By Ginny Hamilton

In the current discussion about raising the borrowing cap for the Jones Library Building Project, many questions and claims have surfaced about the project, process, and financing. In her staff role with the Friends of the Jones, Capital Campaign Manager Ginny Hamilton has pulled together this fact check with descriptions and links. 

Claim: If the Town Council authorizes borrowing, the Town will be financially responsible for the full project cost, plus interest. Not true.

The Library Trustees guarantee that the higher project cost won’t fall to the Town. The Trustees and the Town Manager have signed binding agreements that any costs beyond the MA Board of Library Commissioners (MBLC) and Town commitments are the responsibility of the Trustees.

If fundraising falls short, it is the responsibility of the Trustees to make up the difference. The Trustees have received indications of interest and eligibility from area lenders. If a loan proves to be wiser than drawing from the endowment, the Trustees would be responsible for interest on such borrowing.

Source: Memorandum of Agreement, April 2021; October 2022 Amendment; Revised cash flow, 11/27/23; Finance Committee meeting, 11/28/23, discussion about lending options.

Claim: Interest costs are hidden costs in the project. Not true.

The Town’s budget has always included borrowing costs for the project. Furthermore, with fundraising success to date and the MBLC payment schedule, current estimates for borrowing needs are lower than originally anticipated. 

Sources: Cash flow and interest costs were discussed by the Finance Committee on 11/17/23 and 11/28/23. And, the 2021 Town Council packet includes cash flow projections from that time

Claim: Continuing with the Library delays the DPW & Fire Station. Not true.

As presented to the Finance Committee at their Nov 28, 2023 meeting, Library funding will be resolved before the DPW and Fire Station projects will need to borrow funds. The library building project is farther along than the other two projects because of state funding. Capital planning depends on leveraging state grants where possible. Rejecting state funds for the Library now harms our Town’s fiscal position rather than strengthening it.

Sources: Finance Committee meeting 11/28/23, link will be posted when available. And, other than the point about “historically low interest rates”, the rest of Sarah Marshall’s August 2021 post remain relevant.

Claim: Current building plans are significantly different or diminished compared to what voters approved in 2021. Not true. 

The changes made to address the 2022 cost spike are all aesthetic in nature and do not impact climate benefits or programming goals. These changes include eliminating the saw tooth roof, using brick instead of stone on the building exterior, and reusing some existing furniture rather than purchasing new. As recently as the November 27 Building Committee meeting, architects confirmed that the current renovation and expansion plans meet or exceed project sustainability goals.

Sources: Building Committee meeting, 11/27/23, sustainability target discussion begins around 12:00. Accepted modifications Sept 2022 presentation to JLBC. And, current building plans fall 2023.

Claim: The Jones LIbrary does not belong to the Town. Misleading.

Samuel Minot Jones’ bequest in 1912 was to the Town of Amherst to build a free public library. Town officials placed the funds into a non-profit trust with the LIbrary Trustees as directors. In the 1920s, funds from the trust were used to build the library at 43 Amity Street. The Trustees are both elected Town officials and elected Board members of the nonprofit entity which owns the property. 

This is akin to the Town supporting capital improvements for the middle and high schools, even though both buildings are owned by the regional school district.

Sources: History of bequest; Amherst Town Charter; Trustee Bylaws

Claim: Cost estimates rose from $36M (2017-2021) to $46M (2022-present). True

• April 2021 Budget: $36,279,700
• November 2022 Budget: $46,139,800
• June 2023 Budget: $46,139,800
• November 2023 Estimate: $46,507,500

Sources: Library Director’s response to Questions from Town Councilors regarding the Library Renovation and Addition; November 2023 cost estimate figures are discussed in the Town Manager’s memo to the Town Council requesting the borrowing amendment.

Claim: Fundraisers are now further away from having the money than they were six years ago. Misleading.

When the Town Council approved borrowing for the project in April 2021, Jones Library Capital Campaign efforts had secured $2M of the $6M remaining funds needed, or 30%.  As of November 1, 2023, JLCC has secured $9.1M, 150% of the original goal and 55% of $16.5M needed. To date, 84% of the total project funding has been secured.

Source: JLCC Presentation to Town Council Nov 13, 2023.

Claim: It is premature to vote before we get bids. Not true.  

There are multiple reasons for the Town Council to vote now.   

• We have a strict June 30, 2024 deadline with the MBLC to sign with a General Contractor. 
• We are required to have a Bond Authorization to sign a contract. 
• Potential contractors need to know that the project is guaranteed before we post the RFP in early 2024. The dollar figure provides them with a sense of the ceiling for their bids. 
• We need time to outfit and move into the temporary space.  
• The Council vote provides confidence to potential donors that the project is moving forward. 
• Current donors are waiting to make their pledge payments until the project is confirmed by the Council vote.

Source: Library Director’s response to Questions from Town Councilors regarding the Library Renovation and Addition.

The Town Council is expected to vote on the increased borrowing authorization for the Jones Library Building Project at its meeting on Monday, December 4.

Correction: At the author’s request, this post was updated on 12/1/23 to correct an error by the author. The original statement (in the first claim above) said the Trustees have secured loan commitments, which is not accurate. The Trustees have received indications of interest and eligibility from area lenders. The source link for this correction is added.