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Nearly 50% of the new Library’s cost is covered by
the $25 million bond measure approved by voters in
1998 and issued as General Obligation Bonds. $2
million of these funds were used for branch
improvements completed 2001 to 2003. The remaining
funds must be used by 2005 for the purpose the
voters authorized. The remainder of the project is
funded by one-time City monies and by Redevelopment
Agency funds. A directory of public documents
related to the project are
available here.
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Library Improvement Costs |
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How Costs are Covered |
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Main Library Building |
$57.7 million |
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Voter-Approved Bonds |
$25.0 million |
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Branch Improvements |
$2.0 million |
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Capital Improvement Project
Funds |
$15.0 million |
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SM Historical Society Museum |
$1.3 million |
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Additional CIP Funds |
$21.0 million |
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Subterranean Parking Garage |
$12.9 million |
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Redevelopment Agency Funds |
$12.9 million |
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Project Costs |
$73.9 million |
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Total Funding |
$73.9 million |
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This page was last modified on 10/25/2007 |
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