The Monroe County Public Library board has taken several steps toward building a new branch in the southwest area of Monroe County, though a specific location hasn't yet been announced.
At its Sept. 18 meeting, the MCPL board unanimously approved issuing a 20-year bond for up to $5 million for the project, which is estimated to cost about $10 million. The total financing would include cash from reserves as well as operating receipts. The library plans to fund this project without a tax increase.
On Sept. 18, trustees also approved hiring Bose McKinney & Evans LLP of Indianapolis to serve as bond counsel and Baker Tilly Virchow Krause LLP, headquartered in Chicago, to serve as municipal a advisor for the library.
Gary Lettelleir, MCPL finance manager, told trustees this was the "first step for issuing a bond to pay for the new southwest branch construction."
Click here to view the supporting documents, including a project timeline, provided in the board packet. Marilyn Wood, MCPL director, told trustees that the timeline is "more aggressive than we anticipate."
The board has previously approved hiring Matheu Architects for this project. That firm also designed the Ellettsville branch.
Click here to watch the bond presentation at the MCPL board's Sept. 18, 2019 meeting.
On Wednesday, Sept. 25, the MCPL board will hold a public hearing on its 2020 budget. The meeting starts at 5:30 p.m. at the downtown library, 303 W. Kirkwood Ave., Room 1B.
Director of Advocacy & Public Policy