How much will the new Tiverton Public Library cost?

The Trustees recognize that funding a new library is challenging. For this reason, we set out to identify funding resources that will minimize the use of property tax dollars and still allow us to transform Tiverton Library Services into a vital Town asset. Today, we are well on the way to reaching this goal:

• The Trustees acquired an easily accessible, ideal site at Bliss Four Corners — at no cost to the Town.
• Architects have completed drawings, renderings and cost estimates for a LEED-certified “green” library — again funded through grants and private donations and at no cost to the Town.
• The State of Rhode Island’s Office of Library and Information Services will reimburse the Town up to 50% of the eligible construction costs — after the library is built.

Further, the Tiverton Library Foundation, a 501(c) (3) non-profit organization, has been established to conduct a capital campaign to secure major gifts from private donors for construction costs. An independently conducted Capital Campaign Feasibility Study projects that approximately 75% of the cost to build a new library in Tiverton will come from the capital campaign, grants, and State reimbursement funds. While Tiverton residents would need to approve a bond, payable over 20 years, only the remaining 25% of project costs would be paid from Town taxes.In more concrete terms, the Town of Tiverton will pay less than $3 million for a new $11 million “green” library and Town meeting center.