In 1999, the voters of Boulder City approved the construction of the new library. Under the terms of the Library’s agreement with the City, the Library would lease the land on which the Library currently sits. Part of that agreement was that, during a certain window of opportunity, the library would be able to exercise the option to purchase that same plot of land from the City for just $1.00. That window of opportunity ends in 2014.
The Library Board of Trustees and the Staff of the Boulder City Library are encouraging the voters of Boulder City to vote YES on this question. It is in the best interest of the City, the Library and the residents of Boulder City to vote Yes. The land sale will benefit the City by clarifying liability and maintenance responsibilities of the Library grounds. In addition, the Library can secure its place in the community by owning the land on which it now sits. This sale will also increase the Library’s long-term assets which will allow the Library to negotiate favorable financing and debt restructuring in the future.
The opponents to this sale will tell you that the Library can afford to purchase the land from the City at a Fair Market Value due to funds that will be left over at the end of the fiscal year. While it is true that we have budgeted to have funds left at the end of the fiscal year, those monies are a “planned-for overage.” The funds that will be left over at the end of the fiscal year are scheduled to be used during the first few months of the new fiscal year during which little or no tax funds flow into our accounts. Those monies will be used to pay for utilities, contractual obligations and staff expenses. The Library does not have the funds available to purchase the land from the city at fair market value.
We at the Library are asking you, our patrons, to vote in favor of this land sale to help secure our place in the community, and to help protect the investment you have already made in the Boulder City Library.
You can find out more by visiting our web site at www.bclibrary.org