mission statement:the lagrange county library will meet the informational and educational needs of...
TRANSCRIPT
Mission Statement:“The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and courteous manner.”
LaGrange County Public LibraryOverview and History of the Library
LaGrange County Public LibraryOverview
Original Carnegie Library built in 1917 Added onto and expanded into the former
Town Hall “Two Libraries” – normal community library
and a Book Mobile, virtual library on wheels
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LaGrange County Public LibraryOverview (cont’d)
Over 61,000 books in the library with another 23,000 plus books dedicated to the Book Mobile
Staff of over a dozen that operates many different programs and areas.
Book Mobile, staff work areas, library program activity spaces, plus vertical circulation, utility and storage exist in a building that is less than 12,000 square feet of area on six different floor levels.
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LaGrange County Public LibraryOverview (cont’d)
The infrastructure on the conglomerate building is mixed and outdated Combination of boilers and coil-exchange units
heat building Lighting is not uniform and in many cases
inadequate Handicapped have no meaningful access to the
library
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LaGrange County Public LibraryOverview (cont’d)
Physical structure fails to match demands placed upon it by its patrons which hinders the Library’s Mission
Staff work areas overlap or are non-existent Lack of space forces storage of resource material
on exit-way stairs Public’s ability to use the library for its intended
use is increasingly compromised
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LaGrange County Public LibraryProposal
The Library should move forward with a comprehensive renovation to the existing library
Design should render an achievable and functional platform for library operations today and into the foreseeable future
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LaGrange County Public LibraryProposal (cont’d)
Citizens of LaGrange County provided substantial input in several meetings: Library should stay at current location Provide better parking Design sensitive to safety Library should strengthen Downtown area Commitment to the convenient and easy use by the
Amish
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LaGrange County Public LibraryProposal (cont’d)
Citizens of LaGrange County provided substantial input in several meetings: (cont’d) Emotional attachment to the architecture of the
original Carnegie Library Fully accessible to the handicapped Architectural design is sympathetic to existing design Possible need for a second Book Mobile Innovative design that is cost-effective and clever
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LaGrange County Public LibraryProject Costs and Financing
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LaGrange County Public LibrarySchedule of Bonding Capacity
Pay 2008 Net Assessed Value (1) $ 2,191,326,450
Total General Obligation Bonding Capacity (2) 14,608,843
Less: 2007 BAN - Maximum Authorized
(1,250,000)
Current General Obligation Bonding Capacity $ 13,358,843
(1) Per the Pay 2008 LaGrange County Abstract.
(2) Calculated as 1/3 of 2 percent of Pay 2008 Net Assessed Value.
LaGrange County Public LibraryEstimated Project Costs and Funding
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Estimated Project CostsConstruction Cost $6,099,594 General Conditions 487,968 General Contractor's Overhead and Profit 395,254
Total Estimated General Construction 6,982,816
Construction Contingency 593,539 Furniture, Fixtures, Equipment 745,000 Architectural Fees 665,708 Surveys 15,000 Reimbursables 25,000
Total Estimated Other Construction 2,044,247
Estimated Financing CostsLegal, Bond Counsel, Financial Advisory 100,000 Underwriter's Discount 70,950 Bond Insurance 61,997 Bond Rating 10,000 Capitalized Interest and Contingencies 217,075
Total Estimated Project Costs $9,487,085
Estimated Project FundingProposed General Obligation Bonds of 2009 $9,460,000 Estimated Interest Earnings (.5% over 15 months) 27,085
Total Estimated Project Funding $9,487,085
