Legal Advertisement NOTICE TO TAXPAYERS REGARDING DECISION

Legal Advertisement
NOTICE TO
TAXPAYERS
REGARDING DECISION
OF THE PARK AND
RECREATION BOARD
OF THE CITY OF
FRANKLIN, INDIANA, TO
ENTER INTO A LEASE
WITH THE FRANKLIN
PARKS BUILDING
CORPORATION

The taxpayers of the
City of Franklin, Indiana,
Park District (the District)
are hereby notified that
the Park and Recreation
Board of the City of Frank-
lin, Indiana (the Board),
as the governing body of
the District, determined
that the District will take all
actions necessary to enter
into a lease (the Lease)
with the Franklin Parks
Building Corporation (the
Corporation), which in
turn will allow the Corpora-
tion to issue bonds (the
Bonds) payable from the
lease rentals received
from the District pursuant
to the terms of the Lease.
The proceeds of the
Bonds will be used to pay
for the costs of (1) all or
any portion of the acquisi-
tion by the Corporation of
certain properties currently
owned by the Department
of Parks and Recreation of
the City of Franklin, Indi-
ana, or the City of Frank-
lin, Indiana, to be leased
to the District during the
construction period of the
Project (as hereinafter de-
fined) (the Existing Real
Estate), and (2) all or any
portion of the construction,
acquisition, renovation, in-
stallation, and equipping
of improvements at vari-
ous parks in the District,
including but not limited to
certain new projects, reno-
vations, and improve-
ments at Scott Park, the
Scott Park Sports Cam-
pus, and the Franklin
Family Aquatic Center (the
New Facility Real Estate)
(clauses (1) and (2), col-
lectively, the Project).
The leased premises
under the Lease consists
of the Existing Real Es-
tate, the New Facility Real
Estate, the site and appur-
tenances to each of the
Existing Real Estate and
New Facility Real Estate,
and the Project (the
Premises). The pro-
posed lease is for a term
of up to twenty (20) years
commencing on the date
of issuance of bonds of
the Corporation to finance
the Project (the Bonds).
The annual lease rental
will not exceed Three Mil-
lion One Hundred
Ninety-Five Thousand
Dollars ($3,195,000) paya-
ble in semiannual install-
ments on January 1 and
July 1 of each year during
the term of the Lease.
Each rental installment
shall be based on the
value of the portion of the
Premises which will be
complete and ready for
use and occupancy by the
District at the time such
semi-annual installment is
made. As additional rental,
the District shall maintain
insurance on the Premises
as required in the Lease
and shall pay all taxes and
assessments against such
property, as well as the
cost of alterations and re-
pairs. After the sale of the
Bonds, the yearly rental,
payable in semiannual in-
stallments on each Janu-
ary 1 and July 1, shall be
reduced to the multiple of
$1,000 next higher than
the principal and interest
due on the Bonds in each
twelve-month period com-
mencing on July 1, plus
$5,000, payable in such
semiannual installments.
The District shall pay such
lease rentals solely from
the revenues of an ad
valorem tax levied by the
District on all taxable prop-
erty in the District pursu-
ant to Indiana Code
36-1-10-17, as amended.
The Lease gives an option
to the District to purchase
the Premises. The Project
will be used for park and
recreation purposes.
Dated this 9th day of
October, 2026.

PARK AND
RECREATION BOARD
OF THE CITY OF
FRANKLIN, INDIANA
60164299
(J) 10-09-16-2026