Notice to Taxpayers

Notice to Taxpayers NOTICE OF HEARING ON PROPOSED LEASE PENN-HARRIS-MADISON SCHOOL CORPORATION You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Penn-Harris-Madison School Corporation (the "School Corporation") on June 22, 2026 at the hour of 6:00 p.m. (Local Time) at the School Corporation's Educational Services Center, 55900 Bittersweet Road, Mishawaka, Indiana, upon a proposed Lease Agreement (the "Lease") to be entered into between Penn High School Bldg. Corp. (the "Building Corporation"), as lessor, and the School Corporation, as lessee. The meeting will also be available to stream live from http://youtube.com/c/PennHarrisMadison/live. The proposed Lease upon which the hearing will be held is for a term of twenty-two (22) years, commencing with the acquisition of title to the building to be renovated by the Building Corporation. The Lease provides for rental during renovation in the amount of up to $4,000,000 per payment payable on June 30 and December 31 beginning on June 30, 2027, until completion of renovation upon the leased premises. Thereafter, the Lease provides for a maximum annual rental of $8,000,000, payable on June 30 and December 31 of each year during the term of the Lease, commencing with the completion of the building or June 30, 2029, whichever is later. As additional rental, the School Corporation shall maintain insurance on the building as required in the Lease, shall pay all taxes and assessments against such property, as well as the cost of alterations and repairs, and shall pay rebate amounts to the United States Treasury, as necessary. After the sale by the Building Corporation of its ad valorem property tax first mortgage bonds to pay for the cost of the renovations, including the acquisition of real estate and other expenses incidental thereto, the annual rental shall be reduced to an amount equal to the multiple of $1,000 next higher than the sum of principal and interest due on such bonds in each twelve-month period ending on January 15 plus $5,000, payable in equal semiannual installments. The Lease gives an option to the lessee to purchase the property on any rental payment date. The leased premises which will be subject to the Lease is the Bittersweet Elementary School building, located at 55860 Bittersweet Road, Mishawaka, Indiana (the "Leased Premises"), within the boundaries of the School Corporation. The plans and estimates for the cost of the renovations and improvements, 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 Administration Offices of the School Corporation, 55900 Bittersweet Road, Mishawaka, Indiana. At such hearing, all persons interested shall have a right to be heard upon the necessity for the execution of the Lease, and upon whether the Lease rental provided for therein to be paid to the Building Corporation is a fair and reasonable rental for the proposed building. Such hearing may be adjourned to a later date or dates, and following such hearing the Board may either authorize the execution of the Lease as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation. Dated: May 14, 2026. Dana Sullivan, Secretary Penn-Harris-Madison School Corporation May 14 2026 LSBN0516094