Sacramento assistant city manager John Dangberg today confirmed the North Natomas Library project will continue to completion without delay and without an interim loan from the North Natomas Finance Plan.
A loan from the NNFP was being considered to keep the project moving forward despite a lag in state funding. According to Dangberg, there have been favorable developments in the bond market and “the State had a bond sale this week that went better than expected. This may result in the State issuing additional bonds that would speed the delivery of the $7 million library grant to the City.”
Meanwhile, city officials are pursuing a new option offered by the State whereby municipalities with pending state funded projects can purchase bonds with pension funds under a private placement. Proceeds of the bond sale would fund that municipalities projects.
In the event one of the above options does not occur within the needed time frame, the city will pursue an interim loan for the library through the Public Transit Fund.
This looks like great news, if indeed the bonds continue to sell. I guess I can put away my pitchfork and snuff out my torch for a while.
then why the hell couldn’t they build a fire station without NNFP funds… a much bigger priority than a libaray.
I happen to agree. I live in north Natomas but am happy that there is a library in South Natomas that I can go to. I remember when there was no library in Natomas. Why the rush to pay for 2 in one area? I would have much rather have seen the police or fire station in. I have a feeling the school district pushed the city to go that route. Another poor decision.
the library was given the go ahead because it was part of a join use agreement between the high school, college and community. Sharing books and resources saves money.
The exchange above is one of the things I love about this blog. Questions asked and answered and we are all a little wiser about what is going on in our neighborhood. BAS