NOTICE OF HEARING ON PROPOSED LEASE
NORTH MIAMI COMMUNITY SCHOOLS
You are hereby notified that a public
hearing will be held before the President (the "Board") on August 17,
2021 at the hour of 7:00 p.m. (Local Time) at North Miami Community
Schools Superintendent’s Office, 394 E 900 N, Denver, Indiana, upon, a
proposed lease agreement (the "Lease") to be entered into between North
Miami School Building Corporation (the "Building Corporation"), as
lessor, and North Miami Community Schools (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
acquisition of title to the portion of the building to be renovated by
the Building Corporation. The Lease provides for rental
during renovation in the amount of up to $200,000 per payment payable on
June 30 and December 31 beginning on June 30, 2022 until completion of
construction. Thereafter, the Lease provides for a maximum
annual rental of $400,000, payable on June 30 and December 31 of each
year during the term of the Lease, commencing with the completion of the
building or June 30, 2023, whichever is later. As
additional rental, the School Corporation 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 of alterations
and repairs, and shall pay rebate amounts to the United States Treasury,
as necessary. After the sale by the Building Corporation
of its ad valorem property tax first mortgage bonds to pay for the cost
of the building, including the acquisition of the sites thereof and
other expenses 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
ending on January 15 plus $5,000, payable in equal semiannual
installments.
The Lease gives an option to the School Corporation to purchase the property on any rental payment date.
The building to be renovated will be a
portion of the North Miami Middle/High School building in the School
Corporation located at 570 East 900 North, Denver, Indiana.
The plans and specifications, including
the estimates for the cost of said renovation as well as a copy of the
proposed Lease, are available for inspection by the public on all
business days, during business hours, at the Administration Building of
the School Corporation, 394 East County Road 900 North, Denver, Indiana
46926.
At such hearing all persons 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 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 14th day of July, 2021.
/s/ Secretary, Board of School Trustees
North Miami Community Schools