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Mission Statement:The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and.

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Presentation on theme: "Mission Statement:The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and."— Presentation transcript:

1 Mission Statement:The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and courteous manner.

2 LaGrange County Public Library Overview and History of the Library

3 LaGrange County Public Library Overview Original Carnegie Library built in 1917 Added onto and expanded into the former Town Hall Two Libraries – normal community library and a Book Mobile, virtual library on wheels 3

4 LaGrange County Public Library Overview (contd) Over 61,000 books in the library with another 23,000 plus books dedicated to the Book Mobile Staff of over a dozen that operates many different programs and areas. Book Mobile, staff work areas, library program activity spaces, plus vertical circulation, utility and storage exist in a building that is less than 12,000 square feet of area on six different floor levels. 4

5 LaGrange County Public Library Overview (contd) The infrastructure on the conglomerate building is mixed and outdated Combination of boilers and coil-exchange units heat building Lighting is not uniform and in many cases inadequate Handicapped have no meaningful access to the library 5

6 LaGrange County Public Library Overview (contd) Physical structure fails to match demands placed upon it by its patrons which hinders the Librarys Mission Staff work areas overlap or are non-existent Lack of space forces storage of resource material on exit-way stairs Publics ability to use the library for its intended use is increasingly compromised 6

7 LaGrange County Public Library Proposal The Library should move forward with a comprehensive renovation to the existing library Design should render an achievable and functional platform for library operations today and into the foreseeable future 7

8 LaGrange County Public Library Proposal (contd) Citizens of LaGrange County provided substantial input in several meetings: Library should stay at current location Provide better parking Design sensitive to safety Library should strengthen Downtown area Commitment to the convenient and easy use by the Amish 8

9 LaGrange County Public Library Proposal (contd) Citizens of LaGrange County provided substantial input in several meetings: (contd) Emotional attachment to the architecture of the original Carnegie Library Fully accessible to the handicapped Architectural design is sympathetic to existing design Possible need for a second Book Mobile Innovative design that is cost-effective and clever 9

10 LaGrange County Public Library Project Costs and Financing 10

11 11 LaGrange County Public Library Schedule of Bonding Capacity Pay 2008 Net Assessed Value (1) $ 2,191,326,450 Total General Obligation Bonding Capacity (2) 14,608,843 Less: 2007 BAN - Maximum Authorized (1,250,000) Current General Obligation Bonding Capacity $ 13,358,843 (1) Per the Pay 2008 LaGrange County Abstract. (2) Calculated as 1/3 of 2 percent of Pay 2008 Net Assessed Value.

12 LaGrange County Public Library Estimated Project Costs and Funding 12 Estimated Project Costs Construction Cost$6,099,594 General Conditions 487,968 General Contractor's Overhead and Profit 395,254 Total Estimated General Construction 6,982,816 Construction Contingency 593,539 Furniture, Fixtures, Equipment 745,000 Architectural Fees 665,708 Surveys 15,000 Reimbursables 25,000 Total Estimated Other Construction 2,044,247 Estimated Financing Costs Legal, Bond Counsel, Financial Advisory100,000 Underwriter's Discount70,950 Bond Insurance61,997 Bond Rating10,000 Capitalized Interest and Contingencies217,075 Total Estimated Project Costs$9,487,085 Estimated Project Funding Proposed General Obligation Bonds of 2009$9,460,000 Estimated Interest Earnings (.5% over 15 months) 27,085 Total Estimated Project Funding$9,487,085

13 LaGrange County Public Library Estimated Project Costs 13

14 14 LAGRANGE COUNTY PUBLIC LIBRARY SCHEDULE OF AMORTIZATION OF $9,460,000 PROPOSED PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF 2009 Principal and Interest Payable Semiannually, January 15th and July 15th Assumed Interest Rates as Indicated Assumed Issuance Date - October 15, 2009 PaymentPrincipalDebt ServiceBond DateBalancePrincipal % Interest TotalYear Total (In Thousands) 1/15/2010$9,460$130,075.00(1)$130, /15/20109,460$ % 260, , /15/20119, % 256, , , /15/20119, % 252, , /15/20129, % 247, , , /15/20128, % 243, , /15/20138, % 239, , , /15/20138, % 234, , /15/20148, % 230, , , /15/20148, % 225, , /15/20158, % 220, , , /15/20157, % 215, , /15/20167, % 209, , , /15/20167, % 204, , /15/20177, % 199, , , /15/20177, % 193, , /15/20186, % 187, , , /15/20186, % 181, , /15/20196, % 175, , , /15/20196, % 169, , /15/20205, % 162, , , /15/20205, % 156, , /15/20215, % 149, , , /15/20215, % 142, , /15/20224, % 135, , , /15/20224, % 127, , /15/20234, % 120, , , /15/20234, % 112, , /15/20243, % 104, , , /15/20243, % 96, , /15/20253, % 87, , , /15/20252, % 79, , /15/20262, % 70, , , /15/20262, % 60, , /15/20271, % 51, , , * 7/15/20271, % 41, , /15/20281, % 31, , , /15/ % 21, , /15/ % 10, , , Totals$9,460$6,039,137.50$15,499, (1) Represents Capitalized Interest. * Maximum yearly debt service payment, $812,338.

