Why is the Library considering issuing bonds to complete the expansion and renovation project for Central Library?
Issuing the bonds is the only feasible option the Library Board has. The Interim Central Library facility is barely adequate to serve as the downtown branch or the Library’s hub. The longer we use this facility, the less able we are to serve the growing needs of the public. In addition, we face maintenance and other costs at the interim facility. Issuing bonds and quickly completing the project also is the most cost efficient. The Library Board looked into the costs of delaying the project until money can be recovered from the lawsuits over the design and construction mistakes that delayed the Project. Such a delay would add more than $20 million to the final cost, and delay its completion by at least five years. The Library has pledged that all funds recovered in the lawsuits against the guilty contractors will be used to pay off the additional bonds. The Library also will seek in the lawsuits to collect all additional expenses caused by having to go to the bond market including inter
Related Questions
- Can you take the $15.5 million planned for the Central Library Renovation and the $2.5 million discussed for the South Buffalo Library project and use that to offset the $19 million cut?
- With the state budget cuts, how can the library afford a renovation project?
- What is the Linderman Library Renovation Project?