LaGrange County Public LibraryEstimated Project Costs
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$6,099,594
$883,222
$593,539
$1,450,708
$242,947 $217,075
Construction Cost
General Conditions/Overhead and Profit
Construction Contingency
Furniture, Architect Fees, Surveys, Reimbursables
Financing Costs
Capitalized Interest
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LAGRANGE COUNTY PUBLIC LIBRARY
SCHEDULE OF AMORTIZATION OF $9,460,000 PROPOSED PRINCIPALAMOUNT OF GENERAL OBLIGATION BONDS OF 2009
Principal and Interest Payable Semiannually, January 15th and July 15thAssumed Interest Rates as Indicated
Assumed Issuance Date - October 15, 2009
Payment Principal Debt Service BondDate Balance Principal % Interest Total Year Total
(In Thousands) 1/15/2010 $9,460 $130,075.00 (1) $130,075.00 $130,075.00 7/15/2010 9,460 $145 5.50% 260,150.00 405,150.00 1/15/2011 9,315 150 5.50% 256,162.50 406,162.50 811,312.50 7/15/2011 9,165 150 5.50% 252,037.50 402,037.50 1/15/2012 9,015 155 5.50% 247,912.50 402,912.50 804,950.00 7/15/2012 8,860 160 5.50% 243,650.00 403,650.00 1/15/2013 8,700 165 5.50% 239,250.00 404,250.00 807,900.00 7/15/2013 8,535 170 5.50% 234,712.50 404,712.50 1/15/2014 8,365 175 5.50% 230,037.50 405,037.50 809,750.00 7/15/2014 8,190 180 5.50% 225,225.00 405,225.00 1/15/2015 8,010 185 5.50% 220,275.00 405,275.00 810,500.00 7/15/2015 7,825 190 5.50% 215,187.50 405,187.50 1/15/2016 7,635 195 5.50% 209,962.50 404,962.50 810,150.00 7/15/2016 7,440 200 5.50% 204,600.00 404,600.00 1/15/2017 7,240 205 5.50% 199,100.00 404,100.00 808,700.00 7/15/2017 7,035 210 5.50% 193,462.50 403,462.50 1/15/2018 6,825 215 5.50% 187,687.50 402,687.50 806,150.00 7/15/2018 6,610 220 5.50% 181,775.00 401,775.00 1/15/2019 6,390 230 5.50% 175,725.00 405,725.00 807,500.00 7/15/2019 6,160 235 5.50% 169,400.00 404,400.00 1/15/2020 5,925 240 5.50% 162,937.50 402,937.50 807,337.50 7/15/2020 5,685 250 5.50% 156,337.50 406,337.50 1/15/2021 5,435 255 5.50% 149,462.50 404,462.50 810,800.00 7/15/2021 5,180 260 5.50% 142,450.00 402,450.00 1/15/2022 4,920 270 5.50% 135,300.00 405,300.00 807,750.00 7/15/2022 4,650 275 5.50% 127,875.00 402,875.00 1/15/2023 4,375 285 5.50% 120,312.50 405,312.50 808,187.50 7/15/2023 4,090 290 5.50% 112,475.00 402,475.00 1/15/2024 3,800 300 5.50% 104,500.00 404,500.00 806,975.00 7/15/2024 3,500 310 5.50% 96,250.00 406,250.00 1/15/2025 3,190 315 5.50% 87,725.00 402,725.00 808,975.00 7/15/2025 2,875 325 5.50% 79,062.50 404,062.50 1/15/2026 2,550 335 5.50% 70,125.00 405,125.00 809,187.50 7/15/2026 2,215 345 5.50% 60,912.50 405,912.50 1/15/2027 1,870 355 5.50% 51,425.00 406,425.00 812,337.50 * 7/15/2027 1,515 365 5.50% 41,662.50 406,662.50 1/15/2028 1,150 370 5.50% 31,625.00 401,625.00 808,287.50 7/15/2028 780 385 5.50% 21,450.00 406,450.00 1/15/2029 395 395 5.50% 10,862.50 405,862.50 812,312.50
Totals $9,460 $6,039,137.50 $15,499,137.50 $15,499,137.50
(1) Represents Capitalized Interest.* Maximum yearly debt service payment, $812,338.
LaGrange County Public Library Estimated Monthly Homeowner Tax Impact
(Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment)
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$75,000 99,800* $150,000 $200,000 $250,000 $0.00
$2.00
$4.00
$6.00
$8.00
$0.56
$1.11
$2.21
$3.32
$4.42
Estimated Monthly Homeowner Tax Impact
$75,000 99,800* $150,000 $200,000 $250,000
Note: Based on residential assessed values less homestead deduction (lesser of $45,000 or 60%), 35% supplemental homestead deduction and mortgage deduction ($3,000).Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.*Median home value in LaGrange County, per 2000 Census.
LaGrange County Public Library Estimated Monthly Homeowner Tax Impact
(Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment)
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Estimated tax rate impact $0.0407
Market value of home: Monthly Annual
$75,000 $0.56 $6.72 $99,800* $1.11 $13.28
$150,000 $2.21 $26.56 $200,000 $3.32 $39.78 $250,000 $4.42 $53.01
Note: Based on residential assessed values less homestead deduction (lesser of $45,000 or 60%), 35% supplemental homestead deduction and mortgage deduction ($3,000).Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.*Median home value in LaGrange County, per 2000 Census.
