NOTICE OF HEARING ON PROPOSED LEASE TIPPECANOE VALLEY SCHOOL CORPORATION You are hereby notified that a public hearing will be held before the Board of School Trustees on November 9, 2015 at the hour of 6:00 p.m. (Local Time) at Mentone Elementary School, 301 E Jackson Street, Mentone, Indiana, upon a proposed lease to be entered into between Tippecanoe-Valley Akron School Building Corporation, as lessor, and Tippecanoe Valley School Corporation, as lessee. The proposed lease upon which hearing will be held is for a term of twenty-one (21) years, commencing with the acquisition of title to the building and real estate to be renovated by Tippecanoe-Valley Akron School Building Corporation. The lease provides for rental during renovation in the amount of $450,000 per payment payable on June 30 and December 31 beginning on December 31, 2016 through the date of completion of construction. Thereafter, the lease provides for an annual rental of $1,618,000, payable on June 30 and December 31 of each year during the term of the lease, commencing with the completion of the building or June 30, 2018, 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. After the sale by the Corporation of its First Mortgage Bonds to pay for the cost of said building, including the acquisition of the site thereof 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 $10,000, 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 and to which the addition will be constructed is the Akron Elementary School in said school corporation located at 202 East Rural Street, Akron, Indiana. The drawings and preliminary plans, including the estimates for the cost of said renovation and construction 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 Tippecanoe Valley 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 such lease, and upon whether the lease rental provided for therein to be paid to Tippecanoe-Valley Akron School 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 President, Board of School Trustees may either authorize the execution of such lease as originally agreed upon or may make modifications therein as may be agreed upon with Tippecanoe-Valley Akron School Building Corporation. Dated this 21st day of September, 2015. Tom Craft Secretary, Board of School Trustees Tippecanoe Valley School Corporation 9-21 hspaxlp
