Legal Advertisement NOTICE OF HEARING ON PROPOSED LEASE

Legal Advertisement
NOTICE OF HEARING
ON PROPOSED LEASE
AGREEMENT
GREENWOOD
COMMUNITY SCHOOL
CORPORATION

You are hereby notified
that a public hearing will
be held before the Board
of School Trustees (the
"Board") on August 19,
2025 at the hour of 7:00
p.m. (Local Time) at the
Greenwood Community
School Corporation Ad-
ministration Building lo-
cated at 605 West Smith
Valley Road, Greenwood,
Indiana, upon a proposed
Lease Agreement (the
"Lease") to be entered into
between Greenwood
School Building Corpora-
tion (the "Building Corpo-
ration"), as lessor, and
Greenwood Community
School Corporation (the
"School Corporation"), as
lessee.

The proposed Lease
upon which the hearing
will be held is for a term of
twenty (20) years, com-
mencing with the acquisi-
tion of title to the building
to be renovated by the
Building Corporation pur-
suant to the Lease. The
Lease provides for rental
during renovation in the
amount of up to $700,000
per payment payable on
June 30 and December 31
beginning on June 30,
2026, until the completion
of renovations. Thereafter,
the Lease provides for a
maximum annual rental of
$1,400,000, payable on
June 30 and December 31
of each year during the
term of the Lease, com-
mencing with the comple-
tion of the renovations or
June 30, 2028, whichever
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 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 of the ren-
ovations, including the ac-
quisition of real estate and
other expenses incidental
thereto, the annual rental
shall be reduced to an
amount equal to the multi-
ple 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 op-
tion to the School Corpo-
ration to purchase the
leased premises on any
rental payment date.

The leased premises
consists of the Isom Ele-
mentary School building,
which is within the bound-
aries of the School Corpo-
ration located at 50 East
Broadway Street, Green-
wood, Indiana 46143. The
School Corporation will
utilize the proceeds from
the sale of the leased
premises to the Building
Corporation on the reno-
vation of and improve-
ments at other school fa-
cilities owned and oper-
ated by the School Corpo-
ration.

The plans and esti-
mates for the cost of said
renovation as well as a
copy of the proposed
Lease, are available for in-
spection by the public on
all business days, during
business hours, at the Ad-
ministration Building of the
School Corporation, 605
West Smith Valley Road,
Greenwood, Indiana
46142.

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 18th day of
July, 2025.

/s/ Secretary, Board of
School Trustees Green-
wood Community School
Corporation
60151128 hspaxlp
(J) 07-18-2025