NOTICE OF CONSOLIDATED PUBLIC HEARING CONCERNING A PROPOSED LEASE BETWEEN THE ZIONSVILLE MUNICIPAL BUILDING CORPORATION AND THE TOWN OF ZIONSVILLE, INDIANA, AND AN ADDITIONAL APPROPRIATION IN CONNECTION WITH THE STREET AND STORM WATER DEPARTMENT BUILDING PROJECT The Town Council of the Town of Zionsville, Indiana (the Council), the governing body of the Town of Zionsville, Indiana (the Town), is considering for approval a proposed lease between the Zionsville Municipal Building Corporation (the Corporation), as lessor, and the Town, as lessee (the Lease). The Corporation will finance the acquisition of land, construction, installation, and equipping of a new Town Street and Storm Water Department building and improvements related thereto to be located in the vicinity of the former Rail Trails Garden Property located west of CR 875 East (the Project), the payment of incidental expenses related thereto, capitalized interest and the costs of the issuance, through the issuance of bonds by Corporation, secured by and payable from the lease payments under the proposed Lease (the Bonds). The leased premises under the Lease consist of all or any portion of the Project and the real estate upon which the Project will be constructed and equipped, as more specifically described in the Lease (the Premises). A portion of the proceeds of the Bonds will be paid to the Town as the acquisition price of all of the Premises which are subject to the Lease (the Sales Proceeds). The Town intends to use the Sales Proceeds to pay for a portion of the costs of the Project not paid by the Corporation. Notice is hereby given that the Council will, on September 16, 2019, at 7:30 a.m. (local time), in the Council Chambers Room 105 of the Zionsville Town Hall, located at 1100 West Oak Street, Zionsville, Indiana, hold a public hearing (1) on the proposed Lease pursuant to IC 36-1-10-13, and (2) regarding the matter of appropriating the Sales Proceeds and investment earnings thereon. All interested parties will be provided the opportunity to be heard at the hearing upon the necessity for the execution of such Lease, and upon whether the lease rental provided for therein to be paid by Town to the Corporation is a fair and reasonable rental for all of the Premises. After the public hearing, which may be adjourned from time to time, the Council may (1) adopt a resolution authorizing the execution of the proposed Lease if it finds that the lease rental provided for is fair and reasonable, and (2) adopt a resolution appropriating the Sales Proceeds, together with any interest earnings thereon. The Town may modify the proposed Lease after the hearing but may not increase the rent as set out in this notice. The Town's lease payments under the proposed Lease will be payable from a property tax levied and collected by the Town on all taxable property within the geographical boundaries of the Town. The proposed Lease will have a term no longer than twenty (20) years, commencing on the date of issuance of the Bonds. The maximum annual lease rental to be paid by the Town under the proposed Lease is $920,000. The proposed Lease further provides for terms concerning the use, maintenance, repair, operating and utility costs, indemnification and insurance, destruction of the premises, defaults, remedies, option to purchase and miscellaneous other matters. The drawings, plans and specifications, including cost estimates, for the Project, as well as a copy of the proposed Lease, are open to public inspection at the office of the Deputy Mayor of the Town, Zionsville Town Hall, located at 1100 West Oak Street, Zionsville, Indiana. TOWN COUNCIL OF THE TOWN OF ZIONSVILLE, INDIANA Z-154 9/4 hspaxlp 1581795
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