WAWASEE SCHOOLS - NOTICE OF HEARING ON PROPOSED SECOND AMENDMENT TO LEASE
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NOTICE OF HEARING ON PROPOSED SECOND AMENDMENT TO LEASEWAWASEE COMMUNITY SCHOOL CORPORATION You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Wawasee Community School Corporation (the "School Corporation") on November 8, 2011 at the hour of 5:30 p.m. (Local Time) at Wawasee High School Warrior Room, located at #1 Warrior Path, Building 1, Syracuse, Indiana, upon a proposed Second Amendment to Lease (the "Second Amendment") to be entered into between Wawasee High School Building Corporation (the "Building Corporation"), as lessor, and the School Corporation, as lessee. The proposed Second Amendment upon which hearing will be held amends the existing Lease Agreement originally dated June 8, 2010, as amended (as amended, the "Lease"). The Second Amendment extends the term of the Lease and increases the rent payable thereunder in exchange for the renovation and equipment of the Leased Premises (as defined in the Lease). The Lease term shall be extended to December 31, 2033, the Lessee agrees to pay rent during renovation in the amount of $165,000 payable on June 30, 2012, and the annual lease rental will be increased by the amount of $330,000, payable in semiannual installments on June 30 and December 31 of each year during the term of the Second Amendment, commencing with the completion of the building or December 31, 2012, whichever is later. As additional rental, the lessee shall maintain insurance on the building as required in the Second Amendment, 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 sites 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 $1,000, payable in equal semiannual installments. The Second Amendment gives an option to the lessee to purchase the property on any rental payment date. The building to be renovated is a portion of Wawasee High School, located at #1 Warrior Path, Building 1, Syracuse, Indiana 46567, in the School Corporation. The drawings, plans and specifications, including the estimates for the cost of the renovation and equipment, as well as a copy of the proposed Second Amendment, are available for inspection by the public on all business days, during business hours, at the Administration Building of the School Corporation, #1 Warrior Path, Building 2, Syracuse, Indiana 46567. At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of such Second Amendment, 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 of School Trustees may either authorize the execution of such Second Amendment as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation. Dated this 28th day of September, 2011. /s/ Rebecca Linnemeier Secretary, Board of School TrusteesWawasee Community School Corporation s28
