Our Plan Offers the Following Benefits
- No referendum and no tax increase
- New 23,000 sq. ft. East Branch in Rockford’s most underserved area
- Superb, highly-visible location
- Adaptive reuse of an existing, vacated structure on East State Street
- Short timeline for project fundraising and completion
- Less expensive alternative to building a new structure
2008 Operating Budget: $8,365,246
2009 Projected Budget: $8,474,592 |
Our budget is based on property tax rates approved by voters in 1984. Growth and program expansion has occurred with funding support from community, state and federal grants, sponsorships, partnerships and donations. All donations to Rockford Public Library, a 170(c)(1) organization, or to our Foundation, a 501(c)(3), are 100% tax-deductible as allowed by law.
|
 |
East Branch Expenses
Purchase Price of Barnes & Noble Building |
$3,175,000
|
Renovation & Upgrades to Building |
$1,531,221
|
TOTAL |
$4,706,221 |
Funding Plan
City of Rockford Alternate Revenue Bonds |
$3,000,000
|
Funds from RPL Reserve |
$706,221
|
Capital Campaign |
$1,000,000
|
TOTAL |
$4,706,221 |
|
