06-01-1993 LIB MIN - Laserfiche WebLink

Home Browse Search

Special City Council/CIP Work Session June 1, 1993 Page 2 and indicated that it could be possible to finance the project over twenty years with available designated revenues. This financing plan is based on the assumptions of a $500,000 project with $160,000 cash being available as of January, 1994. Additionally, it was assumed that $127,000 would be available from TIF Plane No. 1 and No. 3 to help finance this project. The balance could be financed over twenty years based on available funding from the designated landfill reserve and through using about $7-$10,000 from the annual library budget that is approved by the City Council. The key issue in this proposal is the use of TIF monies. Lori indicated there were several possible financing options available depending upon the Council's commitment of TIF Funds. Discussion took place regarding use of TIF funds, the amount of money available on an annual basis to finance a bond or a lease/purchase plan, and the commitment from the Great River Regional Library System for materials and staff if the expansion project takes place. It was noted that a $500,000 project is very tight based on the initial library proposal and that it may be appropriate to look at a project more in the $550,000 range. This would require an additional commitment of TIF funds. It was noted that if a 4,400 square foot addition could not be completed within this budget framework, the project expansion may have to be scaled down. Additional funding beyond $550,000 would be difficult to obtain. It was the general agreement of the City Council that a project of $550,000 for a library expansion would be acceptable. Also, it is anticipated that this project would not happen until 1994 based on the amount of preliminary work that would be needed before ground could be broken. cvuNCiLMEMBER HOLMGREN MOVED TO AUTHORIZE STAFF TO PROCEED WITH THE PREPARATION OF A. TIF AMENDMENT ALLOWING THE USE OF TIF DISTRICT NO. 1 AND NO. 3 FUNDS AS PART OF THE CITY PARTICIPATION IN THE FINANCING OF THE $550,000 LIBRARY EXPANSION PROJECT. COUNCZLMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 5-0. City staff was directed to move forward with a TIF District No. 1 and No. 3 amendment to allow the use of these funds for this project. COUNCILMEMBER HOLMGREN MOVED TO AUTHORIZE THE CONSTRUCTION OF A LIBRARY EXPANSION PROJECT IN AN AMOUNT NOT TO EXCEED $550,000. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 5-0. The Council indicated that the Library Board should develop an action plan which would outline the steps necessary before bidding out the project. The first step is assumed to be the selection of an architect for the project.