Legal Advertisement NOTICE OF HEARING ON PROPOSED

Legal Advertisement
NOTICE OF HEARING
ON PROPOSED LEASE
EDINBURGH
COMMUNITY SCHOOL
CORPORATION

You are hereby notified
that a public hearing will
be held before the Board
of School Trustees (the
"Board") on August
18,2025 at the hour of
6:00 p.m. (Local Time) at
Edinburgh Community
School Corporation,202
S Keeley Street, Edin-
burgh, Indiana, upon, a
proposed lease agree-
ment (the "Lease") to be
entered into between
Edinburgh Community
School Building Corpora-
tion (the "Building Cor-
poration"), as lessor, and
Edinburgh Community
School Corporation (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 the ac-
quisition of title to the
building to be renovated
by the Building Corpora-
tion. The Lease provides
for rental during renova-
tion in the amount ofup
to $825,000 per payment
payable on June 30 and
December 31 beginning
on June 30,2026 until
completion of construc-
tion. Thereafter, the
Lease provides for a
maximum annual rental
of$1,650,000, payable
on June 30 and Decem-
ber 3l of each year dur-
ing the term of the
Lease, commencing with
the completion of the
building or December
31, 2030, whichever is
later. As additional
rental, the School Corpo-
ration 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 ofalterations
and repairs, and shall
pay rebate amounts to
the United States Treas-
ury, as necessary. After
the sale by the Building
Corporation of its ad
valorem property tax first
mortgage bonds to pay
for the cost ofthe build-
ing, including the acqui-
sition ofthe sites there-
ofand other expenses in-
cidental thereto, the an-
nual rental shall be re-
duced to an amount
equal to the multiple
of$1,000 next higher
than the sum ofprincipal
and interest due on such
bonds in each
twelve-month period
ending on January 15
plus $5,000, payable in
equal semiannual install-
ments.
The Lease gives an option
to the School Corpora-
tion to purchase the
properfy on any rental
payment date.
The building to be reno-
vated will be Edinburgh
High School/lvliddle
School in the School
Corporation located at
300 Keeley Street, Edin-
burgh, Indiana.
The drawings, plans and
specifications, including
the estimates for the
cost of said renovation
as well as a copy ofthe
proposed Lease, are
available for inspection
by the public on all busi-
ness days, during busi-
ness hours, at the Ad-
ministration Building of
the School Corporation,
202 South Keeley Street,
Edinburgh, Indiana.
At such hearing all per-
sons interested shall
have a right to be heard
upon the necessity for
the execution of the
Lease, and upon
whether the Lease rental
provided for therein to be
paid to the Building Cor-
poration is a fair and rea-
sonable rental for the
proposed building. Such
hearing may be
adjoumed to a later date
or dates, and following
such hearing the Board
of the School Corpora-
tion may either authorize
the execution of the
Lease as originally
agreed upon or may
make modifications
therein as may be
agreed upon with the
Building Corporation.
Dated this 2'd day ofJuly,
2025.
David Bauman, Secretary,
Board of School Trustees
Edinburgh Community
School Corporation
60150521 hspaxlp
R: 7/2/2025