15 LaGrange County Public Library LaGrange County Public Library Estimated Monthly Homeowner Tax Impact (Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment) 15 Note: Based on residential assessed values less homestead deduction (lesser of $45,000 or 60%), 35% supplemental homestead deduction and mortgage deduction ($3,000). Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467. *Median home value in LaGrange County, per 2000 Census.

16 LaGrange County Public Library LaGrange County Public Library Estimated Monthly Homeowner Tax Impact (Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment) 16 Estimated tax rate impact$ Market value of home:MonthlyAnnual $75,000$0.56$6.72 $99,800*$1.11$13.28 $150,000$2.21$26.56 $200,000$3.32$39.78 $250,000$4.42$53.01 Note: Based on residential assessed values less homestead deduction (lesser of $45,000 or 60%), 35% supplemental homestead deduction and mortgage deduction ($3,000). Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467. *Median home value in LaGrange County, per 2000 Census.

17 LaGrange County Public Library LaGrange County Public Library Estimated Annual Tax Impact Per Acre Farmland (Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment) 17 Note: Based on assessed value of $1,200 per acre established by the State of Indiana for budget year 2009, current county productivity factors applied for different soil types. Farm improvements and commercial property incremental increase per $100 of assessed value - $ Estimated Annual Farmland Tax Impact per Acre

18 LaGrange County Public Library LaGrange County Public Library Estimated Annual Commercial Tax Impact (Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment) 18 Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.

19 LaGrange County Public Library LaGrange County Public Library Estimated Annual Commercial Tax Impact (Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment) 19 Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467. Estimated tax rate impact$ Value ofEst. Maximum BusinessMonthly ImpactAnnual Impact $100,000$3.39$40.70 $150,000$5.09$61.05 $200,000$6.78$81.40 $250,000$8.48$ $300,000$10.18$122.10

20 LaGrange County Public Library Illustrative Property Tax Bill - $100,000 Home Value 20 LaGrange Town Taxing District Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method) Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without Project Estimated Taxes Payable 2010 (New Method) Including Project (1) $100,000 Home Value Gross Assessed Value$100,000 Less Homestead Deduction(45,000) Less Supplemental Homestead Deduction(19,250) Less Mortgage Deduction(3,000) Net Assessed Value52,000 32,750 Apply District Rate per $100 of A.V (2)1.9810(2)2.0217(2) (3) Equals Gross Taxes1,2601, Less State Credits (SPTRC, Homestead)(540)(4)(684)(5)(57)(6)(57)(6)(58)(6) Estimated Net Tax Liability prior to one-time State Credit Less Additional State Credits0(220)(7)(39)(7)(22)(7)(23)(7) Equals Net Tax Liability Less Circuit Breaker Tax Credit00000 Property Tax Due with Circuit Breaker$720$373$553$570$581 (1) Assumes tax impact for budget year (2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. (3) The Proposed General Obligation Bonds of 2009 are included. (4) Assumes PTRC rate of 25.59%, State HS Credit of 14.77% and County HS Credit of 8.41% (5) Assumes PTRC rate of 24.0%, State HS Credit of 30.18% and County HS Credit of 8.72% (6) Assumes County HS Credit of 8.72%. (7) Based on Estimated Additional State Credit of 22.65% in 2008, 7.93% in 2009 and 4.53% in 2010.

21 LaGrange County Public Library Illustrative Property Tax Bill $100,000 Homestead– LaGrange Civil Town (For Homestead Properties Subject to the 1% Tax Cap) 21

22 LaGrange County Public Library Illustrative Property Tax Bill - $100,000 Commercial Property 22 LaGrange Town Taxing District Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method) Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without Project Estimated Taxes Payable 2010 (New Method) Including Project (1) $100,000 Commercial Gross Assessed Value$100,000 Apply District Rate per $100 of A.V (2)1.9810(2)2.0217(2) (3) Equals Gross Taxes2,4232,4551,981 2,022 Less State Credits (Business PTRC)(293)(4)(284)(5) Less Circuit Breaker Tax Credit00000 Property Tax Due with Circuit Breaker$2,130$2,171$1,981 $2,022 (1) Assumes tax impact for budget year (2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on the restated tax rate of $ (3) Includes the estimated tax impact of $ for the Proposed $9,460,000 General Obligation Bonds of 2009 (4) Assumes Business PTRC of 12.11% (5) Assumes Business PTRC of 11.56%

23 LaGrange County Public Library Illustrative Property Tax Bill $100,000 Commercial – LaGrange Civil Town (For Commercial Properties Subject to the 3% Tax Cap) 23

