Gail Borden Library wants to buy space to expand in South Elgin

Gail Borden Public Library opened its South Elgin branch in July and now it's planning to purchase the rest of the space in the office condo building, citing an unexpected opportunity.

The library board, after closed session deliberations Tuesday, voted to enter into a preliminary agreement with Horizon Development Group of South Elgin LLC to purchase the space at 127 S. McLean Blvd., library spokeswoman Denise Raleigh said.

The building includes the nearly 4,300-square-foot branch, a financial services company and about 6,600 square feet of unfinished office space, totaling 12,400 square feet. If the purchase is finalized, the library would begin planning for an expansion in a few years, Raleigh said.

The agreement calls for a below-market price, she said, declining to give additional details. The sale could be finalized in two to three weeks.

The library would borrow money for the purchase, to be repaid by donations, impact fees and growth-related tax revenues, not with a property tax increase, Raleigh said.

"We did a lot of crunching of numbers," she said. "With the low interest rates, it makes it very attractive to be able to meet the needs of that community in a cost-efficient manner."

Board President Jean Bednar agreed. She was one of four members who voted Tuesday to approve the deal. Three members were absent.

"I don't think any of us expected to make this decision so quickly, but that's just how it worked out and I'm happy about it," she said. "This is tough because it's a lot of money, but it's easy because it's a smart thing to do. This is about the future of the district."

Program attendance was 130 participants in August and 340 in October with a projected 450 in November. The library averaged 4,500 monthly visitors through October. Residential growth in the village is expected to continue over the next few years, Raleigh said. "We are hearing from our customers they would like more materials and much more space."

The Gail Borden Library's largest facility is near downtown Elgin, and it has the Rakow branch on the far west side of Elgin, but expanding that would be more costly, Raleigh said.