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Joliet City Council to consider $3.5 million library loan; officials say rate competitive and renovation will keep branches open
Summary
City staff and library representatives discussed a proposed $3.5 million, 20-year loan to the Joliet Public Library, including an estimated market rate near 4.88%, a $360,000 state grant and an 8- to 10-month renovation timeline during which the library will remain open.
The City of Joliet's pre-council meeting included extended discussion of a proposed $3.5 million loan agreement to the Joliet Public Library, with city staff and the library answering questions about interest, grants and the renovation schedule.
Kevin, a city staff member handling finance details, said the loan would be structured similarly to a U.S. Treasury purchase and that the market rate at the time of closing would be about 4.88% (daily treasury-based rate referenced). A library…
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