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Library District No. 1, Miami County
Louisburg Library

 THE PROPOSED SOLUTION 

·         Construct, equip and furnish a new, modern, state-of-the-art library facility to be located on Harvest Drive, just north of the Louisburg water tower

·         The Board of Trustees, envisioning the need for this project, has already purchased approximately 3.25 acres of land in 1998

·         Proposed new facility will have approximately 29,000 square feet of space: more than 4 times the usable space of the outdated and crowded facility on South Broadway

·         The proposed floor plan will have approximately 4,100 square feet of general public space including a large community meeting room to accommodate up to 250 people

·         A smaller meeting room is also included to accommodate smaller gatherings

·         The plan includes a computer room with 20 work stations

·         The adult portion of the library would have about 11,600 square feet of space

·         The children’s portion of the library would have about 6,600 square feet of space

·         Administration areas would have expanded space for offices, storage, and a circulation desk

·         The plan has on-site parking for 60 vehicles including additional handicap spaces

·         The additional space will accommodate today’s patrons, growth in programs, and future needs

·        The proposal represents a quality of life investment to continue to allow our community and area to grow

 Proposed Floor Plan
 Proposed Site Map

 FINANCE—AN AFFORDABLE INVESTMENT

·         Total bond issue and project budget of $6,985,000

·         Today’s interest rates, estimated at 5%, are near 40-year low levels, making the cost of repayment more affordable (Similar bond issues are selling today at rates below 4.5%)

·         The Library District’s tax base has grown by an average of more than 9% per year since 1996

·         To be conservative, a growth factor of 3% was used in the tax impact estimate

·         Growth in excess of 3% and/or a lower interest rate would result in a lesser mill rate

·         Inflation will undoubtedly increase the cost of the project if delayed into the future

·         Twenty year bonds will require a mill levy estimated at 3.18 mills starting in the fall of 2009

·         3.14 mills is the equivalent of additional taxes of $36.11 per year ($3.01 per month) on a $100,000 home in the District—less than the cost of a gallon of milk per month

 $6,985,000 Miami County Library District #1 Bond Issue Tax Effect 

 

Estimated Assessed Valuation

Proposed Bond Increase at 3.14 Mills

Type of Property

  

Yearly

Monthly

 

 

 

 

$       50,000    Home

$                  5,750

     $ 18.06

                $    1.51

$     100,000    Home

$                11,500

     $ 36.11

                $    3.01

$     150,000    Home

$                17,250

     $ 54.17

                $    4.51

$     200,000    Home

$                23,000

     $ 72.22

                $    6.02

 

 

 

 

$       50,000    Commercial Property

$                  12,500

     $ 39.25

                $    3.27

$     100,000    Commercial Property

$                  25,000

     $ 78.50

                $    6.54

 

 

 

 

160 Acres Dryland Farm Ground

$                  8,841

     $ 27.76

Yearly Cost/Acre = $  0.17

160 Acres Pasture Ground

$                  4,992

     $ 15.67

Yearly Cost/Acre = $  0.10

 

 

 

 

 

 

 

 AN IMPORTANT DECISION 
People and communities invest in the things they deem important.  Life-long learning can enhance our quality of life.  A quality public library and the programs of information, education and even simple reading enjoyment are quality of life assets.  Generations before ours made the investment to provide our current Library and programs that have benefited both individuals and our community. The current Library has served us well for nearly 3 decades; but growth in our population and usage has resulted in an outdated and inadequate Library facility for our current and future needs.  With today’s low interest rates and inevitable inflation, the cost of a modern, expanded, 21st Century Library facility may never be more affordable.

Bond Issue Election
November 4, 2008