From the Austin American-Statesman
http://www.statesman.com/news/content/news/stories/local/04/27/27library.html
Land sale would help operate new Austin library
City would use money from sale of Block 21.
By Suzannah Gonzales
AMERICAN-STATESMAN STAFF
Friday, April 27, 2007
The City of Austin is proceeding with a plan to use money from the sale of a city-owned block north of City Hall to create an endowment for the new central library.
Austin Public Library Foundation staff is finalizing a trust agreement with the city for approximately $20 million: $10 million from the city, $5 million from the foundation and $5 million anticipated from interest, said Council Member Betty Dunkerley and foundation Executive Director Mary Beth Harrington.
The hope is to finalize the agreement in the next couple of weeks. Afterward, it would go before the City Council for approval.
"If this happens, it would be very, very innovative," Dunkerley said. "This is very significant. We've never done anything like this before."
The city's $10 million would come from the sale of the tract known as Block 21, the future home of W Hotel, a KLRU "Austin City Limits" television studio and the Austin Children's Museum.
The foundation's portion would be raised through donations from local corporations and people.
A draft of the agreement would give the foundation 10 years to raise its part, Harrington said.
The nonprofit foundation contributes about $500,000 annually, primarily for library programs and services, such as Wired for Youth Centers and Storytime Connection, Harrington said.
Although the endowment would be used to pay for the new central library's operational costs, it's too early to say exactly how, foundation officials said.
The new library hasn't been designed. However, more space for more books and materials, meeting rooms, an auditorium, a teen center, a children's area, an exhibit space and a cafe are envisioned.
The new library will be a much bigger, and it is much needed, said Eric Behrens, president of the foundation's board of directors.
"If you go to a bigger space, you're going to (need) more money, and that's always difficult," Dunkerley said, especially when the city budget tightens for what she calls the "have-not departments."
"We want to make sure we have that endowment," Behrens said.
When the new central library opens in 2012, operational costs are anticipated to increase by $1 million per year from the $3 million it costs to run the current central branch at Eighth and Guadalupe streets, according to Brenda Branch, director of libraries for the city.
The idea for an endowment for the central library came from Seattle.
A few years ago, city officials and members of the foundation visited the public library there, which had an endowment..
Then in November, when Austin voters approved $90 million to build a 250,000-square-foot central library west of City Hall at West Second and San Antonio streets as part of a $567 million bond package, the time seemed right to start something similar here, Behrens said.
The endowment would be a new level of support for the library system, he said.
"We want to amp it up in anticipation of the new central branch," Behrens said
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