Algonquin library issuing debt to fund $6.7 million project

The Algonquin Area Public Library District will borrow $2.1 million to help fund a multimillion-dollar expansion and renovation of its facilities.

The project's $6.7 million price tag is roughly $800,000 below initial projections, bringing the library's annual debt service significantly lower than anticipated, Executive Director Stephen Bero said. Library reserves will fund the remaining project costs.

Upgrades will include new amenities such as a computer lab, more study areas, meeting rooms, a teen space, a "makerspace" for do-it-yourself projects and other improvements.

"We're able to save some money and utilize the library's financial resources very wisely," Bero said. "It really saves the taxpayers money."

The library board Tuesday gave the district the green light to issue the debt, which would be paid off over 10 years without raising property taxes or negatively affecting operating expenses, Bero said.

Factoring in estimated interest rates, the library expects to spend just upward of $240,000 on its annual debt service, documents show.

More than $400,000 has already been spent on the project's design phase and other preliminary work, Bero said. The library is using the majority of its reserves - more than $4 million - to pay for the rest.

"The board was very prudent starting about a dozen years ago," Bero said. "They socked that money away, and now we're giving it back to the residents in the form of enhanced facilities (and) additional programs."

Construction is expected to begin Aug. 7 at the main library, 2600 Harnish Drive, where about 8,000 square feet of new space will be created by adding a wing to the building's northeast side.

Work on an interior renovation at the district's branch library, 115 Eastgate Drive, will start next spring. That segment of the project makes up about $245,700 of total costs.

"I think everybody is on board with this. They know that this is really a golden chance to make these improvements and to show the taxpayers that we are very responsible in how we are doing this," Bero said. "Our patrons are going to love it when it's done."