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NOTICE OF PUBLIC HEARING OF THE LEBANON REDEVELOPMENT COMMISSION CONCERNING A PROPOSED LEASE BETWEEN THE LEBANON PUBLIC BUILDING CORPORATION, AS LESSOR, AND THE LEBANON REDEVELOPMENT COMMISSION, AS LESSEE Pursuant to Indiana Code 36-7-14-25.2, you are hereby notified that a public hearing will be held before the Lebanon Redevelopment Commission (the "Commission") on August 13, 2018 at 6:30 p.m. (local time), at the Lebanon Municipal Building, City Council Chambers, 401 S. Meridian Street, Lebanon, Indiana, upon a proposed lease between the Lebanon Public Building Corporation (the "Corporation"), as lessor, and the Commission, as lessee ("Lease"), of economic development facilities, including, without limitation, certain infrastructure improvements, together with all necessary appurtenances and related improvements and equipment ("Project"), to be constructed by Lebanon Gateway Properties, LLC, or an affiliate thereof, from proceeds of one or more series of bonds to be issued by the City pursuant to Indiana Code 36-7-11.9 and 12 ("Bonds"), and secured by and payable from the lease payments made by the Commission under the Lease, to support a mixed-use project located at the southeast corner of Interstate 65 and State Road 32 in the City of Lebanon, Indiana ("City), in or physically connected to the Gateway Marketplace Allocation Area ("Area"). The proceeds of the Bonds will also be used to finance all or a portion of the expenses incurred in connection with or on account of the issuance of the Bonds. The Commission's lease payments under the Lease will be payable from tax increment revenues generated in the Allocation Area, pursuant to Indiana Code 36-7-14-39 ("Tax Increment"), and to the extent such Tax Increment revenues are insufficient for such purposes, revenues derived from the City's share of Food and Beverage Tax collected pursuant to Indiana Code 6-9-35 and pledged to the Commission, and to the extent such pledged Food and Beverage Tax revenues are insufficient for such purposes, a special tax levied and collected on all taxable property within the Lebanon Redevelopment District, pursuant to Indiana Code 36-7-14-27. The terms of the Bonds will be as further described in the authorizing ordinance expected to be adopted by the Council. The proposed Lease will have a term no longer than twenty-five (25) years. The maximum annual rental under the lease to be paid by the Commission will not exceed Three Hundred Thousand Dollars ($300,000). The proposed Lease further provides for terms, including but not limited to, the use, maintenance, repair, operating costs, insurance and destruction of the premises. The estimates for the cost of the Project, as well as a copy of the form of Lease, is available for inspection by the public on business days, during business hours, at the office of the Clerk-Treasurer, 401 S. Meridian Street, Lebanon, Indiana. At such hearing, all persons appearing at the hearing are entitled to be heard as to whether the execution of the Lease is necessary. Following the public hearing, the Commission may adopt a resolution authorizing 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 City, is in the best interests of its residents and the lease rental payments are fair and reasonable. After the hearing, which may be adjourned from time to time, the Commission may modify, approve or rescind the proposed Lease. If a determination is made to enter into the Lease, either as originally agreed upon or as modified, notice of the execution of the Lease will be published pursuant to Indiana Code 36-7-14-25.2(i). Dated: August 3, 2018 LEBANON REDEVELOPMENT COMMISSION TLR-479 Aug. 3 hspaxlp
