HomeMy WebLinkAboutE4 MEMO
TO: Bozeman City Commissioners
FROM: Bozeman Public Library Board of Trustees
SUBJECT: Transfer of library land at new building site
DATE: May 23, 2006
The Board of Trustees met on May 4, 2006 to discuss the possibility of transferring a
portion of the library's property on the west side in order to facilitate possible future
redevelopment of the properties along the east side of Wallace Street. Discussion also
occurred regarding transferring a portion of the library property south of the new building
that would not be required for possible future expansion of the library and the parking
required to accommodate that expansion.
The Board agreed to offer the transfer of the two portions of library property described
above to the City of Bozeman in return for the City's waiving its requirement for the
library to fund from its budget any balance of the new building loan and accrued interest
remaining after completion of the project this fall and related fund raising efforts. The
Board acknowledges that the final amount of the new building loan will not be
determined until the project is completed and all funding efforts are concluded and that
the value of the land to be transferred and the loan balance will need to be reconciled.
The Board requests that the library's operating budget not be assessed debt service and
expects that the final loan balance will be funded through a combination of transfer of
library land to the city and city reserve funds. The Trustees agree to grant the City right
of first refusal on any land disposition.
Conditions for the transfer would include a negotiated agreement on the amount of land
to be transferred; assurance that the transfer would enhance the area for both the City and
new library; public involvement in the development plan; provision of required parking
and expansion of access on Babcock; and consideration that property transferred south of
the library and its expansion property would be managed in a manner that preserves open
space on the east side of the property while allowing portions of the land to be available
for uses reasonably compatible with the public interests.
The Trustees would like to express their sincere appreciation for the support of the City
Commissioners and staff, whose commitment has been essential to bringing this project
to completion.