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Archive for the ‘funding’ Category

Petersburg’s City Council Tuesday voted to take a step forward on a new library building and approved a $218,228 design contract for the new library even though voters will still have to decide on a major piece of the funding for that new building this fall.

The  contract with MRV Architects (Juneau) would be paid for with funds from the $3.3M appropriation from the State of Alaska that has already been awarded for the new library.  According to MRV Architects work beginning on Construction Documents in July could have a bid date of February which is better for competitive bidding.  It would be one of the first projects of the season out for bid and allow the contractor more time to mobilize prior to the spring construction period.

Click here to listen to the KFSK news story about Tuesday’s meeting.

 

 

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Last week Governor Sean Parnell awarded  $263,000 in additional state grant money for the new library in the State of Alaska’s capital budget.

Click here to listen to KFSK Public Radio’s story on the State of Alaska’s capital budget.

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There are currently $1M in outstanding grant applications, both require the passage of the proposed library bond in Oct 2011. This would leave $3.3M in cash to build the new library, this enough for an approximately 4,500 s/f  library. The current library uses about 5,000 s/f  of the second floor of the municipal building on a regular basis. So, with $3.3M, the City could  afford to build  a freestanding space that would be smaller than what is now available. For this reason, it is not considered a viable option.

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Petersburg voters will have a chance to vote on construction of a new library this fall. Petersburg’s city council Monday night agreed to put a bond issue for up to $1.5 million on the October ballot. Supporters of the project say the local bond issue is one of the last pieces of funding needed to construct the 6.7-million-dollar building. Click here to listen to the KFSK news story. 

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 $3.3M in secured funding from the State of Alaska will expire in June 2014. With each year that we wait to build, the cost of construction is increasing. There are currently $1M in outstanding grant applications, both require the passage of the proposed library bond in Oct 2011.

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According to Jody Tow, City Finance Director the City can bond for up to 10% of taxable assessed value. Based on last year’s taxable value this means the City can bond for up to $25M. The City currently has outstanding bond indebtedness of $15.5M, leaving approximately $9.5 million remaining. The Library Board is considering a $1-1.5M bond, so the proposed bond is within the City’s bonding capacity.

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Tune in to the City Council meeting at 7pm on KFSK tonight to hear the Library Board’s report to the Petersburg City Council on the progress of the new library.

Click here to view the report.

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