NOTICE OF PUBLIC HEARING PROPOSED LEASE AGREEMENT FOR NEW ALBANY-FLOYD COUNTY CONSOLIDATED SCHOOL CORPORATION You are hereby notified that on December 12, 2016 at 6:00 p.m a public hearing will be conducted at the meeting of the Board of School Trustees of New Albany-Floyd County Consolidated School Corporation at the Education Support Center, located at 2801 Grant Line Road, New Albany, Indiana, concerning a proposed lease agreement to be entered into between the New Albany-Floyd County School Building Corporation, as lessor, and the New Albany-Floyd County Consolidated School Corporation, as lessee. The term of the proposed lease agreement upon which the hearing will be conducted is twenty-one (21) years, commencing on the date Lessor obtains title to the leased premises. The lease shall be for a maximum term of 21 years with a maximum lease rental of $7,000,000. The lease agreement provides for the initial rent under the lease agreement to commence during renovations on June 30, 2017 and full lease rentals upon the later of the completion of the leased premises or June 30, 2019, payable in equal installments on June 30 and December 31. As additional rental, the lessee shall pay all taxes and any rebate amounts owed to the United State Treasury. The lease agreement requires the lessee to maintain insurance on the buildings and to bear all costs of any other alterations or repairs. After the sale by the building corporation of its First Mortgage Bonds to pay for the cost of the proposed construction of the buildings, including the acquisition of the sites thereof and other expenses incidental thereto, the annual rentals will be reduced to amounts equal to the multiple of $1,000 next higher than the sum of the principal and interest due on such bonds in each twelve-month period ending on January 15, plus $3,000. The annual rentals shall be payable in equal semiannual installments on June 30 and December 31 The lease agreement gives an option to the school corporation to purchase the leased premises on any lease rental payment date. The leased premises shall consist of the Prosser Career Education Center building. Proceeds of the sale of the leased premises to the New Albany-Floyd County School Building Corporation will be used to purchase equipment for the leased premises and fund the construction and equipping of a new Green Valley Elementary School and Slate Run Elementary School and renovation and equipping of New Albany High School, Floyd Knobs Elementary School, Greenville Elementary School, Highland Hills Middle School, Scribner Middle School, and Hazelwood Middle School. Drawings, plans and specifications, including estimates of the costs of the proposed construction and renovations, as well as a copy of the proposed lease agreement, are available for inspection at the Administration Offices, 2813 Grant Line Road, New Albany, Indiana. At the hearing, all persons interested shall have a right to be heard upon the necessity for the execution of the lease agreement and upon whether the lease rental set forth therein is fair and reasonable for the proposed building. The hearing may be adjourned to a later date or dates. Following the hearing Board of School Trustees may either authorize the execution of the Lease Agreement as originally approved or may make modifications therein as may be agreed upon with the New Albany-Floyd County School Building Corporation. Dated: November 12, 2016 /s/ Secretary Board of School Trustees New Albany-Floyd County Consolidated School Corporation hspaxlp
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