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Speedway Public Library plans loan to replace aging HVAC; board commits $500,000 from savings
Summary
Library director said the HVAC replacement is estimated at $1.2–$1.5 million; the library board plans to apply $500,000 in reserves and borrow for the remainder, structuring the budget to cover the first-year loan payment.
The Speedway Public Library told the council on Aug. 20 that it plans to replace an aging heating and air conditioning system and to cover the first-year loan payment in its 2026 budget.
Darcy (Library Director) said the library’s HVAC system dates to 1991 for an addition to the 1968 building, has required frequent repairs (about $15,000–$30,000 annually) and is now outliving cost-effective repairs. Darcy said Alliance Engineering prepared specifications and a current bid estimate of roughly $1,200,000 to $1,500,000 to replace the system.
The library board plans to apply $500,000 from its savings toward the project and to obtain a loan for the remainder. Darcy said the board built the 2026 budget assuming a 4% growth quotient plus an additional percentage so the library can cover the first-year loan payment without levying additional taxes: “We plan to get a loan. It's finally time to get a new, heating and air conditioning system.”
Darcy said the board prefers a loan rather than issuing a bond or adding taxes, and that doing so will allow the library to maintain services while avoiding a bond referendum. She also noted the library has funded previous capital work (roof and carpet) from savings and expects to resume savings for future needs.
Ending: The library’s budget will appear before the council on Sept. 8; the public hearing and possible adoption will follow at the next meeting in late September.
