NOTICE OF PROPOSED LEASE
YOU ARE HEREBY NOTIFIED that on Thursday, December 29, 2016, the Board of Commissioners of Jackson County, Indiana, will hold a public hearing upon a proposed lease addendum/new lease (the “Lease”) to be entered into between the Jackson County Building Corporation (the “Corporation”) and Jackson County, Indiana (the “County”) as lessee, with respect to the financing, acquisition, construction and equipping of a new Judicial Center located in Brownstown, Indiana (the “Project”). Such public hearing will be held at 9:30 a.m. local time in the Courtroom in the Courthouse Annex, 220 East Walnut Street, Brownstown, Indiana.
The proposed Lease is for a maximum term of twenty-five (25) years commencing on the date the Corporation substantially completes the Project. The annual lease rental for the addendum will not exceed Nine Hundred Ninety-Five Thousand Dollars ($995,000) payable in semi-annual installments on January 15 and July 15 following the term of the Lease. The first rental installment shall be due the January 15 or July 15 following the date on which the Project is substantially completed and is available for use and occupancy by the County. After a sale of the bonds by the Corporation to finance the Project, the yearly rental, payable in semiannual installments shall be reduced to an amount sufficient to pay debt service on the bonds and any related trustees and paying agent’s fees. The County shall pay such lease rentals from the revenue of the tax levied by the County pursuant to Indiana Code §6-3.6, and may pay such lease rentals from the revenues of the County. In the event such tax and other revenues are insufficient to pay the lease rental amount then the County may pay such lease rentals from a property tax levied on all taxpayers in the County. The Lease provides an option to purchase the Premises on any date.
The drawings, plans, specification and related information, including the estimates of the cost of the Project, as well as a copy of the proposed Lease, are available for inspection by the public during normal business hours, at the office of the County Auditor, Courthouse, 111 South Main Street, Brownstown, Indiana. At such hearing, all interested persons shall have a right to be heard upon the necessity of the execution of the Lease and upon whether the lease rental payment is fair and reasonable for the Project. Such hearing may be adjourned to a later date or dates. Following the hearing, the County Commissioners may either authorize the execution of the Lease as originally agreed upon, rescind the proposed Lease or modify the Lease as may be agreeable to the Corporation.
Dated this 14th day of December, 2016.
County Auditor, Jackson County