NOTICE OF DECISION OF THE CITY OF SHELBYVILLE TO ENTER INTO A LEASE WITH THE SHELBYVILLE FIRE STATION BUILDING CORPORATION
The taxpayers of the City of Shelbyville, Indiana (the “City”), are hereby notified that on September 16, 2024, the Common Council of the City adopted a resolution deciding that the City will enter into a lease with the Shelbyville Fire Station Building Corporation (the “Building Corporation”), which in turn will allow the Building Corporation to issue lease rental bonds (the “Bonds”), payable from the lease rentals received from the City pursuant to the terms of the Lease. The proceeds of the Bonds will be used to finance the acquisition, construction, and/or equipping of all or any portion of a new park amphitheater, to be located in Blue River Park, and any related improvements, buildings, and parking facilities.
The Lease will have a term ending on a date not later than twenty (20) years from the date of issuance of the Bonds. The annual lease rental payable under the Lease shall not exceed $1,000,000 per year payable in semiannual installments. The City shall pay such lease rentals solely from the revenues derived from the economic development component of the expenditure rate of the income tax imposed on the adjusted gross income collected by the City pursuant to Indiana Code 6-3.6 (the “Economic Development Income Tax Revenues”), and to the extent that the Economic Development Income Tax Revenues are insufficient to pay such amounts, from the revenues of an ad valorem tax levied by the City on all taxable property in the City pursuant to Indiana Code § 36-1-10-17.
Dated: September 20, 2024.
CITY OF SHELBYVILLE, INDIANA
[TO BE PUBLISHED (INCLUDING POSTING ON NEWSPAPER WEBSITE) TWICE, ONCE ON SATURDAY, SEPTEMBER 20, 2024, AND AGAIN ON SATURDAY, SEPTEMBER 27, IN THE SHELBYVILLE NEWS AND POSTED BY SATURDAY, SEPTEMBER 20, 2024, IN THREE (3) PUBLIC PLACES IN THE CITY]
