NOTICE OF DECISION TO ENTER INTO LEASE AGREEMENT
The taxpayers of the City of Shelbyville Redevelopment District, are hereby notified that on September 16, 2024, the City of Shelbyville Redevelopment Commission (the “Commission”), did adopt a resolution determining that the Commission will take all actions necessary to enter into a lease agreement (the “Lease”) with the City of Shelbyville Redevelopment Authority (the “Authority”), which in turn will allow the Authority to issue certain revenue bonds (the “Bonds”), payable from the lease rentals received from the Commission pursuant to the terms of the Lease. The Bonds may be issued in one or more series or issues, in an original aggregate principal amount not to exceed Twenty-Five Million Dollars ($25,000,000), for the purpose of procuring funds to pay for all or a portion of the costs of the Project, as defined and fully described in the respective resolution adopted by the Commission on September 16, 2024, together with related costs of issuance of the Bonds. The Authority adopted a resolution on September 16, 2024, approving the form of the Lease and authorizing the execution thereof. The Common Council of the City adopted Resolution No. 2024-25 on September 4, 2024, approving the Lease, the issuance of the Bonds and other matters related thereto.
The term of the Lease shall not extend beyond twenty (20) years, commencing from the date of issuance of the Bonds, with a maximum annual lease rental payment not to exceed Three Million Six Hundred Thousand Dollars ($3,600,000) payable in semiannual installments commencing no earlier than January 15, 2025 and thereafter on January 15 and July 15 of each year during the remaining term of the Lease (or on such other dates as may be agreed upon by the Authority and the Commission prior to the sale of the Bonds, based upon the advice of the financial advisor to the Authority and the Commission).
Dated this 20th day of September, 2024.
CITY OF SHELBYVILLE
REDEVELOPMENT COMMISSION
TO BE PUBLISHED TWO (2) TIMES IN THE SHELBYVILLE NEWS, ONCE ON FRIDAY, SEPTEMBER 20, 2024 AND AGAIN ON FRIDAY, SEPTEMBER 27, 2024, AND POSTED IN THREE (3) PUBLIC PLACES IN THE CITY NO LATER THAN FRIDAY, SEPTEMBER 20, 2024
