Legal Advertisement NOTICE OF HEARING ON PROPOSED LEASE

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 Edin-
burgh Community School
Corporation, 202 S Keeley
Street, Edinburgh, Indi-
ana, upon, a proposed
lease agreement (the
"Lease") to be entered into
between Edinburgh Com-
munity School Building
Corporation (the "Building
Corporation"), 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 of up 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 December 3l
of each year during the
term of the Lease, com-
mencing with the comple-
tion of the building or De-
cember 31, 2030, which-
ever is later. As additional
rental, the School Corpo-
ration shall maintain insur-
ance on the building as re-
quired in the Lease, shall
pay all taxes and assess-
ments against such prop-
erty, as well as the cost of
alterations and repairs,
and shall pay all taxes and
assessments against such
property, as well as the
cost of alterations and re-
pairs, and shall pay rebate
amounts to the United
States Treasury, as nec-
essary. After the sale by
the Building Corporation of
its ad valorem property tax
first mortgage bonds to
pay for the cost oft he
building, including the ac-
quisition oft he sites
thereof and other ex-
penses incidental thereto,
the annual rental shall be
reduced to an amount
equal to the multiple
of$1,000 next higher than
the sum of principal and
interest due on such
bonds in each
twelve-month period end-
ing on January 15 plus
$5,000, payable in equal
semiannual installments.
The Lease gives an option
to the School Corporation
to purchase the properly
on any rental payment
date.
The building to be reno-
vated will be Edinburgh
High School/Middle
School in the School Cor-
poration located at 300
Keeley Street, Edinburgh,
Indiana.
The drawings, plans
and specifications, in-
cluding the estimates for
the cost of said renovation
as well as a copy oft he
proposed Lease, are avail-
able for inspection by the
public on all business
days, during business
hours, at the Administra-
tion 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 exe-
cution of the Lease, and
upon whether the Lease
rental provided for therein
to be paid to the Building
Corporation is a fair and
reasonable rental for the
proposed building. Such
hearing may be adjourned
to a later date or dates,
and following such hearing
the Board of the School
Corporation 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 2nd day of July,
2025.
David Bauman, Secretary,
Board of School Trustees
Edinburgh Community
School Corporation
60150528 hspaxlp
(J) 07-02-2025