[This post was written by Steve Klein. Klein is a former Mayor appointee to the Yelm Library Citizens Advisory Board and subsequently that Board’s chosen Chair.]
The Yelm City Council will authorize spending over one million dollars for the current second floor library plus another million dollars in interest to purchase from Prairie Park the faiclity to be the area’s library.
From tonight’s City Council Agenda, Yelm’s City Council WILL:
Adopt Ordinance No. 955, authorizing the issuance and sale of Limited Tax General Obligation bonds in the principal amount of $2,050,000, to purchase the Yelm Timberland Library portion of the building located at 210 Prairie Park St. AND to finance other property acquisition and capital improvements.
The City and Timberland Regional Library (TRL) entered into an agreement in 2001 whereby the City of Yelm paid a Facility Fee, based on a per capita formula, contributing to TRLs lease with Prairie Park Holdings, for the current library space located at 210 Prairie Park St. This agreement expired December 31, 2011.
In 2011, the City Council approved the Citys intent to purchase the current library facility located at 210 Prairie Park St. In February, 2012, the City Council and Timberland Regional Library approved the Intergovernmental Agreement for Building Operations and Maintenance Service whereby TRL would contribute $37,000 per year to provide a level of maintenance for the building.
The City has been working with Martin Nelson & Co. to put together the limited tax general obligation bond financing ($2,050,000) for the purchase of the library facility, and other property acquisition and related capital improvements. On February 6th, Standard & Poors issued a rating of A for the upcoming bond issue providing for increased marketability of the bonds.
Ordinance No. 955 provides for the issuance and sale of Limited Tax General Obligation Bond in the amount of $2,050,000. This is a 20-year bond issue with annual payments coming from the Citys general fund tax revenues. The final step is to finalize negotiations with Prairie Park.
While a storing supporter of a library here, I have always had an issue that PURCHASING this facility is unwise, as the space is too large and the cost too high to be placed on the backs of the citizens of Yelm in such a challenging economic environment.
The amount of energy the city put into buying this facility without sharing with the public any other options the city says they viewed, should speak volumes to the public!
UPDATE: February 29, 2012
“Yelm sells more than $2M in bonds to purchase library building”
“The Yelm City Council on Tuesday approved the sale of bonds to purchase the Yelm Timberland Library building.
The sale of $2,275,000 in bonds will go to acquire the library portion of the building at 210 Prairie Park Street and to purchase other property and capital improvements.
The agreement between the city and the buildings owner still needs to be finalized.
The city should receive the money from the bond sale on March 13, according to city staff.”
Read more from KOMO-TV 4 News in Seattle.