LaGrange County Public Library Estimated Annual Tax Impact Per Acre Farmland
(Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment)
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Series1$0.00
$0.20
$0.40
$0.60
$0.80
$0.49
Estimated tax impact per acre of farmland
Note: Based on assessed value of $1,200 per acre established by the State of Indiana for budget year 2009, current county productivity factors applied for different soil types. Farm improvements and commercial property incremental increase per $100 of assessed value - $.0407.
Estimated Annual Farmland Tax Impact per Acre
LaGrange County Public Library Estimated Annual Commercial Tax Impact
(Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment)
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$75,000 99,800* $150,000 $200,000 $250,000 $0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$40.70
$61.05
$81.40
$101.75
$122.10
Estimated Annual Commercial Tax Impact
$100,000 $150,000 $200,000 $250,000 $300,000
Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.
LaGrange County Public Library Estimated Annual Commercial Tax Impact
(Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment)
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Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.
Estimated tax rate impact $0.0407
Value of Est. Maximum Est. MaximumBusiness Monthly Impact Annual Impact
$100,000 $3.39 $40.70 $150,000 $5.09 $61.05 $200,000 $6.78 $81.40 $250,000 $8.48 $101.75 $300,000 $10.18 $122.10
LaGrange County Public LibraryIllustrative Property Tax Bill - $100,000 Home Value
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LaGrange Town Taxing District
Taxes Payable 2007 (Old Method)
Taxes Payable 2008 (Old Method)
Estimated Taxes Payable
2009 (New Method)
Estimated Taxes Payable
2010 (New Method) Without Project
Estimated Taxes Payable
2010 (New Method) Including Project
(1) (1)$100,000 Home ValueGross Assessed Value $100,000 $100,000 $100,000 $100,000 $100,000 Less Homestead Deduction (45,000) (45,000) (45,000) (45,000) (45,000)
Less Supplemental Homestead Deduction (19,250) (19,250) (19,250)Less Mortgage Deduction (3,000) (3,000) (3,000) (3,000) (3,000)Net Assessed Value 52,000 52,000 32,750 32,750 32,750 Apply District Rate per $100 of A.V. 2.4228 2.4551 1.9810 (2) 1.9810 (2) 2.0217 (2) (3)Equals Gross Taxes 1,260 1,277 649 649 662 Less State Credits (SPTRC, Homestead) (540) (4) (684)(5) (57)(6) (57)(6) (58)(6)Estimated Net Tax Liability prior to one-time State Credit 720 593 592 592 604 Less Additional State Credits 0 (220)(7) (39)(7) (22)(7) (23)(7)Equals Net Tax Liability 720 373 553 570 581 Less Circuit Breaker Tax Credit 0 0 0 0 0 Property Tax Due with Circuit Breaker $720 $373 $553 $570 $581
(1) Assumes tax impact for budget year 2010.(2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies.(3) The Proposed General Obligation Bonds of 2009 are included.(4) Assumes PTRC rate of 25.59%, State HS Credit of 14.77% and County HS Credit of 8.41%(5) Assumes PTRC rate of 24.0%, State HS Credit of 30.18% and County HS Credit of 8.72%(6) Assumes County HS Credit of 8.72%.(7) Based on Estimated Additional State Credit of 22.65% in 2008, 7.93% in 2009 and 4.53% in 2010.
