NOTICE OF EXECUTION OF, AND DETERMINATION TO ENTER INTO, LEASE
NOTICE OF EXECUTION OF, AND DETERMINATION TO ENTER INTO, LEASE BETWEEN THE CITY OF BOONVILLE REDEVELOPMENT AUTHORITY
AND THE CITY OF BOONVILLE REDEVELOPMENT COMMISSION
The City of Boonville Redevelopment Commission (the “Commission”), the governing body of the Department of Redevelopment and the Redevelopment District of the City of Boonville, Indiana (the “City”), has executed, and determined to enter into, a Lease Agreement (the “Lease”) with the City of Boonville Redevelopment Authority (the “Authority”), to provide for the lease by the Commission, as Lessee, from the Authority, as Lessor, of certain real estate including certain roads located in the City, all in connection with the accomplishment of the Economic Development Plan for the City of Boonville Economic Development Area #1 (the “Area”). The Lease will enable the Authority to finance a portion of the costs of the planning, designing and construction of various local public improvements including utilities, streets, park improvements, sidewalks, public safety equipment, security improvements, municipal buildings, lighting, and other related improvements as described in the Lease (collectively, the “Project”), which Project is in or serving the Area. The Lease provides for payment by the Commission of lease rentals from a special benefits tax levied under Indiana Code 36-7-14-27. After a public hearing held on the proposed Lease by the Commission on October 24, 2022, at which all interested parties were provided the opportunity to be heard, the Commission adopted a resolution, which among other things, authorized and directed the President and Secretary of the Commission to execute and deliver the Lease in substantially the form presented to the meeting and further found that the rental payments to be made by the Commission are fair and reasonable and that the use of the leased premises under the Lease throughout the term thereof will serve the public purposes of the City and is in the best interests of the residents of the City. The Common Council of the City adopted a resolution approving the Lease on October 4, 2022. The annual lease rentals due under the Lease will exceed $5,000.
This Notice is being provided to affected taxpayers pursuant to Indiana Code 36‑7‑14-25.2 and 6-1.1-20-5. The Lease is open to public inspection at the City Hall, located at 135 South Second Street, Boonville, Indiana.
Dated: October 24, 2022.
CITY OF BOONVILLE REDEVELOPMENT COMMISSION