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Indianapolis to Borrow $45 Million to Finish Library ConstructionAt a public hearing January 26, the Indianapolis–Marion County Public Library board voted to borrow $45 million to cover cost overruns on its $103-million expansion project, which has been delayed several years by lawsuits stemming from faulty construction. Library officials estimate the loan will require a small increase in property taxes amounting to $3.30–$4.30 annually on a home assessed at $100,000, the Indianapolis Star reported January 27.The crowd of about 100 at the hearing was nearly unanimous in its support, with only one person arguing that the board should put the project on hold until lawsuits are resolved. Linda Mielke, the library’s CEO since 2004 who has implemented such cost-cutting efforts as canceling plans to build two new branches, was encouraged by the response, saying, “We’re a grassroots organization, and I think it showed in the diversity here tonight.” Originally scheduled for completion by the end of 2005, the project ran into trouble when cracks and holes were discovered in the concrete foundation in 2004. Disputes with the contractor caused the schedule to lag, with completion now set for February 2008. Posted February 3, 2006. |
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