January 20, 2011
Teton County Library Board
Thursday, January 20, 2011
Present: President Lisa Delaney, Treasurer Clark Heindl, Vice-President Patricia Moeller, At-large member Bill Wotkyns, Director Deb Adams, Foundation Director Missy Falcey, and staff Dail Barbour and Kent Fiske attending as a guest. Peggy Gilday and Stan Zaist also attended.
Correspondence: None
Approval of Minutes: December and January minutes will be approved at the February meeting.
Section 215 Report: No requests were received under Section 215 of the Patriot Act.
Friends Report: None
Review of Preliminary Cash Flow and Financing Options for Library Construction Project
Missy and Clark gave a report of their research so far. Clark prepared some estimates (attached) of the shortfall based on project budget numbers and SPET funds disbursement information provided by the county. Missy and Clark talked to Dan Baxter of Kaiser Investments about a lease-revenue bond and to several local banks about financing options. At this point, a line of credit with a local bank with the Foundation paying the interest appears to be the easiest and allow the library to borrow the minimum amount of money. The economic advantages to the community are also attractive: more money would stay in Teton County and local businesses would be involved. The board discussed an agreement with the Foundation and agreed that Deb should consult an attorney to make sure this type of arrangement is legal. She will contact Len Carlman to do this work. Missy reminded the library board that she would need permission from the Foundation board and that the money provided would come off the balance sheet of the Foundation-it would not be a fundraising effort. The advantages to being able to start the project earlier as a result of the bridge financing would include job creation, potentially avoiding repair costs of old equipment, maintaining the CMAR team throughout the project, and the value to the community of having the new library sooner.
The board asked Stan if starting in September was a big disadvantage with regard to costs of construction and Stan didn’t think it would make a difference. Missy felt that the financing costs associated with a September start would be more attractive to the Foundation board. She also cautioned that a conversation with some of the Foundation’s major donors needs to take place to assess their reaction to this use of the Foundation’s money.
Clark moved to have Missy take the proposal to the Foundation Board to cover the interest for bridge financing for the library project. Patricia seconded, all voted in favor. There was a short discussion about the type of contract needed with the Foundation. The board thanked Missy and Clark for their good work with this issue.
Librarian’s Report: Review and Posting of Materials Selection Policy.
The board agreed to postpone this item.
Facilities Planning-Main Library Addition/Renovation
Review of RFQ Process for Construction Manager @ Risk
Dail informed the board that the ads for the CMAR RFQ will go in tomorrow. Submissions are due February 18, 2011 and the goal is to have a recommendation for the library board at their March meeting.
Review of Preliminary Project Cost Estimates
Peggy said that the budget numbers are slightly under at this point. She also feels that submitting to the town in March will give extra time to fine tune the plans. The board discussed some of the cuts made due to budgetary constraints and made a few changes. The raised floor in the new wing stays in as does the raised floor in the remodeled computer center. Kent stressed that his team really feels the flexibility is crucial. Peggy expressed some concerns about the canopy and whether it will make ice and snow issues at the entrance better or worse. Her team is considering making it shorter and the board agreed. The approach suggested was to target a cost and make it as workable as possible. She mentioned that the town Design Review committee didn’t like it that much anyway as they felt it masked the building.
The board thanked the building facility committee and asked them to continue to make decisions to expedite the process but bring issues that they feel need to be reviewed by the entire board to the meetings.
Review of Preliminary Phasing Plan
Preliminary Potential Closure Dates
Deb will send this information to the board for the next meeting.
Financials
Monthly Report-Questions and Answers
Preliminary FY 12 Budget Planning
Review of Investment Policy
Action Items: Patricia moved to approve the vouchers, Clark seconded, all voted in favor. Patricia moved to approve the financial policy, Clark seconded, all voted in favor.
The next board meeting was set for February 17. Deb pointed out that we will need two board meetings in March-one for budget review and a regular business meeting on March 17. The budget meeting will need to take place before that date. It was agreed to wait to set future board meetings until the next regular meeting so that all board members can participate.
Clark moved to adjourn at 5:30PM.
Dail Barbour
Administrative Assistant for the Library Board
