You are hereby notified that a public hearing will be held before the Board of School Trustees on July 16, 2018 at the hour of 6:30 p.m. (Local Time) at 710 North State Road 5, Larwill, Indiana, upon, a proposed Lease to be entered into between a not-for-profit school building corporation (the "Building Corporation"), as lessor, and Whitko Community School Corporation (the School Corporation"), as lessee.
The proposed Lease upon which hearing will be held is for a term of twenty-two (22) years, commencing with the acquisition of title to a portion of the building to be renovated and expanded by the Building Corporation. The Lease provides for rent during renovation on June 30 and December 31, in the semi-annual amount of $667,000 beginning June 30, 2019 through the date on which the construction is completed. The Lease also provide for an annual rental of $1,334,000, 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, 2020, whichever is later. As additional rental, the School Corporation 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. After the sale by the Building Corporation of its first mortgage bonds to pay for the cost of the 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 $5,000, payable in equal semiannual installments.
The Lease gives an option to the School Corporation to purchase the property on any rental payment date.
The building to be renovated and expanded will be a portion of Whitko Middle School in the School Corporation located at 710 North State Road 5, Larwill, Indiana.
The drawings, plans and specifications, 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 the School Corporation, 710 North State Road 5, Larwill, 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 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 the Building Corporation.
