Keeping Vernon Branch Financing Options Open on Library's Board Agenda Today.

OKANAGAN REGIONAL LIBRARY BOARD
REGULAR BOARD MEETING WEDNESDAY, MAY 21, 2008, 10:00 A.M.
KELOWNA BRANCH LIBRARY 1380 ELLIS STREET, KELOWNAVernon

• 3.2 Summerland Branch, Presentation By Developer – Mike Rink (25 mins.) (Decision and motion on Summerland to be made after presentation and discussion of other new Branches – Item 3.6)
  
• 3.3 Vernon Branch – Stakeholders’ Committee Chair
  3.3.1 Stakeholders’ Committee Report (To be distributed at the meeting)
  3.3.2 Letter from City of Vernon, dated March 11, 2008 (Attached)
  3.3.3 Staff Report (Attached)
  
• 3.6 Financing Options For New Buildings: Memo and Building Reserve Balances Spreadsheet – D. Nettleton (Attached)
  (Discussion and Decision on New Summerland Branch, and Keeping Vernon Branch
  Financing Options Open)
  Motion:
  To commit to purchase (or not purchase) the new Summerland Building from financing coming from _______________.
  
• 5.2.2 RDCO, Regional Board Report dated April 22, 2008 (Attached)
  
  Motion from Finance Committee, April 25, 2008: “To recommend that the Library request the Central Okanagan Regional District to borrow from the MFA, on behalf of the Okanagan Regional Library as suggested by Minister Ida Chong, for the purposes of financing the new Library headquarters building at 1430 KLO Road, a maximum of $4.5M to be fully repaid by the Library over the period of 20 years. The Okanagan Regional Library will provide payment guarantees or terms as necessary. The Okanagan Regional Library will also reimburse the Regional District for all costs associated with arranging for the MFA loan. The Board recognizes that this arrangement will be less expensive financing, thus saving taxpayer money.”
• 5.2.3 HQ Short Term Financing: Letter from B. Williamson, dated May 2, 2008 (Attached)
  
  Motion from Finance Committee, April 25, 2008: “To recommend that the Board amend the 2008 Okanagan Regional Library operating budget to include an expenditure of 4.5M for the construction of the new headquarters building. The revenue offset to this would be long term financing (source to be finalized).”