Citing very strong general fund reserves even after accounting for a planned building addition and renovation, the Broadview Public Library District has been affirmed an “A+” rating by Standard & Poor’s (S&P). This is the highest rating in S&P’s “A” category. What this will mean for taxpayers is a savings in the form of a reduction on their tax bill from the originally projected amount of $5.00 per month.
In November 2012, voters in the Broadview Public Library District overwhelmingly approved a referendum to expand and renovate the existing library building. Melissa Gardner the Library’s Executive Director said “In the current facility we are limited and many of the facility systems are failing. It is difficult for us to add things like computers. The building addition and renovation will allow us to expand our programs and services.” The rating by S&P is one of many steps in the Library District’s efforts to bring a modern library facility to the residents of Broadview.
The Library District will be using $2.5 million from reserves and issued bonds in the amount of $4.1 million to finance the project. Grant funds have been sought and will continue to be pursued. Steve Larson, Financial Advisor with Ehlers, the District’s public financial advisor, stated “Interest rates have been at historic-record lows. The Broadview Public Library is benefitting from current trends in the market and from achieving an A+ rating from S&P.”
The proposed Library facility will offer 21,300 sq. ft. of space. It will include new technology, such as smart boards, self-checkout, an updated computer lab, and a media creation lab. It will also have a dedicated teen space, additional study areas, and meeting rooms. Construction is expected to begin later this year.
Katrina Arnold, Chair of the Library Facilities Committee, says “The goal of the Board is for residents of Broadview to walk out their back door to their own state-of-the-art Library and not have to travel to other communities for library service.”