2018.10.10 Council Agenda Item 03
Summary
Public hearing on referendum question #1: Shall the Order entitled “Order authorizing up to $500,000 of the Town’s Bonds to finance one-half of the additional cost to renovate and expand the Falmouth Memorial Library, to be matched by funds to be provided by the Falmouth Memorial Library Association through a capital campaign and other fundraising efforts” be adopted?
A public comment period will be included (5 minutes per person).
ACTION: Council action is not anticipated.
Description
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.
For more information on the project, the materials from the Council's August 27, 2018 meeting can be found by following this link: click here.
A copy of the warrant is attached.
