03-19-1991 LIB MIN - Laserfiche WebLink

Home Browse Search

Library Board Presentation September 30, 1992 Page 4 then a lump sum cash contribution from this transaction may be available. Further, some part of the project may have to be put on a lease/purchase plan. A $30-$45,000 per year annual payment for 10 to 13 years could be financed through a combination of Landfill Surcharge money (the $.10 currently allocated), Liquor Store profits, and maybe some NSP contribution. (The NSP contribution does not become available until 1996 as the NSP funds from 1991 through 1995 have already been allocated for the development of the Community Ed/City recreation fields and the purchase of the City Hall site.) Also, if there continue to be no levy limits, the City has the option of levying to cover lease/purchase or bond payments. Another funding issue that needs to be reviewed is a possible public referendum, but I believe everyone would like to avoid this request to the citizens. Finally, donations from local businesses, corporations, or individuals is another source of funds. This source was used to help finance the original building in the early 1970's. A project may not be possible unless citizens, businesses, or corporations within the community support this endeavor. Using the $100,000 in reserves; and using $100,000 from the sale of the old City Hall site and Liquor Store contributions; and obtaining a $100,000 contribution from the Municipal Utilities could provide the City with $300,000 for this project. Two hundred thousand dollars of additional money .could be reasonably handled through a lease/purchase plan that could be financed through the annual Landfill Surcharge and annual Liquor Store monies. This total of one half million dollars would still leave us short of financing the project and leads us to the need of fundraising for the project. How much is needed to be raised would be determined by the total cost of the project and whether or not the above estimates can be achieved or if they can possibly be increased. In dealing with fundraising, everyone should understand that the City is not an experienced fundraiser, nor is fundraising within the capabilities of the Library Board. They do not have the expertise in fundraising, nor should they have the sole responsibility for going throughout the community to raise monies for this project. The Library Board can certainly be the City's Ambassadors for spreading the word of the need for this project and can make presentations, but the Library Board would be hard pressed to take the lead in this without some expert advice or some consulting services from professionals in the field. PROJECT TIMETABLE A tentative schedule is listed on Page 33, and this schedule can be adjusted based on Item #2 which calls for an identification of financing options. From the point of hiring an architect to the occupancy of an expanded library area, it is projected to take 20 to 22 months.