Be Prepared for a $24 Million Tab

The discussion about the city’s issuing bonds on behalf of DeKalb Public Library for its expansion starts at the Committee of the Whole meeting on Monday.

In order to secure the $15.5M needed for the expansion, the Library has a plan of financing for City Council consideration. The Library will use $1M in Library fund balance and is planning to raise $6M in donations. The Library is requesting $1M from the City from TIF funds. For the remaining $7.5M, the Library will bond this amount, which will be a general obligation bond paid by property taxes. The Library is a component unit of the City; therefore the City would have to issue these bonds on behalf of the Library.

Discussion and direction is requested on the $1.M contribution from the TIF fund, the bonding for the $7.5M remaining balance, and the timing of these actions. The City’s Financial Advisor will be present to assist the Council in this discussion.

This is the biggest bunch of hooey ever. There is no way DKPL will do the work necessary to raise the promised private donations because the City of DeKalb is its sugar daddy. I believe it is also quite possible that the State of Illinois will be good for nothing much beyond IOUs. Be prepared for us to be on the hook 100% for another overbuilt monument to our particularly destructive brand of hubris.