UpdateOn June 29, 2011, $6M in capital funding for the new Ketchikan Public Library was approved by the Governor in the State FY2012 budget through State Library Construction and Major Expansion Matching Grant Program.

Statewide Public Library Construction Projects Status Updates

On the same day, the City of Ketchikan received award notification of a challenge grant of up to $500,000 from the Rasmuson Foundation for construction of the new library. Additional project funding committed to date includes: Wells Fargo Bank Leadership Gift of $25,000; voter approved issuance of General Obligation Bonds up to $5.2M; and $430,000 private bequest dedicated to the Library Building Fund which is managed by the City; Friends of the Ketchikan Public Library commitment of $120,000.

In October 2010, voters approved authorizing the issuance of General Obligation Bonds up to $5.2M to finance a portion of the cost of constructing and equipping the new Ketchikan Public Library.

Resolution No. 10-2363APOC

June 17th, 2010 Council action related to funding new library facility. The CityCouncil authorized the City Manager to:

On June 25, 2010, the City Council held a special meeting and approved the Option Agreement executed by George Lybrand which, in exchange for an Option Payment of $50,000, gives the City the irrevocable option to purchase Lot 1 and Lot 5A for a purchase price not-to-exceed $680,000 and authorize the City Manager to execute said agreement on behalf of the City.

On July, 01, 2010, the City Council approved in first reading of Ordinance 10-1657 Authorizing the issuance of General Obligation Bonds up to $5.2M to finance a portion of the cost of constructing and equipping a new public library and providing for submission to the City voters.

Manager Amylon shared a draft mock-up of a factual and objective accounting of actions taken that have advanced the of the new library project to date for posting on the City’s web-site

Mayor Williams sought consensus from the rest of the City to support the Council’s Proposition No. 1.  The majority of the Council felt this action was appropriate.

On July 15, 2010, the City Council approved in second reading of Ordinance 10-1657 Authorizing the issuance of General Obligation Bonds up to $5.2M to finance a portion of the cost of constructing and equipping a new public library and providing for submission to the City voters.

Efforts to secure project funding will be led by the City.  Project funding sources will include the City, State of Alaska, funding secured through application to public/private grantors, and individual and corporate donations secured through a capital campaign effort.

The preliminary funding plan represents maximum funding potential and exceeds the project budget of $12M.  This plan will continue to be refined as additional funding sources are identified,  funding is secured and further project  estimates are received.  It is the intent to reduce the community bonding commitment if possible.  The total G.O. Bond ability and timing of bond sale will be determined by City Council.

Ketchikan Public Library Preliminary Funding Plan