Taxpayers To Pay Less for Library

Low interest rate on bonds sold Monday to pay for renovation of building will have taxpayers spending more than 10 percent less.

Taxpayers will be paying better than 10 percent less than anticipated for renovations to the Deerfield Public Library because of the 1.8963 percent interest rate on the bonds sold Monday to pay for the balance of the work.

Initially, the Library anticipated an average cost of $88 per year from each taxpayer to fund the project but now forecasts an amount between $76 and $79 per year, according to an email sent today.

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The original forecast to pay for the projected $11,775,000 bond issue was based on the costs generated from the initial $5.9 million securities offering a year ago. When the Village sold the remaining $5,875,000 Monday, the Library was able to reduce its estimate, according to Library Executive Director Mary Pergander.

Though the Village Board of Trustees increased the Library’ portion of the real estate tax levy above the 2011 level Monday at the request of the Library Board, Lake County will only bill what is needed to pay the bonds to the homeowners’ tax bills, not the entire amount, according to Pergander. The full amount planned for operations remains unchanged.

 “There are two lines on the tax bill, one for operations and one for the improvements,” Pergander said. “Lake County will only charge what needs to be paid.” The additional amount originally budgeted will never reach a tax bill.

The decrease in debt service, which will benefit not only the amount people will pay for the Library but the new water reclamation plant as well, was the result market forces and a diligent effort by the Village to maintain its creditworthiness.

“It’s our Aaa bond rating and it’s just because of the market,” the Village’s Acting Finance Director Eric Burk said. “They (rates) have been low, historically low.”

The project is progressing on time and on budget, according to the email. The projected opening date is in June. Library Board President Ken Abosch is pleased with the circumstances.

“We are all very proud and pleased that we are able to give Deerfield taxpayers a newly remodeled and expanded Library for less cost per year than we had anticipated,” Abosch said in the email. “And, of course, we thank the Village of Deerfield for making the arrangements for the sale of these bonds on our behalf.”

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Steve Sadin December 07, 2012 at 02:29 PM
Ronnie, according to the email the project is "on budget and on time."
Andrew December 22, 2012 at 04:28 AM
This white elephant is already obsolete. I have visited 3 libraries that opened in the last year and all 3 are designed around technology not books. Deerfield just wasted 12million, thank you director Mary Pergander.
Andrew December 22, 2012 at 04:37 AM
Steve Sadin. The last time I drove by, the library was still a total mess. The library's web site lacks new photos of construction progress. Even LA Fitness is more reliable when it comes to sticking to construction schedules.
Andrew December 22, 2012 at 11:30 PM
Deerfield is still trying to use the same library footprint, and parking area that was established in 1970. Today's traffic and handicapped parking standards will leave the library with severely inadequate parking, especially during events in the new meeting rooms. The parking lot in Jewett Park off Hazel is useless, patrons will pull into the lot in front of the library, and to reach the overflow lot will have to make a left onto Waukegan or circle all the way around Jewett Park. The exterior of the building is being pushed as far east and west as possible, at the expense of any landscaping. No private developer would be allowed to build into these setbacks. Deerfield is using the same architect that designed the Glenview Library, which is huge and imposing on the outside and clausterphobic on the inside. My expectations for the new Deerfield library are even lower when it opens sometime in 2013.
Jon Hall December 24, 2012 at 05:53 AM
It never makes sense to tear a flawed structure halfway down and then rebuild and expand it. Once they start to put it back together the finger pointing between architects and contractors begins and the tally of change orders begins to mount into a punch list the size of a herd of white elephants.


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