Columbus Metropolitan Library, 2010’s LJ Library of the Year, launched its Library Fund Library Facilities Notes Sale on Nov. 15, 2012, to help fund its 2020 Vision Plan. Notes are a shorter-term, more flexible debt instrument than bonds, and can be sold in smaller amounts. The notes sold out in three hours, the library said in a statement, with three times as much interest than the amount of notes available.
On Tuesday, Dec. 4, CML officially closed the sale, which will provide the Library with $99 million to begin work on phases 1 and 2 of its plan. In issuing tax-exempt notes, the Library committed to meeting the IRS’ spend down targets, which call for CML to spend approximately $60 million over the next five years on the project.
The Vision plan includes renovating or constructing 10 of CML’s 21 facilities. Work is already underway at the Whitehall and Driving Park branches; to be followed by the Main Library, which CML plans to renovate and expand to include the adjoining, former Ohio School for the Deaf property. After that, branches and neighborhoods likely to be affected include Dublin, Hilliard, Martin Luther King, Northern Lights, Northside, Parsons, and Shepard.
“Such an enthusiastic response to CML’s notes sale demonstrates the strong reputation libraries have across the country,” said CML CEO Patrick Losinski. “The sale truly exceeded our expectations. It illustrates that people see libraries as stable, worthwhile, and valuable.”