You are hereby notified that the Board of Commissioners of Wells County, Indiana (the “Board”) will, at its meeting to be held on Monday, October 4, 2021, at 9:00 a.m., local time, in the Commissioners’ Room of the Wells County Carnegie Annex Building, located at 223 W. Washington Street, Bluffton, Indiana, hold a public hearing on a proposed lease to be entered into between the Wells County, Indiana Building Corporation (the “Corporation”), as lessor, and Wells County, Indiana (the “County”), as lessee (the “Lease”) with respect to the financing of all or any portion of the acquisition of land, construction, installation, and equipping of a new county highway garage facility and other improvements, facilities and projects related thereto (the “Project”). The leased premises (the “Premises”) under the proposed lease consists of the real estate upon with the Project will be constructed, located at the southwest corner of County Road 200 South and Adams Street in Harrison Township, Wells County, Indiana, together with the improvements, equipment and appurtenances to be constructed or installed thereon as part of the Project.
The proposed lease is for a term of up to twenty (20) years commencing on the date of issuance of bonds of the Corporation to finance the Project (the “Bonds”). The annual lease rental will not exceed One Million Fifty-Three Thousand Dollars ($1,053,000) payable in semiannual installments on January 15 and July 15 of each year during the term of the Lease. Each rental installment shall be based on the value of the portion of the Premises which will be complete and ready for use and occupancy by the County at the time such semi-annual installment is made. As additional rental, the County shall maintain insurance on the Premises as required in the Lease and shall pay all taxes and assessments against such property, as well as the cost of alterations and repairs. After a sale of the Bonds, the yearly rental, payable in semiannual installments on each January 15 and July 15 shall be reduced to the multiple of $1,000 next higher than the principal and interest due on the Bonds in each twelve month period commencing on July 15, plus $5,000, payable in such semiannual installments. The lease rentals owed by the County under the Lease are payable solely from the revenues of an ad valorem tax levied by the County on all taxable property in the County pursuant to Indiana Code § 36-1-10-17 (the “Property Tax Revenues”). The County may pay the lease rentals from any other revenues legally available to the County; provided, however, the County shall be under no obligation to pay any lease rentals from any moneys or properties of the County, except the Property Tax Revenues received by the County.
The lease gives an option to the County to purchase the Premises. The Project will be used for the purposes of providing a new county highway garage and related facilities to maintain the County’s road and street system.
The drawings, plans, specifications, and related information, including the estimates for the cost of providing 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 Auditor of the County, located at 102 W. Market Street, Suite 205, Bluffton, Indiana 46714.
At such hearing, all persons interested shall have a right to be heard upon the necessity for the execution of the Lease, and upon whether the lease rental provided for therein to be paid by the County to the Corporation is a fair and reasonable rental for the Premises. Such hearing may be adjourned to a later date or dates. Following such hearing, the Board may authorize the execution of the Lease as originally agreed upon, rescind the proposed Lease, or make modifications therein as may be agreed upon with the Corporation, but in no event may the rental exceed the amounts set forth in this notice. The Board may approve the execution of the Lease if it finds that the service to be provided throughout the term of the Lease will serve the public purpose of the County and is in the best interests of its residents.
BOARD OF COMMISSIONERS
OF THE COUNTY OF WELLS
oj, nb 9/16