Taxpayers of the Hancock County Redevelopment District ("District"), the boundaries of which are coterminous with the boundaries of Hancock County, Indiana ("County"), are hereby notified that the Hancock County Redevelopment Commission ("Commission") did on November 14, 2024, adopt a resolution preliminarily determining to enter into a lease ("Lease") for the purpose of providing funds for the cost of the construction of the Amplify Hancock County project to serve all County residents and employers, together with all necessary appurtenances, related improvements and equipment, including land acquisition, related surveys and construction, and issuance expenses, including funding capitalized interest and a debt service reserve, if necessary (collectively, "Project"), in, serving or benefiting the Mt. Comfort Corridor Economic Development Area. The Lease will be for a maximum term of twenty (20) years beginning, with regard to Tract I (as defined in the Lease), on the date the Hancock County Redevelopment Authority, as lessor, acquires an interest in Tract I and, beginning, with regard to Tract II (as defined in the Lease), on the date on which the Leased Premises (as defined in the Lease) is ready for use and occupancy. The proceeds of the bonds to be issued to finance the Project will be used to finance the costs of the Project and other expenses incidental thereto and costs of issuing the bonds.
The Lease provides for rentals with regard to Tract I at the maximum annual rate of $5,000,000, payable semiannually on February 1 and August 1, commencing August 1, 2025, through and including February 1, 2027 ("Interim Period"). At the end of the Interim Period, the Lease provides for rentals at the maximum rate of $7,500,000 semiannually on February 1 and August 1, commencing on the day that the Project constructed and equipped on Tract II is completed and ready for use and occupancy or February 1, 2027, whichever is later. The lease rentals shall be payable from Tax Increment, on a parity with the Outstanding Obligations (each as defined in the Lease), and, to the extent the Tax Increment is not sufficient, from a special benefits tax levied and collected in the District.
Dated: November 23 and November 30, 2024.
HANCOCK COUNTY REDEVELOPMENT COMMISSION
