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    Home»Bonds»City Council to Consider Bond Measure for Central Library Earthquake Retrofit – Pasadena Now
    Bonds

    City Council to Consider Bond Measure for Central Library Earthquake Retrofit – Pasadena Now

    July 22, 2024


    Pasadena officials are proposing a $195 million bond measure to fund a comprehensive earthquake retrofit, repair, and update of the Central Library, slated for consideration by voters during the upcoming November General Municipal Election.

    The ordinance, scheduled for discussion at Monday’s City Council meeting, aims to authorize the issuance of general obligation bonds totaling $195 million. These funds would support essential upgrades to enhance seismic resilience and modernize facilities at the Central Library, a vital community resource.

    The 1925 Central Library building has been shuttered since May 2021 due to seismic safety concerns.

    The City has completed 60% plans and cost estimate and will complete construction drawings by spring of next year.

    The Central Library is one of the three major buildings in the city’s Civic Center District as part of the Bennett Plan. It was dedicated on Abraham Lincoln’s birthday, Feb. 12, 1927.

    The plan, developed by architect Edward Bennett, placed the city’s most important civic institutions — including the library and City Hall — within an area where streets conclude at the buildings: City Hall to the east, the library to the north, and the Civic Center to the south.

    In June, Jess Rivas and Jason Lyon said they could not support the measure.

    According to the ordinance, the Public Works Department would oversee the seismic retrofit and renovation project, addressing critical safety and infrastructure needs. The Finance Department would manage the issuance of bonds and ensure the repayment structure, with an estimated annual cost of $12 million over a 30-year period.

    Financial projections indicate an average annual tax rate increase of $19.60 per $100,000 of assessed property valuation, with a maximum estimated rate of $28.90 per $100,000. The bonds’ fiscal impact primarily includes issuance costs and debt service payments, aimed at securing necessary funding while managing taxpayer burdens responsibly.

    City officials emphasize that the proposed bond measure is essential to safeguarding the Central Library against seismic risks and ensuring its continued service to the community. If approved by voters, the measure would mark a significant investment in public infrastructure aimed at meeting safety standards and enhancing library facilities for Pasadena residents.

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