the Building Corporation towards all or a portion of the cost of (a) renovation and improvements at (i) the former VFW building for a career and technology skills center, (ii) Wawasee Middle School, and (iii) Milford School; (b) site improvements at Syracuse Elementary School; and (c) the replacement or renovation of the Central Office.
The plans and 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 Wawasee Community School Corporation, 1 Warrior Path, Building #2, Syracuse, Indiana 46567.
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 such 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 15th day of March, 2017.
Michael Wilson, Secretary, Board of School Trustees
Wawasee Community School Corporation
3-15 hspaxlp
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