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Funding Committee Meeting: September 22, 2008 Revenue Bond Tax Increment Grants Library District Non- Voted GO Bond Voted GO Bond Sale of Existing Property Lease of Currrent Building Mill levy for Rental Costs Revenue Generating Events & Spaces New N/A Yes Yes Yes Not for 10 years Yes $3-$4 Million? $1 Million per year 5 mills = $700,000 per year No Retrofit N/A Yes Yes Yes Not for 10 years Yes $3-$4 Million? $1 Million per year 6 mills = $700,000 per year No Renovate Current N/A Yes Yes Yes Not for 10 years Yes N/A N/A N/A No Existing N/A Yes Yes Yes Not for 10 years Yes N/A N/A N/A No Lease N/A ? No Yes Not for 10 years No $3-$4 Million? $1 Million per year 9 mills = $700,000 per year No Joint ? Depends on Partner Yes Yes Yes Not for 10 years Yes $3-$4 Million? $1 Million per year 10 mills = $700,000 per year No Assignments for more information New: Some possible sites for building new library Retrofit: Lincoln Center? Battin Federal Building? DHL? Current: $13,380,000 in 2012 CIP Existing: Minimal Safety/Function upgrades Lease : Some possible sites for building new library Joint: Some possible sites for building new library Foundation The Foundation could buy or build a building that the Library would lease with a mill levy making rent. E.g: MSU-B Business School model Attendees: Dan Carter, Bill Cochran, Ann Miller, Shari Nault, Kim Olsen, Sandy Raymond, Pat Weber, Steve Zeier ---PAGE BREAK--- Funding Committee Meeting: September 22, 2008 Notes: 1. Retrofit refers to another building, and not the current library building. 2. Current refers to a comprehensive remodel of the existing library building. 3. Existing refers to making only the minimum required repairs to the current library building. 4. Joint means joint venture with other partners downtown or in Billings, Heights, such as the MSU-B partnership at the COT. 5. Tax Increment District refers to the area east from North 27th to Metra. 6. Grant refers to the PBL Foundation, other gifts, federal appropriations, etc. 7. Non-voted general obligation bond, per Pat Weber, is not an option for at least another 10 years. 8. Voted general obligation bonds do not include operational costs, and would not work for a lease arrangement. 9. Current and existing building options do not apply to the sale of existing property funding option. 10. Mill levy for rental costs would require an additional amount for operation and maintenance (O&M) expenses.