You are hereby notified that a public hearing will be held before the Board of School Trustees (the “Board”) of Warsaw Community Schools (the “School Corporation”) on October 23, 2017 at the hour of 7:00 p.m. (Local Time) at 1 Administration Drive, Warsaw, Indiana, upon a proposed Lease Agreement (the “Lease”) to be entered into between Warsaw Multi-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 completion of the building to be constructed on the leased premises by the Building Corporation. The Lease provides for maximum annual rental of $1,050,000, 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, 2019, whichever is later. As additional rental, the lessee shall maintain insurance on the building 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 building, including the acquisition of the 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 $5,000, payable in equal semiannual installments.
The Lease gives an option to the School Corporation to purchase the property on any lease rental payment date.
The leased premises will be the real estate on which a community center will be constructed, located at the campus of Warsaw Community High School, Warsaw, Indiana.
The plans and specifications, including the estimates for the cost of 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 the School Corporation, 1 Administration Drive, Warsaw, 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 the 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 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.
