NOTICE OF PUBLIC HEARING PROPOSED LEASE AMENDMENT FOR GREATER CLARK COUNTY SCHOOLS You are hereby notified that a public hearing will be held at 7:00 pm at the meeting of the Board of School Trustees of Greater Clark County Schools on May 4, 2016, at the Administration Building, 2112 Utica-Sellersburg Road, Jeffersonville, Indiana, upon a proposed second amendment to lease agreement to be entered into between the Greater Clark Building Corporation, as lessor, and the Greater Clark County Schools, as lessee. The term of the proposed second amendment to lease agreement upon which the hearing will be conducted is through July 15,2026 (approximately ten years), conunencing on the date of execution of the proposed amendment to lease. The second amendment to lease agreement provides for rent, in addition to that set forth in the original lease agreement and any previous amendment thereto during renovation, in the amount of $1 ,950,000 annually, payable on June 30 and December 31, conunencing on June 30, 2017. Upon completion of the proposed improvements, the annual rental to be paid will be adjusted to a maximum of $1,950,000 per year payable in equal semiannual installments on June 30 and December 31, commencing the later of the completion of these renovations or June 30, 2017. As additional rental, the lessee shall pay all taxes and any rebate amounts owed to the United State Treasury. The original 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 additional renovations to the building, 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. The lease agreement gives an option to the school corporation to purchase the leased premises on any lease rental payment date. The building that has been leased is the Parkview Middle School located at 1600 Brigman Avenue, Jeffersonville, Indiana 47130 and the project to be undertaken by this amendment to lease agreement will consist of renovations and improvements at the following facilities (1) Bridgepoint Elementary, (2) Jonathan Jennings Elementary, (3) Northaven Elementary, (4) Parkwood Elementary, (5) Pleasant Ridge Elementary, (6) Utica Elementary, (7) Charlestown Middle, (8) Parkview Middle, (9) River Valley Middle, (10) Jeffersonville High, (11) Charlestown High, (12) New Washington Middle High Schools, and (13) Corden Porter. Drawings, plans and specifications, including estimates of the costs of the proposed renovations and inprovements, as well as a copy of the proposed second amendment to lease agreement, are available for inspection at the Administration Building, 2112 Utica-Sellersburg Road, Jeffersonville, Indiana. At the hearing, all persons interested shall have a right to be heard upon the necessity for the execution of the amendment to 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 Amendment to Lease Agreement as originally approved or may make modifications therein as may be agreed upon with the Greater Clark Building Corporation. Dated: April 1,2016 /s/ Secretary Board of School Trustees Greater Clark County Schools hspaxlp
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