2018.04.09 Council Agenda Item 03
Summary
Report from the Town Manager on the Library's sucessful fundraising efforts and an order to amend the previously approved memorandum of understanding (MOU) between the Town and the Library, dated September, 2016 and amended December, 2017, changing the required date for the Library to report to the Town Manger on its fundraising efforts.
A public comment period will be included with this item (3 minutes).
ACTION: Council action is anticipated.
Description
The Town Manager, Finance Director, and Town Attorney have reviewed all the documentation provided by the Falmouth Memorial Library's Board of Trustees regarding its fundraising commitment as outlined in the MOU, adopted 9/16 and amended 12/17, and found that the library has conceptually met its obligations. There is one technical amendment that is needed to the MOU. As currently written, the MOU requires that a bridge loan be closed prior to the fundraising deadline of Dec 31, 2017. The Town Manager has determined that this is an unreasonable expectation and that the closing of a bridge loan should occur closer to the start of construction.
The proposed amendment language is attached, along with a memo from staff that outlines how the library has met its fundraising goal and supporting documentation provided by the Library Board.
