NOTICE OF EXECUTION AND APPROVAL OF LEASE BETWEEN THE CITY OF SHELBYVILLE REDEVELOPMENT COMMISSION AND THE CITY OF SHELBYVILLE REDEVELOPMENT AUTHORITY
The City of Shelbyville Redevelopment Commission (the “Redevelopment Commission”) has executed a Lease Agreement (the “Lease”) with the City of Shelbyville Redevelopment Authority, as lessor (the “Authority”), dated as of September 16, 2024, providing for the Lease by the Redevelopment Commission, as lessee, from the Authority of certain roads and streets in the City of Shelbyville, Indiana (the “City”), as more particularly described and identified in the Lease (the “Project”), which in turn will allow the Authority to issue one or more series of revenue bonds in an aggregate principal amount not to exceed $25,000,000 (the “Bonds”), payable from the lease rentals received from the Redevelopment Commission pursuant to the terms of the Lease.
After a public hearing on the proposed Lease held by the Redevelopment Commission on September 16, 2024, at which all interested parties were provided the opportunity to be heard, the Redevelopment Commission adopted a resolution which, among other things, authorized and directed the officers of the Redevelopment Commission to execute and deliver the Lease in substantially the form presented at the meeting and found that the rental payments to be paid by the Redevelopment Commission are fair and reasonable and that the use of the Project throughout the term of the Lease will serve the public purpose of the Redevelopment Commission and is in the best interests of the residents of the City. 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.
Rental under the proposed Lease shall be payable at a rate not to exceed Three Million Six Hundred Thousand Dollars ($3,600,000) per year in semiannual installments. The term of the Lease shall not extend beyond twenty (20) years, commencing from the date of issuance of the Bonds. The proposed Lease further provides for terms concerning the use, maintenance, repair, indemnification and insurance, destruction of the premises, defaults, remedies, option to purchase and miscellaneous other matters.
The Lease is open to public inspection at the office of the Clerk-Treasurer of the City, at City Hall, located at 44 West Washington Street, Shelbyville, Indiana, 47176.
Dated this 20th day of September, 2024.
CITY OF SHELBYVILLE REDEVELOPMENT COMMISSION
[TO BE PUBLISHED ONE (1) TIME, ON OR BEFORE FRIDAY, SEPTEMBER 20, 2024, IN THE SHELBYVILLE NEWS.]
