City Council to Review Library Funding Request
Rochester, MN (KROC AM News) - The Rochester City Council is scheduled to hear a pitch Monday from representatives of the public library.
The library is proposing a $55 million expansion project and is expected to ask the council to help pay for it. The request is for $35 million.
If the council approves the request, it will then have to decide where the money will come from.
City Administrator Steve Kvenvold is suggesting four possible sources - property taxes, another renewal of the local sales tax, using current sales tax revenues and/or DMC funds.
Kvenvold says if property taxes are used, it would require annual payments of $2.6 million for 20 years to pay off bonds for the project. If the sales tax renewal option is considered, Kvenvold says it would have to wait 10 years because it is currently being used for other projects. Kvenvold says the city has set aside $20 million from the current sales tax for future projects and most of that money is available. As for using DMC funds, Kvenvold says the library project would first have to be approved by the DMCC Board.
The City Council is scheduled to act on another funding request at Monday’s evening meeting. Rochester Civic Theater is asking for $66,500 to help offset the losses it has incurred this year due to the disruptions caused by the Mayo Civic Center expansion project.