City of Nappanee

NOTICE OF DETERMINATION TO ENTER INTO LEASE
Taxpayers of the Nappanee Redevelopment District ("District"), the boundaries of which are coterminous with the boundaries of the City of Nappanee, Indiana ("City"), are hereby notified that the Nappanee Redevelopment Commission ("Commission") did on July 23, 2024, adopt a resolution preliminarily determining to enter into a lease ("Lease") for the purpose of providing funds for the cost of acquisition and leasing of interests in certain buildings, roads and real estate for the purpose of providing funds for the construction of a fire station, together with all necessary appurtenances, related improvements and equipment and issuance expenses (collectively, "Project"), located in the City. The Lease will be for a maximum term of twenty (20) commencing with the completion of the Project. The proceeds of the bonds to be issued to finance the Project will be used to finance the costs of the Project and other expenses incidental thereto and costs of issuing the bonds.
The Lease provides for rentals with regard to Tract I (as defined in the Lease) at the maximum annual rate of $520,000, payable semiannually on January 15 and July 15, commencing January 15, 2025 and ending upon completion of the Project ("Interim Period"). At the end of the Interim Period, the Lease provides for rentals at the maximum rate of $520,000 semiannually, commencing on the day the Project is constructed and equipped on Tract II (as defined in the Lease) and ready for use and occupancy or January 15, 2026, whichever is later. The lease rentals shall be payable from General Revenues (as defined in the Lease), and, to the extent the General Revenues are not sufficient, from a special benefits tax levied and collected in the District.
Dated: July 30 and August 6, 2024.
NAPPANEE REDEVELOPMENT COMMISSION
7-30, 8-6 hspaxlp