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Committee forwards $31M BLIP bond appropriation for library renovations
Summary
The committee approved sending to the full Board an ordinance appropriating $31,065,000 in BLIP bond proceeds plus interest and rent monies to fund branch library improvements. City Librarian Herrera highlighted progress (Noe Valley reopening and multiple projects under construction); the budget analyst said the library’s revised capital budget is about $194.4 million.
The Budget and Finance Committee on Wednesday recommended the Board approve an appropriation of $31,065,000 in bond sale proceeds from the Branch Library Improvement Program (BLIP) Series 4, together with $3,679,362 in bond interest earned and $151,800 in rent revenues, to fund branch library improvement and construction projects.
City Librarian Herrera told the committee the Noe Valley Library renovation will reopen next Saturday, bringing the BLIP program to eight completed projects. Herrera said five additional projects are under construction, including work in Bernal Heights and the planned closure of Eureka Valley to begin renovations.
The budget analyst (addressed in the hearing as "Mr. Rose") summarized the revised library capital budget as $194,400,000, approximately $61,000,000 higher than the original $133,200,000 estimate, and pointed committee members to an attachment listing each branch's estimated and projected completion dates. The budget analyst and City Librarian framed the bond series sale as necessary to continue completing BLIP projects.
There was no public comment. Chair Peskin closed public comment and directed the item be sent to the full Board with the committee’s recommendation.
Next steps: the Board will consider the ordinance to authorize sale of the final GO bond series and appropriate proceeds to BLIP projects.
