NOTICE OF HEARING ON PROPOSED LEASE

NOTICE OF HEARING ON PROPOSED LEASE Notice is hereby given that a public hearing will be held on July 6, 2026 pursuant to IC 36-1-10-13 before the Common Council of the City of Muncie, Indiana (the "Council" and "City", respectively) at 7:00 p.m. (local time) upon a proposed lease (the "Lease") between the City and the Muncie Municipal Facilities Building Corporation, a nonprofit corporation ("Corporation"), under IC 36-1-10, to provide for the financing of the acquisition, construction and equipping by the Corporation of a new fire station to replace the existing fire station #5, and all necessary and related improvements and equipment in connection therewith and including interim facilities in connection therewith (collectively, the "Project"). The hearing will take place at the Muncie City Hall Auditorium, 300 North High Street, Muncie, Indiana. The Lease provides for a term of not to exceed twenty-two (22) years, and provides for an annual rental not to exceed $985,000 per year during the term. Lease rentals under the Lease will be payable by the City from the revenues distributed to the City from Delaware County, Indiana (the "County") of the economic development shares component of the additional revenue derived from the expenditure rate of the income tax imposed on the adjusted gross income of taxpayers in County pursuant to Indiana Code 6-3.6 (the "LIT Revenues") and, in the event the LIT Revenues are not sufficient, an ad valorem property tax on all taxable property, both real and personal, within the City. The first rental payment during the term will be due on the later of (i) the first June 15 or December 15 following the issuance of the bonds to provide for the financing of the Project (the "Bonds") or (ii) the date on which a portion of the Premises (as defined in the Lease) is available for use and occupancy by the City. Rental during the term of the Lease will be payable in advance in semiannual installments each year. After the sale by the Corporation of its Bonds to pay for the costs of the Project, the annual rentals due under the Lease shall be reduced to an amount equal to the multiple of $1,000 next higher than the sum of the principal and interest due on such Bonds in each twelve-month period, plus $5,000, payable in equal semiannual installments. The Lease provides an option to the lessee to purchase the Premises on any date. The Project will be located within the City. As additional rental, the City shall pay all taxes and assessments levied against or on account of the Premises and/or the receipt of lease rental payments. The plans and specifications, including statements of the cost of the Project, as well as a copy of the proposed Lease, are available for inspection by the public on all business days during business hours, at the office of the Clerk of the City, located at the Muncie City Hall, 300 North High Street, Muncie, Indiana. At the hearing, all persons interested shall have a right to be heard on the necessity for the execution of such Lease, and upon whether the lease rental provided for therein to be paid to the Corporation is a fair and reasonable rental for the proposed Project. Such hearing may be adjourned to a later date or dates, and following such hearing, the Council may either authorize the execution of such Lease as originally agreed upon or may make modifications thereto as may be agreed upon with the Corporation. Dated this 11th day of June, 2026. CITY OF MUNCIE, INDIANA /s/ Belinda Munson Clerk, City of Muncie, Indiana June 15 2026 LSBN0538072