Town Council Discusses Ways to Pay for Library

Cape Charles Wave

September 13, 2012

“You wanted a building and we got you a building,” Cape Charles Mayor Dora Sullivan told the audience at a Town Council work session September 11. She was referring to plans to buy the former Bank of America building for use as a library.

Vice Mayor Chris Bannon said public response to the proposed new library building has been “fantastic.”

The Town intends to transfer $219,000 from a bond issued in 2010 to connect two new wells to the water supply. That includes $7,000 annual interest on that portion of the bond.

Councilman Frank Wendell asked about the legality of taking bond money intended for the wells and using it to buy the bank building. Town Manager Heather Arcos said Town staff checked with the bond council and was told it was OK.

Wendell asked if a written plan existed for replacing the money for the wells. Arcos said no, but that staff was working on one. Mayor Sullivan said she wanted to replace the funds as soon as possible.

Town Planner Tom Bonadeo said the wells had been drilled but not connected. The unspent money in the bond issue was for connecting them, but current water demand is not high enough to require additional wells.

The estimated cost of immediate repairs and required upgrades to the bank building is $67,000. The biggest cost is $50,000 to repair a leaky basement. Minor costs include electrical upgrades, a handicap-accessible bathroom, higher balcony railings, removal of teller stations, and bringing exit doors up to code. [Read more…]