How is Jefferson County Public Library going to pay for the new library in Olde Town Arvada?
Funding for the new library will come from three sources: Jefferson County Public Library, the City of Arvada and Jefferson County. The city contributed the library site and is paying for the cost of the parking lot, which will be used by library patrons as well as shoppers and visitors to Olde Town. The Arvada Urban Renewal Authority is funding a renovation to the Olde Town Square, which is next to the new library building site. Jefferson County Public Library will pay the $9.9 million needed to design, construct, furnish and equip the new library. These building costs are financed with certificates of participation (COPs). The Library bundled COP issuance with other county building projects for cost-efficiency. The COPs were issued at a competitive public auction and purchased by investors at an annual interest rate of 4.1 percent. Jefferson County Public Library will repay the COPs in no more than 20 years, at an annual cost of $750,000. In addition to the $750,000 mortgage payment,