Central at City Council June 26, 1 pm – postponed

City Council ran out of time, so the Library discussion was postponed until the next (July 17) or a specially arranged City Council meeting.

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CENTRAL LIBRARY IS ON THE AGENDA TOMORROW !
Go down in person, listen online or watch on Cable Regina (Channel 7 or 70).  The Council meeting starts at 1:00 pm.
Click on the red banner across the top of this page to watch online  https: //reginask.iqm2.com/Citizens/default.aspx

The RPL’s $119M loan request will be discussed under item “CR24-74 Central Library Renewal Project Debt Financing Report”. Agenda https://reginask.iqm2.com/Citizens/FileOpen.aspx?Type=14&ID=5069&Inline=True

A number of people and organizations have submitted letters and will be presenting. Some for building a new bigger library. Others like FRPL calling for a rehabilitation and expansion of the current building, some calling for rehabilitation only. (See the letters submitted here under Delegates .https://reginask.iqm2.com/Citizens/FileOpen.aspx?Type=15&ID=3280&Inline=True )
FRPL’s presentation. FRPL to City re RPL Central Debt Financing, June 24, 2024 – final

As recommended by the City Administration, Executive Committee, City Council decision will vote on June 26, (1) to defer the decision on the $19M loan for RPL. (2) But to approve a mill rate increase to save money for the “renewal” project.

City Council will vote on the following:

Recommendation That City Council:

1. Defer a decision to commit $92 million to $119 million in debt financing for the Central Library Renewal Project (CLRP), and direct Administration to return to City Council by the end of Quarter 3 2024, with a recommendation regarding debt financing for the CLRP taking into consideration updated debt financing needs for other capital projects including the Indoor Aquatics Facility/Geothermal Project (IAF), Wastewater Treatment Plant (WWTP) Expansion and the City of Regina’s (City) overall debt financing capacity; and

2. Approve, in principle, a dedicated Library mill rate increase of 5.5 per cent each year for five years starting in 2025 to allow RPL to accumulate funds in a reserve account until such time as they can be used for the CLRP.

Full City Council Agenda with detailshttps://reginask.iqm2.com/Citizens/FileOpen.aspx?Type=1&ID=5069&Inline=True
City Administration’s discussion of Library request: pages 170-179
RPL submission – pages 189-189, details of the request for Expressions of Interest re consortium partnerships: 190-205
City Administration discussion of debt financing available, timing of when money will be available, mill rates: pages 206-208
RPL wants $ in 2026. City says earliest is 2033 or 2038.