A Response to Todays Post: Why I’m a No on the Library Deal

The City may hold the deed, but taxpayers carry the debt

I am a no, plain and simple. But let’s be clear: the City will own the library in fee simple interest and will even hold a grant deed on it. Some claim this means the City is getting a “free” library, since the City itself isn’t borrowing money. But that misses the point—property taxpayers are footing the bill for the principal and interest. In reality, the City is paying nothing; we are.

The City will also become one of two HOA owners and will need to enter into a complicated agreement with the co-owner covering maintenance, security, repairs, and ingress/egress—while at least 100 people will be living above the library, coming and going every day.

There’s no need for this arrangement. The City could keep the library right where it is—a perfectly good location—and avoid tying taxpayers into risky and complex partnerships. Instead, they’re planning to structure the financing exactly like Measure H, the $4.6 million pool bond, except this time the library would be owned as a condo.

This isn’t fiscal responsibility. It’s déjà vu, and taxpayers deserve better.

if you agree, like and share. If you disagree, please tell us why.