24 LaGrange County Public Library Illustrative Property Tax Bill - $100,000 Home Value 24 Johnson Township Taxing District Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method) Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without Project Estimated Taxes Payable 2010 (New Method) Including Project (1) $100,000 Home Value Gross Assessed Value$100,000 Less Homestead Deduction(45,000) Less Supplemental Homestead Deduction(19,250) Less Mortgage Deduction(3,000) Net Assessed Value52,000 32,750 Apply District Rate per $100 of A.V (2)0.9062(2)0.9469(2) (3) Equals Gross Taxes Less State Credits (SPTRC, Homestead)(333)(4)(387)(5)(26)(6)(26)(6)(27)(6) Estimated Net Tax Liability prior to one-time State Credit Less Additional State Credits0(123)(7)(17)(7)(10)(7)(10)(7) Equals Net Tax Liability Less Circuit Breaker Tax Credit00000 Property Tax Due with Circuit Breaker$448$250$254$261$273 (1) Assumes tax impact for budget year (2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. (3) The Proposed General Obligation Bonds of 2009 are included. (4) Assumes PTRC rate of 29.02%, State HS Credit of 10.86% and County HS Credit of 8.41% (5) Assumes PTRC rate of 28.34%, State HS Credit of 22.89% and County HS Credit of 8.72% (6) Assumes County HS Credit of 8.72%. (7) Based on Estimated Additional State Credit of 22.65% in 2008, 7.93% in 2009 and 4.53% in 2010.

25 LaGrange County Public Library Illustrative Property Tax Bill $100,000 Homestead – Johnson Township (For Homestead Properties Subject to the 1% Tax Cap) 25

26 LaGrange County Public Library Illustrative Property Tax Bill – 100 Acres Farmland 26 Johnson Township Taxing District Estimated 2007 Tax Bill Estimated 2008 Tax Bill Estimated 2009 Tax Bill at New AV per Acre Estimated 2010 Tax Bill (Without Project) Estimated 2010 Tax Bill (With Project) Net Assessed Value of 100 acres of Farmland (1)$88,000$114,000$120,000$125,000 Apply Effective Tax Rate (2) (3) (4) (4) (4)(5) Property Tax Due Before Circuit Breaker 938 1,194 1,087 1,133 1,184 Less: Circuit Breaker Tax Credit00000 Property Tax Due with Circuit Breaker$938$1,194$1,087$1,133$1,184 Circuit Breaker Limit (2% tax cap)$2,500 (1) Assumes farmland is assessed at $880 per acre in 2007, $1,140 per acre in 2008, $1,200 per acre in 2009 and $1,250 per acre in 2010 (base value established by State). (2) Based on the 2007 gross property tax rate of $ for Johnson Township, reduced by the 2007 property tax replacement credit of %. (3) Based on the 2008 gross property tax rate of $ for Johnson Township, reduced by the 2008 property tax replacement credit of %. (4) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on the restated tax rate of $ (5) Includes the estimated tax impact of $ for the Proposed $9,460,000 General Obligation Bonds of 2009

27 LaGrange County Public Library Illustrative Property Tax Bill – Johnson Township (For Farmland Properties Subject to the 2% Tax Cap) 27 Assumes farmland is assessed at $880 per acre in 2007, $1,140 per acre in 2008, $1,200 per acre in 2009 and $1,250 per acre in 2010 (base value established by State).

28 LaGrange County Public Library Illustrative Property Tax Bill - $100,000 Commercial Property 28 Johnson Township Taxing District Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method) Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without Project Estimated Taxes Payable 2010 (New Method) Including Project (1) $100,000 Commercial Gross Assessed Value$100,000 Apply District Rate per $100 of A.V (2)0.9062(2)0.9469(2) (3) Equals Gross Taxes1,5011, Less State Credits (Business PTRC)(294)(4)(284)(5) Less Circuit Breaker Tax Credit00000 Property Tax Due with Circuit Breaker$1,207$1,178$906 $947 (1) Assumes tax impact for budget year (2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on restated tax rate of $ (3) Includes the estimated tax impact of $ for the Proposed $9,460,000 General Obligation Bonds of 2009 (4) Assumes Business PTRC of 19.56% (5) Assumes Business PTRC of 19.44%

29 LaGrange County Public Library Illustrative Property Tax Bill $100,000 Commercial – Johnson Township (For Commercial Properties Subject to the 3% Tax Cap) 29

30 LaGrange County Public Library Benefits of the New Library

31 Up-to-date accessibility to all areas of the library by all patrons Increased number of computers available to the community Updated and expanded collection of books, periodicals and CDs Private study rooms will be available for small groups and will also be available for tutoring students 31

32 LaGrange County Public Library Benefits of the New Library (contd) Community Rooms will be available for groups of up to 200 people Rooms can be divided for groups of 100 or less Rooms can be used for quilting classes, GED classes, online classes and more. Rooms will also be available for rent to for profit groups Expanded resources for home schoolers 32

33 LaGrange County Public Library Benefits of the New Library (contd) More childrens programs with the ability to perform shows, experiments, puppet shows and more The Library will have separate areas for youth, young adults and adults There will be expanded seating and lounge areas for reading and studying 33

34 LaGrange County Public Library Benefits of the New Library (contd) There will be improved restroom facilities There will be increased parking spaces available to the patrons Since the Library will be located in the Downtown area, it will be easily accessible to the court house and grade schools for programs and visitation for the younger students 34

35 Mission Statement:The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and courteous manner. 35


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