The financial package for a new Grove City library has been finalized, and the project is ready to move forward.
The Southwest Public Libraries Board of Trustees voted 6-0 May 14 to approve the final financial plan with the city for a new 48,000-square-foot library building in Grove City's Town Center. Trustee Richard Curtiss was absent from the meeting.
"This is the real deal," said Library Director Mark Shaw. "We are more than ready to go."
Grove City Council unanimously approved the deal May 6.
Under the terms of the agreement, the library will contribute $2 million toward the construction of the new library, to be located at the intersection of of Broadway and Grant Avenue. When the library is relocated, its current site at 3359 Park St., which has an appraised value of $2.5 million, will be deeded to the city.
The city will finance the new library's construction with 30-year bonds at an estimated interest rate of 3.75 percent. The city and the library will split the cost of the debt service, each paying $265,087.50 annually, or $22,091 per month.
The city already has authorized the acquisition of the land for the new library: 3951 and 3959-3963 Broadway for $1 million and 3418 and 3422 Grant Ave. for $292,000. The library will lease the land from the city during the term of the bond and then receive the deed when it is paid off.
Library trustees said they were grateful to have the support of the city for the project. Trustee Kay Byard said it was "wonderful" to have all City Council members on board.
"A lot of things could have made it not happen," said Trustee Jill Billman-Royer. "The fact they were willing to look at it, talk about it and make a deal says a lot."
In related news May 14, the library board also authorized plans to advertise for an architectural design firm for the Grove City Library project. Shaw said officials are looking for a firm with experience in library design.
"Libraries are a different animal, especially with technology," he said.
The board of trustees' planning committee will review the bids the library receives and make a recommendation, with the board having final say on what firm gets the design contract.