Warsaw Redevelopment

NOTICE OF PUBLIC HEARING CONCERNING A
PROPOSED SUBLEASE BETWEEN
THE CITY OF WARSAW BUILDING CORPORATION AND
THE CITY OF WARSAW REDEVELOPMENT COMMISSION
The City of Warsaw Redevelopment Commission (the “Commission”), the governing body of the City of Warsaw Department of Redevelopment and the Redevelopment District of the City of Warsaw, Indiana, on November 6, 2023, adopted a resolution preliminarily approving a form of Sublease Agreement (the “Sublease”), between the City of Warsaw Building Corporation (the “Corporation”), as Sublessor, and the Commission, as Sublessee, of a portion of an approximately 100,000 square foot commercial/distribution facility and related other improvements (the “Building”) located at 1395 Polk Drive (the “Real Estate”) located in the Warsaw Technology Park and owned by West Hill Development, LLC, such portion consisting of approximately 70,000 square feet of the Building together with the non-exclusive right to utilize common area spaces on the Real Estate (the “Leased Premises”), all for the purpose of providing for increased economic development and job creation opportunities for the residents of the City.
Pursuant to applicable law, the Commission will hold a public hearing on the proposed Sublease on December 4, 2023, at 4:00 p.m. (local time), in the City Hall Council Chambers, located at 102 South 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 Sublease if it finds that the service to be provided throughout the term of the proposed Sublease 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 Sublease after the hearing but may not increase the rent as set out in this notice.
The proposed Sublease will have a term of not longer than twenty-four (24) months beginning on the date the Leased Premises is delivered to the Corporation and ending on the day prior to a date not later than twenty-four (24) months after such date. The maximum monthly lease rental to be paid by the Commission under the proposed Sublease is $42,000, subject to the abatement of rent provisions contained in the Sublease. The Commission’s lease payments under such Sublease will be payable from moneys legally available to the Commission, including without limitation certain tax increment revenues from the Consolidated Northern Economic Development Area. The proposed Sublease further provides for that the Commission shall not be responsible for the operation, maintenance, repair, operating and utility costs, indemnification and insurance, of the Project with such expenses to be borne by West Hill Development, LLC, acting as lessor to the Building Corporation. The Sublease further provides for reduction of the lease rentals payable by the Commission in certain circumstances and miscellaneous other matters.
Dated this 10th day of November, 2023.
CITY OF WARSAW
REDEVELOPMENT COMMISSION
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