September 2009 Building Update: Certificates of Participation
The big news for the District is that we successfully sold nearly $14 million in Certificates of Participation (COPs) to finance our upcoming construction projects. COPs are a bond-like financing option that allows governmental entities to finance projects by using the property they are constructing as collateral for the loan. The funds for repayment are annually appropriated by the Board of Trustees, so the District does not carry multi-year debt. The COPs are tax free for investors, have set maturity dates and yields, and will be repaid through the District’s one mill of property tax. Annual debt service on the COPs is just over $1 million.
COP funds must be spent within three years of the initial sale, so the 2009 issue of COPs will pay for the new library at Rifle and a remodel of the New Castle Branch Library slated for 2011. The remodel and addition to the Parachute Branch Library is being financed out of the District’s existing reserves, and future projects in Silt (currently slated for 2011), Glenwood Springs and Carbondale may be financed from either an additional issue of COPs or District reserves.
Steady progress has been made on both of the District’s current library projects. The new Rifle Branch Library has moved to a temporary facility at 139 West Third Street. A ground breaking ceremony for the new facility is being planned for late October, and construction should be underway in November. The planned opening for the new 26,000 square foot library is scheduled for October 2010. In conjunction with the City of Rifle, the project recently received a Department of Local Affairs grant for $1.7 million to provide a partial second deck to the parking lot and a new civic plaza in front of the existing Rifle City Hall.
The 3,500 square foot expansion and remodel of the Parachute Branch Library is slated to begin in January 2010 and the new building will open in late summer. The District is currently searching for a temporary site to house the branch between February and July. The parking lot was completed in September and a new book drop driveway is being planned for the north side of the building. Both buildings are designed by architect Bruce Flynn of Barker Rinker Seacat and the construction firm of Adolfson and Peterson is the general contractor on both of the new buildings.
The District is investigating several new technologies for both the Rifle and Parachute libraries including self-check-out, RFID (radio-frequency identification) tagging for inventory, circulation and security, and self-service for reservations on computers and print systems. I encourage your input on our projects. Feel free to call me 970-625-4270 or email me at firstname.lastname@example.org with any questions or concerns you have about creating a wonderful library for your community.
-Amelia Shelley, Executive Director