NOTICE OF EXECUTION OF LEASE BETWEEN WELLS COUNTY, INDIANA BUILDING CORPORATION AND WELLS COUNTY, INDIANA
Notice is hereby given that Wells County, Indiana (the “County”), acting by and through its Board of Commissioners (the “Board”), has executed a Lease, dated as of May 2, 2022, between the Wells County, Indiana Building Corporation (the “Corporation”), as lessor, and the County, as lessee (the “Lease”).
The leased premises under the Lease (the “Premises”) consists of certain real property in the County generally located southwest of the intersection of CR 200S and Adams Street in Harrison Township, Wells County, Indiana, comprising approximately 20 acres, together with a new county highway garage facility and related improvements to be constructed thereon and the equipping thereof (collectively, 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 shall 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, commencing no earlier than January 15, 2023. Each rental installment will be based on the value of the portion of the Premises which is 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 the sale of the Bonds, the yearly rental, payable in semiannual installments on each January 15 and July 15 will 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 rental payments owed by the County under the Lease will be payable solely from the revenues derived from an ad valorem tax levied by the County on all taxable property In the County pursuant to the Indiana Code 36-1-10-17, as amended. The County may, but is not required, to pay such lease rentals from other revenues legally available to the County.
The Lease gives an option to the County to purchase the Premises. The Project will be used by the County for purposes related to the servicing and maintaining of roads, streets and highways throughout the County.
BOARD OF
COMMISSIONERS OF
WELLS COUNTY, INDIANA
nb 5/19
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