Joliet To Loan $3.5 Million For Black Road Library Project?

JOLIET — Now that the Joliet Public Library has spent about $10.5 million on its Project Burnham to renovate the downtown library, the city of Joliet is being asked to loan the Joliet Public Library another $3.5 million to remodel the Black Road library branch.

The Joliet City Council will vote on a proposed ordinance to approve a $3.5 million loan agreement with the Joliet Public Library as part of Tuesday night's meeting agenda.

According to the Council memo:

The Joliet Public Library has requested $3.5 million loan to finance their remodeling project at the Black Road Branch. The current scope of the project is:

• New paint and carpeting
• Separate youth and adult areas for quiet/study/business
• Provide a play area for children/youth
• Include more private study rooms/collaboration rooms
• Reconfigure an extremely problematic circulation area and staff space

According to City Hall officials: The proposed loan would be for a term of 20 years at market interest rates. The Library would have the ability to prepay the loan without penalty and request one refinance during the term. The loan agreement provides the City a lien on the Library’s property tax receipts to ensure payment and requires that 3 percent of the Library’s property tax be allocated toward capital improvements.

"It is recommended that the City Council approve this ordinance," wrote Joliet Finance Director Kevin Sing.