Notice of Hearing on Proposed Lease

Notice of Hearing on Proposed Lease
Notice of Hearing on Proposed Lease You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") on November 18, 2019 at the hour of 6:30 p.m. CST at #2 Redskin Trail, Knox, Indiana, upon, a proposed Lease Agreement (the "Lease") to be entered into between Knox Middle School Building Corporation (the "Building Corporation"), as lessor, and Knox Community School Corporation (the School Corporation"), as lessee.


The proposed Lease upon which the hearing will be held is for a term of twenty-two (22) years, commencing, with respect to Tract I, the acquisition of title to the building to be renovated, and commencing, with respect to Tract II, the completion of the building addition to be constructed by the Building Corporation. The Lease provides for rental during renovation of Tract I in the amount of up to $1,737,500 per payment, payable on June 30 and December 31 beginning on June 30, 2021, until completion of construction and renovation. Thereafter, the Lease provides for a maximum annual rental of $3,475,000, payable on June 30 and December 31 of each year during the term of the Lease, commencing with the completion of construction and renovation or June 30, 2022, whichever is later......

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