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Building committee votes to seek up to $700,000 in bond interest to finish McMahon exterior work
Summary
The Bloomfield Library Building Committee authorized its chair to present a resolution to town council asking to use up to $700,000 from interest on library bond proceeds to fund the McMahon/Winterberry Library children's garden, site and parking improvements; the vote passed after finance and staff described available balances and timing constraints on an expiring RFP.
The Bloomfield Library Building Committee voted to authorize its chair to ask town council to approve using up to $700,000 in interest earned on library bond proceeds to complete exterior work at the McMahon/Winterberry Library, including the children’s garden, site work and driveway paving.
The motion, carried by the committee after discussion, directs the chair to present a resolution and supporting materials to the council and to ask for a public hearing so council members can vote on an appropriation. Committee members and staff said the request is intended to avoid re‑bidding an expiring RFP and to finish the work while prices remain fixed.
Why it matters: Town finance staff and the construction manager said audit work on invoices and purchase orders reduced the committee’s available contingency to roughly $80,000 for final work on the library projects. Committee members said the $700,000 figure is a back‑of‑the‑envelope estimate of interest earnings available for construction; the final number will be confirmed by finance before council action.
Joe, the finance staff member who reviewed invoices and encumbrances, told the committee that team reconciliations show “just north of $80,000” remaining to apply to McMahon while the full scope to complete the exterior would require substantially more funds. He said the $616,643.10 figure circulated to the committee was an estimate based on the most recent RFP responses and includes contingency.
Library staff and members emphasized the schedule risk: several committee members noted the current RFP extension expires soon and warned that rebidding could raise costs. Committee member Patrick moved the resolution authorization and a second carried the measure.
Library staff also cautioned the committee to account for state grant conditions tied to the project. A library representative said state agencies are monitoring compliance with grant commitments and advised careful communications to town council about program reporting obligations.
What happens next: The chair and staff will finalize a resolution and fiscal impact memo for the town council agenda. Committee members asked the finance office to quantify, in dollars and cents, the resulting impact on taxpayers or bond interest in case councilors and residents request that analysis.
