Council approved the guaranteed maximum price, which caps a portion of the construction costs incurred by the city, worth around $31.4 million to Balfour Beatty Construction during its Feb. 12 meeting.
Two-minute impact
The authorized funding will help pay for building improvements, increasing the building’s floor space and new site utilities, according to city documents. The guaranteed maximum price contract is part of the overall budget for the project, which is $48.1 million, per city officials.
The project will be funded through two sources: $36.1 million from the 2021 bond and $12 million in certificates of obligation issued in 2023, according to a staff briefing Feb. 5.
Library staff will remain in the temporary space that opened in October near the temporary City Hall, which houses other city staff.
What’s next?
City officials said construction on the old library location is expected to begin in March and conclude around January 2026.
The library renovation is part of a larger municipal campus update, which includes the design of a new City Hall. Demolition of the old City Hall that was damaged in an August 2022 fire could begin in May.
