Library board to discuss levy options after receiving $3.49 million
DeKALB – With the DeKalb Public Library finally is receiving a $3.49 million check from the state meant to fund the construction of its new facility, the board of trustees will be holding a special meeting to discuss remittance scenarios and levy options stemming from the payment.
In 2015, Illinois did not release the remaining $4.6 million from an $11.6 million grant obligation promised for the $25.3 million project because of the ongoing budget impasse. Therefore, the library’s tax levy was raised by $500,000 to allow $4.5 million to be borrowed for the remainder of the construction.
To accommodate this shortfall, the tail end of the new facility’s construction was paid for with a combination of tax increment financing dollars, loans, bonds and fundraising. A total of
$2 million in TIF funding was approved by the DeKalb City Council in 2015 and $6.5 million in bonds were approved by the council in 2013 for the project.
Emily Faulkner, director of the library, said it’s unclear if there would be any remittance now that the money has been received.
“We’ve paid off the majority of the [$4.5 million] loan but we still have to get another $1 million,” Faulkner said.
Regardless, Faulkner added that she was happy to receive the payment and, hopefully, it will put the multiyear project to rest.
“I’m excited to move to the next phase of things and putting this behind us,” she said.
The board meeting will be at 7 p.m. Wednesday at the library on 309 Oak St.