2018.08.27 Council Agenda Item 06
Summary
The Council will consider the following orders pertaining to the proposed renovation and expansion of the Falmouth Memorial Library:
- An Order to authorize the Town Manager to execute a Memorandum of Understanding with the Falmouth Memorial Library Association;
- An Order authorizing up to $500,000 of the Town’s Bonds to finance one-half the additional costs to renovate and expand the Falmouth Memorial Library, to be matched by funds to be provided by the Falmouth Memorial Library Association (the "Bond Order");
- A vote to recommend passage of the question at the election; and
- An Order Submitting the Falmouth Memorial Library Order to Referendum.
A public comment period will be included with this item (3 minutes per person).
ACTION: Council action is anticipated.
Description
Representatives from the Falmouth Memorial Library have presented an update to the Town Council on the renovation and expansion of the Library. The Library Board received construction estimates for the project in May that were $2 million over the original budget. Board members have since made $1 million worth of reductions to the plans for the project, and have asked the Town to go to bond to help close the remaining $1 million gap. Their proposal is for the Town to borrow $500,000 and the library would cover the remaining $500,000.
Attached is the draft bond order, referendum language and an amended memorandum of understanding. Materials from the Council's previous meeting including information about the proposed borrowing are also attached.
UPDATE 08/27/2018: The Library has submitted an updated presentation, which is now attached to this item.
