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Yancey County Moves Forward On Library Project
At a special meeting held on Monday, March 29th the Yancey County Commissioners made the first step in moving forward on the Yancey County Library Project. The New Yancey County Library Project has been underway for more than a decade, fueled by volunteers on the steering committee more than $1.5 million has been raised to fund this project through grants from philanthropic organizations and fundraisers held in the community. The new library will replace the current library that is not equipped to offer services to all members of the community. "This is a day that a number of people have been looking forward to for many years. We would like to thank the Yancey County Commissioners for listening to its people and finally taking the necessary steps to complete this project", stated Chairperson of the Steering Committee, Teresa Coletta. During the public hearing held by the Board of Commissioners many people moved to near tears by talking about what the library has meant to them and how the new library will improve the community. Dr. Daniel Barron, of the AMY Regional Library System stated that, "For every $1 that is put into a library more than $4 is given back to the community. That is a great rate of return." The library project is proposed to be funded by American Recovery and Reinvestment Act (Stimulus Bill) funds in the form of Economic Development Recovery Zone Bonds, through a financing installment loan. Yancey County has been appropriating $100,000 per year to the library project for a number of years to complete the project. According to County Planner Jamie McMahan, "By doing this installment loan the county will still be budgeting the $100,000 per year it will just be going to pay back the loan while the library is being built and people can use it, the loan has no effect on Yancey County’s budget." The $1.2 million loan will be paid back in 15 years with an effective interest rate of 4.05%, which includes a 45% payback of the interest by the federal government. This was just the first step that Yancey County must go through before being able to completely move forward with the project. The loan application must now go before the Local Government Commission in Raleigh for approval. If the Local Government Commission approves the loan application then the renovation of the old Yancey Collegiate Institute building can continue. Chairman Walter Savage stated, "I hope the folks in Raleigh will realize that this is a much needed project in Yancey County and will let us move forward to complete the new library. One of the commissioners will be there when the Local Government Commission meets to make sure that the citizens of Yancey County are heard." Commissioners Jerri Storie and Johnny Riddle thanked the many volunteers who have come together over the last 10 years to give Yancey County a new library. "Without all of you this project would have never come this far. Thank you so much for helping to make Yancey County a better place", stated Commissioner Riddle. Commissioner Storie added, "We are pleased to make this first step in hopes of completing the library project and giving the people of Yancey County a library that they can be proud of and can use for years to come." The Local Government Commission will meet on May 4, 2010 to decide on Yancey County's application for financing. |