Stanley library project advances with $4 million in bonding, to be repaid by gifts

Posted 6/19/24

STANLEY, WI – An innovative, community-based financing approach will make it possible to restore and expand Stanley’s historic D.R. Moon Memorial Library, with city-sponsored borrowing …

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Stanley library project advances with $4 million in bonding, to be repaid by gifts

Posted

STANLEY, WI – An innovative, community-based financing approach will make it possible to restore and expand Stanley’s historic D.R. Moon Memorial Library, with city-sponsored borrowing repaid by donors to the $4.5 million project.
Monday night, the City Council approved a resolution to issue $4 million in bonds for the project, to be repaid in installments over 10 years by philanthropic contributions to the library. The plan does not include any tax funding for the library project.
“We’re grateful to our city leaders who recognize the need to preserve our 123-year-old library and expand it to meet the Stanley area’s need for a modern library and a community gathering spot,” said Elizabeth Miniatt, the library’s director. “Our improved library will serve the community – from preschool kids to senior citizens – for generations to come.”
Cathy Ryba, president of the library board, said the borrowing plan paves the way for construction to begin as early as 2025.
“The funding vehicle approved by the council is visionary, helping us triple the library’s size while retaining its historic character, improving its programming and technology, providing ADA accessibility, and adding community meeting space,” Ryba said. “Generous donors have already committed more than $500,000 to the project. This new opportunity through the City of Stanley will speed construction and save money as we continue our efforts to fund the project through philanthropic giving.”
Miniatt said the funding plan offers several important benefits:
• It allows construction to begin as early as summer 2025. Bonding allows the library to move ahead sooner and avoid future construction-cost increases.
• It extends the gift-funding period, allowing potential donors to spread their contributions over a decade, an attractive way for benefactors to plan their giving.
• It provides a powerful demonstration to potential donors of the city’s commitment and confidence in the project.
“People see the need to preserve and expand our library, and we are confident that this bonding initiative will inspire donors and the community to become involved in new and exciting ways,” Miniatt said. “It’s encouraging to see our community and city leaders coming together to build this community asset and make a commitment to lifelong learning.”
For more information on the library project, visit: stanleylibrary.org/building-project. To make a gift to the project, visit: stanleylibrary.org/donate.