October 25, 2012
During a meeting Wednesday, the Sedalia Library Board heard the final number on costs to repair the 111-year-old library, which was closed in August due to foundation issues and structural concerns.
According to Library Director Pam Hunter, the total cost for repairs on the west and north portions of the building will cost approximately $1.3 million, about $300,000 more than original estimates.
“What we’d like to do, with the board’s approval, is ask for $1.5 million for our bond,” Hunter said. “I don’t think it’s out of the realm of possibilities the costs could go up that high, but we’re hoping they won’t.”
Hunter said if costs do stay at the original estimate, the excess money could be used for needed renovations on the building’s east wing.
“We need to repaint the entire building and replace a good portion of the drop ceiling. Basically, if there’s money left, I’ll find a way to spend it,” she said. “There are plenty of things we could do that we’ve put off for years because other more pressing things have come up.”
The $1.5 million will be rolled into a city bond that will also be used to pay for repairs of the Washington Avenue bridge, the purchase of a 100-foot ladder truck and building the new Fire Station No. 2 to replace the current station on West 16th Street. City Administrator Gary Edwards told the board that city financial advisor Carl Ramey agreed to the $1.5 million figure.
“He believes we should be able to get that,” he said. “The most important thing is that we have a final number.”
Edwards also noted interest rates are “the lowest they’ve ever been” at around 3 percent, and the debt service would be around $110,000 a year. So far $162,000 out of the library’s reserve and general obligation funds has been spent for repairs, and Hunter said once the bond goes through, some money will be used to “pay back” that amount.
The board voted unanimously to approve the new $1.5 million figure for the bond.