ABOUT THE LIBRARY

State Tax Board Grants Approval for Central Library Bond Issues

Library News & Announcements RSS Feed October 17, 2001

The Indianapolis-Marion County Public Library moved beyond its final legal and administrative milestone this week when the Indiana State Tax Control Board granted approval for IMCPL to issue up to $55 million in bonds for the renovation and transformation of Central Library downtown.

The approval clears the way for IMCPL to proceed with design work for the $103 million project, which includes a six-story addition to the north of the existing original library building at 40 E. St. Clair Street and an underground parking facility for 420 vehicles.

General obligation bonds will be sold in two series by no later than early 2003.

To complete the financing of the Central Library project, The Indianapolis-Marion County Public Library Foundation has received a grant of up to $25 million from the Lilly Endowment, Inc. and is in the midst of a campaign to generate additional philanthropic support. In September, the campaign received a major boost from a $1 million grant from The Indianapolis Foundation for future technological enhancements at Central Library.

Prior to the approval from the State Tax Control Board, the Library received a Regional Center designation from the City of Indianapolis' Metropolitan Development Commission, which judged that the Central Library project complied with land use and architectural development standards within the area.

Groundbreaking for the project will be scheduled in the summer of 2002.

Library staff will be involved in planning the closing of Central Library in October, 2002 and the opening of an interim library in November, 2002. The interim library, to be located in the Old City Hall (former Indiana State Museum) at 202 N. Alabama Street, will house many of Central Library's collections and services. IMCPL will lease the building from the City for $1 a year for a three-year period.

The anticipated opening of the transformed Central Library is January, 2006.