©2011 Galesburg Broadcasting Co.
|Library Board Weighs Options for Funding New Library Construction
|Bond Issuance, tax credit opportunities, and creative financing are all options the Galesburg Library Board of Trustees will have to consider when deciding how to pay for a new library.
City Manager Dane Bragg met Thursday night with the board to talk about their options as far as the payment of the project of building a new library. Bragg first stated that all of the options he presented were conceptual since the final project and costs have not been decided upon.
Bragg says if the board decides to go the bond route, some of the options could be affected by who issues the bonds, be it the Galesburg Public Library itself or if they decide for the City of Galesburg to issue a bond on behalf of the library. Bragg told the board that the City of Galesburg could even include the library in a bond which could make payments of the overall project lower.
"We may be able to spread the cost of bond counsel and syndication, etc., across several different projects, which could bring those down a little bit," Bragg said. "Typically, the larger the bond issue, the smaller your fees become as a percentage of the bond issue. That's why we tend to aggregate projects together into bonds to do that."
If the library decides it will be the issuer of the bond, it will be subject to a referendum and there wont be an ability to spread that issuance among many projects.
Bragg also says different types of bonds that could be issued will also affect the overall cost of the project.
The library board also discussed sites for the proposed new library at the old Econofoods building on Main Street and the OT Johnson site.
(Galesburg Public Library. WGIL News File Photo.)
|07 17 09 by Newsroom
Click here for the WGIL News Archive
Click here for national news
The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.