Background
Thanks to the incredible support of local residents, organizations and businesses, the Altadena Library District is embarking on an ambitious multi-year project to repair, modernize, and improve both the Main and the Bob Lucas Memorial Library beginning in the spring of 2022.
The passage of Measure Z in November of 2020 authorized the Altadena Library District Community Facilities District (CFD) to issue bonds, and after careful planning and cost estimation for both building projects, these 2022 CFD Bonds are scheduled to be sold February 17, 2022 on the open market. Altadena residents will have priority to purchase the proposed bonds. For financial information about this bond issuance, click to download the Altadena Library District Preliminary Official Statement.
How Altadenans Can Purchase Bonds
If you are interested in purchasing bonds and further supporting the Altadena Libraries, please contact:
Rose Thompson
Hilltop Securities Inc.
(214) 859-9466
You will need to contact Hilltop Securities on or before February 16, 2022. You will be connected with a local Hilltop Securities retail broker to set up an account (this should take about 15 minutes) but are under no obligation to purchase bonds.
Additionally, as we kick off this project in the coming weeks, we will be out and about in the community listening to what you want in your libraries. We look forward to hearing from you.
Measure Z & Community Facilities District Background
In August 2020, the Board of Trustees adopted resolutions establishing the Altadena Library District Community Facility District and calling a special election to submit the levy of special taxes and incurring bonded indebtedness to finance the capital improvements to qualified voters residing within the District.
On November 3, 2020, the registered voters of the District, by more than a two-thirds vote, authorized the district to incur bonded indebtedness in the aggregate principal amount not to exceed $24,000,000 to be secured by the levy of special taxes on taxable property within the District. (www.altadenalibrary.org/MeasureZ).
The CFD Committee, formed by the Board of Trustees in December 2020, provides critical guidance over the implementation, from developing the bond issuance team and debt structure, managing the bond proceeds to providing oversight of the capital improvement projects and supporting the solicitation of community feedback throughout the process.
Frequently Asked Questions
What will this project cost an average Altadena homeowner?
The proposed cost for owners of single-family residences is 10 cents per square foot. The typical homeowner in the Library District will pay about $14 per month. Other property types will have different rates. The assessment will appear on local property tax bills and be due and paid along with other property taxes.
Are there tax exemptions for low-income households?
Yes, there are exemptions for low-income households available for anyone who qualifies. Property owners will be able to apply for this exemption between April 1-June 30, 2022. For more information, contact: ALD Director Nikki Winslow at (626) 798-0833, ext. 103 or via email at nwinslow@altadenalibrary.org.
Will businesses share in the cost of the project?
Yes, both commercial and residential property owners are subject to the assessment.
How much will a local business share in the cost?
Commercial properties will pay a flat rate. Those under 10,000 square feet will pay one rate, and those over 10,000 square feet will pay another.
How much is being bonded?
The CFD will be issuing $21.125 million in land-secured municipal bonds. Measure Z, which voters passed in November 2020, authorized for up to $24 million to be issued.
Can I buy these municipal bonds?
Yes. The sale of the bonds will take place on February 17, 2022. Those interested in purchasing must set up an account with Hilltop Securities no later than February 16, 2022 to participate in the sale.
If so, how?
Contact Rose Thompson with Hilltop Securities at 214-859-9466 to set up an account to participate in the bond sale on February 17, 2022. It only takes about 15 minutes to set up the account.
When will they be available?
The bond sale will take place on the morning of February 17, 2022.
Why was this amount chosen?
Voters were asked to approve up to $24M in bonds based on the initial cost estimating. With the help of a professional project management firm, we were able to reduce the total estimated costs, including contingencies, to $22.5M. The Board of Trustees voted in December 2021 to sell $21.125 million in bonds, and with a AA- credit rating given to the District on February 2, 2022, the District will be selling Premium Bonds that will provide more in proceeds. Property owners will be taxed only on $21.125 million.