Palo Alto is preparing to sell $60 million in library bonds later this month to fund voter-approved renovations of three city libraries.
The City Council is scheduled to consider tonight (Monday) a staff proposal to sell bonds for the renovation of the Downtown Library, the Main Library and the Mitchell Park Library and Community Center -- a project city voters approved in November 2008.
If the council approves the bond sale, the money would be used to pay for the required permits and construction costs for the Downtown Library and the Mitchell Park Library and Community Center, as well as the cost of setting up a temporary library at Cubberley Community Center while the Mitchell Park facility is closed.
Bond proceeds would also pay for design and construction-administration fees for the Main Library project, according to a report from Joe Saccio, deputy director of the Administrative Services Department.
The bond series would be the first of two the city would sell to fund the $76 million library project, Saccio wrote. The second series would be used for construction of Main Library, which is scheduled to be completed in 2013. The renovation of the Downtown Library is slated to be completed in the spring of 2011, while the Mitchell Park Library and Community Center is scheduled to reopen in the summer of 2012.
The council will also consider approving a $728,000 "premium" payment to cover the underwriter's fee and other issuance costs, according to the report.
If the council approves the staff proposal, notices of bond sale would be published and sent to potential purchases on May 26, according to the report.
The council meeting is scheduled to begin at 7:30 p.m. tonight at the Council Chambers at City Hall (250 Hamilton Ave.).