LaGrange County Public Library Illustrative Property Tax Bill $100,000 Homestead– LaGrange Civil Town
(For Homestead Properties Subject to the 1% Tax Cap)
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1$0
$200
$400
$600
$800
$1,000
$1,200
$720
$373
$553 $570 $581
Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method)Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without ProjectEstimated Taxes Payable 2010 (New Method) Including Project
LaGrange County Public LibraryIllustrative Property Tax Bill - $100,000 Commercial Property
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LaGrange Town Taxing District
Taxes Payable
2007 (Old Method)
Taxes Payable
2008 (Old Method)
Estimated Taxes
Payable 2009 (New Method)
Estimated Taxes
Payable 2010 (New Method) Without Project
Estimated Taxes
Payable 2010 (New Method) Including
Project (1) (1)
$100,000 CommercialGross Assessed Value $100,000 $100,000 $100,000 $100,000 $100,000 Apply District Rate per $100 of A.V. 2.4228 2.4551 1.9810 (2) 1.9810 (2) 2.0217 (2) (3)Equals Gross Taxes 2,423 2,455 1,981 1,981 2,022 Less State Credits (Business PTRC) (293)(4) (284)(5)Less Circuit Breaker Tax Credit 0 0 0 0 0 Property Tax Due with Circuit Breaker $2,130 $2,171 $1,981 $1,981 $2,022
(1) Assumes tax impact for budget year 2010.(2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on the restated tax rate of $1.9810.(3) Includes the estimated tax impact of $0.0407 for the Proposed $9,460,000 General Obligation Bonds of 2009 (4) Assumes Business PTRC of 12.11%(5) Assumes Business PTRC of 11.56%
LaGrange County Public LibraryIllustrative Property Tax Bill $100,000 Commercial – LaGrange Civil Town
(For Commercial Properties Subject to the 3% Tax Cap)
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1$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$2,130 $2,171 $1,981 $1,981 $2,022
Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method)Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without ProjectEstimated Taxes Payable 2010 (New Method) Including Project
LaGrange County Public LibraryIllustrative Property Tax Bill - $100,000 Home Value
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Johnson Township Taxing District
Taxes Payable
2007 (Old Method)
Taxes Payable 2008 (Old Method)
Estimated Taxes Payable
2009 (New Method)
Estimated Taxes Payable
2010 (New Method) Without Project
Estimated Taxes Payable
2010 (New Method) Including Project
(1) (1)$100,000 Home ValueGross Assessed Value $100,000 $100,000 $100,000 $100,000 $100,000 Less Homestead Deduction (45,000) (45,000) (45,000) (45,000) (45,000)Less Supplemental Homestead Deduction (19,250) (19,250) (19,250)Less Mortgage Deduction (3,000) (3,000) (3,000) (3,000) (3,000)Net Assessed Value 52,000 52,000 32,750 32,750 32,750 Apply District Rate per $100 of A.V. 1.5012 1.4619 0.9062 (2) 0.9062 (2) 0.9469 (2) (3)Equals Gross Taxes 781 760 297 297 310 Less State Credits (SPTRC, Homestead) (333)(4) (387)(5) (26)(6) (26)(6) (27)(6)Estimated Net Tax Liability prior to one-time State Credit 448 373 271 271 283 Less Additional State Credits 0 (123)(7) (17)(7) (10)(7) (10)(7)Equals Net Tax Liability 448 250 254 261 273 Less Circuit Breaker Tax Credit 0 0 0 0 0 Property Tax Due with Circuit Breaker $448 $250 $254 $261 $273
(1) Assumes tax impact for budget year 2010.(2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies.(3) The Proposed General Obligation Bonds of 2009 are included.(4) Assumes PTRC rate of 29.02%, State HS Credit of 10.86% and County HS Credit of 8.41%(5) Assumes PTRC rate of 28.34%, State HS Credit of 22.89% and County HS Credit of 8.72%(6) Assumes County HS Credit of 8.72%.(7) Based on Estimated Additional State Credit of 22.65% in 2008, 7.93% in 2009 and 4.53% in 2010.
LaGrange County Public LibraryIllustrative Property Tax Bill $100,000 Homestead – Johnson Township
(For Homestead Properties Subject to the 1% Tax Cap)
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1$0
$100
$200
$300
$400
$500
$600
$448
$250 $254 $261 $273
Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method)Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without ProjectEstimated Taxes Payable 2010 (New Method) Including Project
LaGrange County Public LibraryIllustrative Property Tax Bill – 100 Acres Farmland
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Johnson Township Taxing District
Estimated 2007 Tax Bill
Estimated 2008 Tax Bill
Estimated 2009 Tax Bill at New AV
per Acre
Estimated 2010 Tax Bill (Without
Project)Estimated 2010 Tax Bill (With Project)
Net Assessed Value of 100 acres of Farmland (1) $88,000 $114,000 $120,000 $125,000 $125,000
Apply Effective Tax Rate 1.0656 (2) 1.0477 (3) 0.9062 (4) 0.9062
(4) 0.9469 (4)(5)
Property Tax Due Before Circuit Breaker 938 1,194 1,087 1,133 1,184
Less: Circuit Breaker Tax Credit 0 0 0 0 0
Property Tax Due with Circuit Breaker $938 $1,194 $1,087 $1,133 $1,184
Circuit Breaker Limit (2% tax cap) $2,500 $2,500
(1) Assumes farmland is assessed at $880 per acre in 2007, $1,140 per acre in 2008, $1,200 per acre in 2009 and $1,250 per acre in 2010 (base value established by State).
