L16785-Crawfordsville Schools - Notice of Hearing (Proposed Lease)
Wednesday, July 04, 2012 10:00 PM
NOTICE OF HEARING ON PROPOSED LEASE
CRAWFORDSVILLE COMMUNITY SCHOOL CORPORATION
You are hereby notified that a public hearing will be held before the Board of School Trustees on August 9, 2012 at the hour of 7:00 p.m. (Local Time) at the Administration Building of Crawfordsville Community School Corporation (the "School Corporation") located at 1000 Fairview Avenue, Crawfordsville, Indiana 47933, upon a proposed Lease Agreement (the "Lease") to be entered into between Crawfordsville Tuttle 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-two (22) years, commencing with acquisition of title to the building to be constructed and renovated by the Building Corporation. The Lease provides for rental during construction and renovation in the maximum amount of $ 1,370,000 per payment payable beginning June 30, 2013 through renovation. Thereafter, the Lease provides for a maximum annual rental of $2,740,000, payable on June 30 and December 31 of each year during the term of the Lease, commencing with (i) the completion of the construction and renovation of the building or (ii) June 30, 2016, 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 construction and renovation, 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 constructed and renovated is Joseph F. Tuttle Middle School, located at 612 Elm Street, Crawfordsville, Indiana 47933. The School Corporation will use money received from the sale of the real estate to the Building Corporation to complete further construction and renovation to the leased premises and related facilities.
The preliminary plans and estimates for the cost of the construction and renovation, 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, 1000 Fairview Avenue, Crawfordsville, Indiana 47933.
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.
Dated this 6th day of July, 2012.
/s/ Ellen Ball
Secretary, Board of School Trustees
Crawfordsville Community School Corporation
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