NOTICE OF PUBLIC HEARING CONCERNING PROPOSED LEASE BETWEEN THE WARSAW REDEVELOPMENT COMMISSION AND THE WARSAW REDEVELOPMENT AUTHORITY FOR CERTAIN INTERESTS IN LAND AND PUBLIC IMPROVEMENTS The Warsaw Redevelopment Commission (the "Commission"), governing body of the City of Warsaw, Indiana, Department of Redevelopment, on April 6, 2015, approved a proposed lease between the Warsaw Redevelopment Authority (the "Authority"), as Lessor, and the Commission, as Lessee, of certain local public improvements including the acquisition, construction and installation of certain local public improvements consisting of all or any portion of the following: (i) infrastructure improvements to North Buffalo Street (located north of East Fort Wayne Street), East Canal Street (located west of State Road 15 and east of North Buffalo Street), and the extension of Indiana Street through the intersection with East Canal Street so that it loops into the present end of North Buffalo Street consisting of the construction or reconstruction of roadway, curb, sidewalks, lighting, streetscape, and sanitary/storm infrastructure improvements throughout the corridor; (ii) reconstruction of both alleys that bracket the project area on the east and west ends of the project boundaries with reconstruction of the alleys consisting of various brick paving products and will include sanitary/storm infrastructure improvements needed to accommodate the proposed mix-use high density residential development project (collectively, the "Project"). Pursuant to Indiana Code § 36-7-14-25.2, the Commission will hold a public hearing regarding the proposed lease on April 20, 2015 at 2:30 p.m., local time, in the Council Chambers in City Hall at 102 S. Buffalo Street, Warsaw, Indiana. All interested parties will be provided the opportunity to be heard at the hearing. After the public hearing, which may be adjourned from time to time, the Commission may adopt a resolution authorizing the execution of the proposed lease on behalf of the City of Warsaw, Indiana (the "City"), if it finds that the service to be provided throughout the term of the proposed lease will serve the public purpose of the City and is in the best interests of its residents and that the lease rental provided for is fair and reasonable. The Commission may modify the proposed lease after the hearing but may not increase the rent as set out in this notice. Rental under the proposed lease shall be payable at an annual rate not to exceed Two Hundred Twenty Thousand and 00/100 Dollars ($220,000.00) in semiannual installments beginning on the day the Project is completed and ready for use, or July 15, 2019, whichever is later. The term of the proposed lease will not exceed twenty-five (25) years. The proposed lease further provides for terms concerning the use, maintenance, repair, operating and utility costs, indemnification and insurance, destruction of the premises, defaults, remedies, option to purchase and miscellaneous other matters. The proposed lease and preliminary plans, specifications and cost estimates for the Project to be leased are open to public inspection at the office of the Commission, City Hall at 102 S. Buffalo Street, Warsaw, Indiana. Warsaw Redevelopment Commission By: President 4-9 hspaxlp
