The Boyd County library has about $3.5 million in its building fund as it prepares to construct a brand new library branch in the Summit area.
Boyd County Library Director Debbie Cosper said leaders of the library are hoping to have plans for the new library facility done in the next few months and put out a bid on a contractor this Fall. Cosper told the Boyd Fiscal Court the total cost for the new building is expected to be $4.5 million.
Judge Executive Eric Chaney asked if the costs will be paid for through the building fund or if the costs will be financed.
"Part of it will be financed," Cosper said. "About two thirds of it will be financed. We've paid for the land. We'll pay for the architect....and about a third of it will be paid for as well."
Construction will begin in the spring.
"Do you have budgeted how much that payment (for the financing) will be?" Chaney asked.
"$190,000 a year," Cosper said.
Cosper said once the construction and move-in are complete the library will be able to sell its older building in Summit. The old property is now too small for growing demand at the library while also "land locked with no parking," Cosper said.
Cosper has said the new library will be 18,000 square feet and sit on about three acres of land along U.S. 60 across from Summit RV. The library’s Kyova Mall branch and old Summit branch — which has been closed for years — will be combined into the new location. The library is one of the most in demand county services with about 260,000 people utilize the BCPL each year.
The library is a special taxing district and sets its own tax rates. This year the tax rate will be 12.1 cents per 1,000 of valuation for real and personal which is .3 less than last year.
"In the last 10 years the library has taken the compensating rate, or a lower rate," Cosper said. "Four times the library took less than the compensating rate for real and six times it took less than the compensating rate for personal. For seven of the last 10 years the tax rate has been at 12.4 or below for both real and personal. So the library is being responsible. We are taking a look at what is coming in and what is going out so we can maximize what we do for this community."