Library Retires Debt Bond

Traverse Area District Library Pays Off Debt for the Main Library Facility

After 20 years, the Traverse Area District Library (TADL) has issued the final payment to retire the debt bond which funded the construction of the new Main Library on Woodmere Avenue in Traverse City. The mortgage for the building is paid off, and the Library Debt levy supported by taxpayers has expired. Simply put, residents of Grand Traverse County will see their library taxes go down.

A resolution to make the final payment in the amount of $647,700 was addressed at the regular monthly meeting of the TADL Board of Trustees on March 16. To properly commemorate the approval of the final payment, the motion to approve the resolution was cast by the longest serving member of the board, Thomas Kachadurian, with a supporting motion made by the newest member, Caroline Gersch Leff. The motion passed unanimously under a roll call vote.

“As the newest serving member of the TADL Board, it’s an honor to help sustain the library as a jewel of the Traverse community for its constituents,” said Caroline Gersch Leff. “Libraries belong to their patrons, and in this case, thankfully, that now includes the brick and mortar as well!”

TADL Board of Trustees President, Jason Gillman sharing the excitement of the board, says he is proud of the library staff and management for their service to the community and for proving to voters that it’s a valuable civic investment.

“Our library facility, and the staff, is second to none,” Gillman says, “They have made it possible to expand and improve services, growing the impact of the library while holding costs down and being excellent stewards of taxpayer money.”

In 1996, voters approved a 20-year operational millage of 1.1 mills along with a facilities bond not to exceed $8.5 million. On Wednesday, May 3, the TADL Administration received a letter from US Bank confirming that the “bonds for the Traverse Area District Library were paid in full on May 1, 2017.”

Gail Parsons, Library Director, is thankful to the community for their vision and for voter support of TADL.

“The fact that the voters deemed excellent library service important enough to approve construction of such an amazing institution speaks volumes about the value they placed on what libraries do in a community,” said Parsons, “It gave me immense satisfaction to be able to submit the final payment on TADL’s debt for the Main Library.”

 


The library under construction in 1998.


The first spring after opening in 1999. (Look at how small those trees were)

Thank you to the voters of Grand Traverse County, and all of our library patrons, for your support!