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home : public notices : public notices December 17, 2014

10/16/2013 12:00:00 PM
WHITKO COMMUNITY SCHOOLS - LEASE

NOTICE OF HEARING ON PROPOSED LEASE
WHITKO COMMUNITY SCHOOL CORPORATION
    You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Whitko Community School Corporation (the "School Corporation") on November 18, 2013 at the hour of 6:30 p.m. (Local Time) at the Administration Office of the School Corporation, located at 432 South First Street, Pierceton, Indiana 46562, upon a proposed Lease Agreement (the "Lease") to be entered into between Whitko High School Building Corporation (the "Building Corporation"), as lessor, and the School Corporation, as lessee.
    The proposed Lease upon which hearing will be held is for a term of twenty-one (21) years, commencing with the acquisition of title to the building to be renovated and improved by the Building Corporation.  The Lease provides for rental during renovation in the amount of $430,000 per payment payable on June 30, 2015, December 31, 2015, June 30, 2016, and December 31, 2016.  Thereafter, the lease provides for a maximum annual rental of $2,081,000, 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, 2017, 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.  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 $5,000, payable in equal semiannual installments.
    The Lease gives an option to the lessee to purchase the property on any rental payment date.
    The building to be renovated and improved, including the construction of additions and site improvements thereon, shall be the South Whitley Elementary School, located at 406 West Wayne Street, South Whitley, Indiana.  The School Corporation will use money received from the sale of such real estate to the Building Corporation to finance the construction of a new Pierceton Elementary School, including site improvements thereon, and the renovation of and improvements to the school corporation's administration office.
    The plans and 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, 432 South First Street, Pierceton, 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.
    Dated this 17th day of October, 2013.
Georgia Tenney    
Secretary, Board of School Trustees
Whitko Community School Corporation
10-16 hspaxlp








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