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home : public notices : public notices May 24, 2016

1/29/2014 12:00:00 PM
WAWASEE - AMENDMENT TO LEASE

NOTICE OF HEARING ON PROPOSED THIRD AMENDMENT TO LEASE
WAWASEE 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 March 11, 2014 at the hour of 5:30 p.m. (Local Time) at Wawasee High School Warrior Room, #1 Warrior Path, Building #1, Syracuse,  Indiana, upon a proposed Third Amendment to Lease (the "Third Amendment") to be entered into between Wawasee High School Building Corporation (the "Building Corporation"), as lessor, and the School Corporation, as lessee.
    The proposed Third Amendment upon which the hearing will be held amends the existing Lease Agreement originally dated June 8, 2010, as previously amended (as amended, the "Lease").  The Third Amendment extends the term of the Lease and increases the rent payable thereunder in exchange for the renovation of and improvements to the Leased Premises.  The Lease term shall be extended to December 31, 2035, and the annual lease rental will be increased by the maximum amount of $200,000, payable on June 30 and December 31 beginning with the completion of the renovation of and improvements to the Leased Premises or June 30, 2015.
    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 Building Corporation of its first mortgage bonds to pay for the cost of said renovation and improvements, including any other expenses incidental thereto, the additional annual rental stated above 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 $2,000, payable in equal semiannual installments.
    The Third Amendment gives an option to the lessee to purchase the property on any rental payment date.
    The building to be renovated and improved will be a portion of Wawasee High School located at #1 Warrior Path, Building #1, Syracuse, Indiana in the School Corporation.
    The plans and specifications, including the estimates for the cost of said renovation and improvement as well as a copy of the proposed Third Amendment, are available for inspection by the public on all business days, during business hours, at the Administration Building of the Community School Corporation, #1 Warrior Path, Building #2, Syracuse, Indiana.
    At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of such Third 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 may either authorize the execution of such Third Amendment as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation.
    Dated this 29th day of January, 2014.
/s/    
Secretary, Board of School Trustees
Wawasee Community School Corporation
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