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County council approves library bond package to renovate LaSalle and Western branches
Summary
After a brief public hearing, the council approved two library bond series not to exceed $4 million and $6.35 million to renovate LaSalle and reconstruct the Western branch, with the library contributing $1.7 million and officials saying there will be no tax increase tied to the bond issues.
The Saint Joseph County Council voted 9–0 on Oct. 8 to approve a two-series bond package for the county public library to finance renovations and reconstruction at the LaSalle and Western branches.
Phil Fasenda, bond counsel, told the council the library board approved issuing two series of bonds: one not to exceed $4,000,000 to fund LaSalle renovations and a second not to exceed $6,350,000 for the Western branch. Fasenda said the library is contributing $1,700,000 of equity to the projects and that the total bond issuance is anticipated not to exceed $8,650,000. He also told the council the issues are expected to close with terms no longer than 20 years and interest rates not to exceed 5.5 percent, and he stated there would be “no additional taxes, no tax increase with regard to these bond issues.”
Stephanie Murphy, executive director of the Saint Joseph County Public Library, said the projects derive from the system’s facilities master plan and aim to expand meeting, study and business center spaces and to relocate the Western branch onto Western Avenue to better serve new employment growth on the county’s west side.
Two residents spoke in favor during the public hearing. Rose Meissner said county investment in the library “is a very rare thing” and urged support. Casey Buckles, an economist and Friends of the Library board member, said the bonds were structured to avoid additional tax burden and encouraged the council to approve the package.
After hearing no opposition, the council moved, seconded and approved the resolution that will allow the library to issue the bonds. Fasenda said he expects to close on the LaSalle financing before the end of the year and the Western bonds in spring 2025.
The approval authorizes the library to proceed with financing and positions the project to move into design and bidding phases. The council did not set specific construction start dates at the meeting.