(2) Based on the 2007 gross property tax rate of $1.5012 for Johnson Township, reduced by the 2007 property tax replacement credit of 29.0162%.
(3) Based on the 2008 gross property tax rate of $1.4619 for Johnson Township, reduced by the 2008 property tax replacement credit of 28.336%.(4) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on the restated tax rate of $0.9062.
(5) Includes the estimated tax impact of $0.0407 for the Proposed $9,460,000 General Obligation Bonds of 2009
LaGrange County Public Library Illustrative Property Tax Bill – Johnson Township
(For Farmland Properties Subject to the 2% Tax Cap)
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Assumes farmland is assessed at $880 per acre in 2007, $1,140 per acre in 2008, $1,200 per acre in 2009 and $1,250 per acre in 2010 (base value established by State).
Series1$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$938
$1,194 $1,087 $1,133 $1,184
Estimated 2007 Tax Bill Estimated 2008 Tax Bill Estimated 2009 Tax Bill at New AV per AcreEstimated 2010 Tax Bill (Without Project) Estimated 2010 Tax Bill (With Project)
2007 2008 2009 2010 2010
LaGrange County Public LibraryIllustrative Property Tax Bill - $100,000 Commercial Property
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Johnson Township Taxing District
Taxes Payable
2007 (Old Method)
Taxes Payable
2008 (Old Method)
Estimated Taxes Payable
2009 (New Method)
Estimated Taxes Payable
2010 (New Method) Without Project
Estimated Taxes Payable
2010 (New Method) Including
Project (1) (1)
$100,000 CommercialGross Assessed Value $100,000 $100,000 $100,000 $100,000 $100,000 Apply District Rate per $100 of A.V. 1.5012 1.4619 0.9062 (2) 0.9062 (2) 0.9469 (2) (3)Equals Gross Taxes 1,501 1,462 906 906 947 Less State Credits (Business PTRC) (294)(4) (284)(5)Less Circuit Breaker Tax Credit 0 0 0 0 0 Property Tax Due with Circuit Breaker $1,207 $1,178 $906 $906 $947
(1) Assumes tax impact for budget year 2010.
(2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on restated tax rate of $0.9062(3) Includes the estimated tax impact of $0.0407 for the Proposed $9,460,000 General Obligation Bonds of 2009 (4) Assumes Business PTRC of 19.56%(5) Assumes Business PTRC of 19.44%
LaGrange County Public LibraryIllustrative Property Tax Bill $100,000 Commercial – Johnson Township
(For Commercial Properties Subject to the 3% Tax Cap)
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1$0
$500
$1,000
$1,500
$2,000
$1,207 $1,178
$906 $906 $947
Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method)Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without ProjectEstimated Taxes Payable 2010 (New Method) Including Project
LaGrange County Public LibraryBenefits of the New Library
LaGrange County Public LibraryBenefits of the New Library
Up-to-date accessibility to all areas of the library by all patrons
Increased number of computers available to the community
Updated and expanded collection of books, periodicals and CD’s
Private study rooms will be available for small groups and will also be available for tutoring students
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LaGrange County Public LibraryBenefits of the New Library (cont’d)
Community Rooms will be available for groups of up to 200 people Rooms can be divided for groups of 100 or less Rooms can be used for quilting classes, GED classes,
online classes and more. Rooms will also be available for rent to for profit
groups Expanded resources for home schoolers
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LaGrange County Public LibraryBenefits of the New Library (cont’d)
More children’s programs with the ability to perform shows, experiments, puppet shows and more
The Library will have separate areas for youth, young adults and adults
There will be expanded seating and lounge areas for reading and studying
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LaGrange County Public LibraryBenefits of the New Library (cont’d)
There will be improved restroom facilities There will be increased parking spaces available
to the patrons Since the Library will be located in the
Downtown area, it will be easily accessible to the court house and grade schools for programs and visitation for the younger students
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Mission Statement:“The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and courteous manner.”
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