Public financing phase is complete

Voters approved issuing $21.8 million in bonds in the April 2017 referendum. Moody's Investors Service assigned an Aa2 rating to Geneva Public Library District to issue General Obligation Library Bonds to construct a new library at 227 S. Seventh St. Bond sales occurred in June 2017 and November 2018, and the Library has received all $21.8 million in public financing for the project.

How much will a new library cost me?

Using current cost estimates, the tax impact for offering an expanded Geneva Public Library is $98.70 per year, or $8.23 per month for the owner of a home with a $300,000 market value.

How can I estimate my potential tax increase?

For homeowners in Geneva Township you can estimate your potential increase for expanded library service by multiplying the total amount you pay in property taxes times .011. For example, if you currently pay $8,000 per year in taxes your tax increase would equal approximately $88 per year ($8,000 x .011=$88). 

If you don't have your tax bill handy you can get a copy online by visiting the Kane County Treasurer's website.  

Costs are determined by square footage and amenities. Total project cost, including site preparation, building construction costs, architectural design fees, construction management fees, costs associated with the bond issue, technology infrastructure, furnishings, etc. is $22,100,000. Read full Financial Planning Report

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How much do I pay
for the Library now?

The Library is funded primarily by property taxes, not sales tax, and accounts for one of the smallest portions of the tax bill--approximately 3% of the average tax bill in Geneva. Programs and services are available to community members at all ages and stages of life at no extra cost.

"The District is currently in good financial condition.  If resources are managed wisely, the District should be able to elevate its current level of services in a larger, contemporary facility, without asking for a limiting rate increase. This is feasible because operating expenses in a modern designed, energy efficient building should decrease..."--Ehlers Financial 

Read full Financial Planning Report. 

How will you afford
to operate a larger facility?


127 James Street  | Geneva, IL 60134 | 630-232-0780 phone | 630-232-0881 fax

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