Finance committee approves plan to build new central library
The city has turned another page in its effort to build a new central library, with the finance committee Tuesday approving a financing plan to build the $175-million facility on LeBreton Flats.
The city will need to borrow $80 million to help cover its end of the development deal with Library and Archives Canada.
Selling the current flagship Ottawa Public Library property at the corner of Laurier Avenue and Metcalfe Street to Slate Properties will generate $20 million. The city will also take $1 million from library reserves and $3.2 million from development charges to build the super library, expected to open in 2024.
“We’ve never been this far down the road before,” said Beacon Hill-Cyrville Coun. Tim Tierney, who chairs the library board (the board approved the plan Monday evening).
The borrowing would mean property taxpayers would be on the hook for $6.43 million in annual debt servicing costs, but the city has already found a source of funds to offset the costs. The city is cancelling a commercial and industrial tax rebate program for vacant units, freeing up $6.9 million starting in 2019.
The OPL is also researching the possibility of launching a fundraising campaign.
In total, the city would pay $104.2 million and Library and Archives Canada would pay $70.6 million for the project.
The current LRT work site at 557 Wellington St., at the east end of LeBreton Flats, will be home to the super library. The city owns the property, but Library and Archives Canada would pay $3.49 million for its 39-per-cent slice of the land.
The city proposes to build a 200-space underground parking garage, with $18.1 million budgeted for that part of the project. Since the city would own the garage and have sole responsibility to fund the construction, it would use the parking revenues to help pay for the construction and operation of the garage. There will also be at least 120 covered bicycle parking spaces on the property.
The Pimisi LRT station is just west of the site.
The city announced in April the five groups competing for the design contract, which is scheduled to be awarded in the fall before the design process begins in 2019. First, the teams are being invited to respond to a request for proposals. The city wants a facility to meet, at minimum, the LEED Gold standard for environmental performance.
Mayor Jim Watson said he would have preferred to see construction begin this year, but the city waited until the federal government committed to the partnership, which it formally did when it released the budget in February.
He described the partnership as a “once-in-a-lifetime” opportunity. “This is going to be one of these great marquee buildings in our downtown,” Watson said.
ZIBI’S BROWNFIELDS GRANT APPROVED
The finance committee also approved the largest-ever grant application to help finance the cleanup costs of contaminated industrial lands on the Ottawa River, where Windmill Dream Ontario Holdings plans to build its flagship Zibi community.
The developer asked for more than $60 million in brownfields rehabilitation grant and development charge credits to clean up the 6.5 hectares of land it owns at 3 and 4 Booth St., on Chaudière and Albert islands.
The city’s program, which caps all grants, tax breaks and development charge reductions at 50 per cent of the eligible costs to scrub the property, is designed to kickstart development at key lands, fuelling economic development and building the property tax base.
The total costs eligible for grants under the program are $121,726,028.
The money will cover a wide range of activities, including the costs of a feasibility study and environmental assessments, new fill and grading, building demolition and rehabilitation, and half the costs of upgrading on-site infrastructure, including water services, sanitary sewers and stormwater management facilities.
Brownfields are properties where past actions have resulted in actual or perceived environmental contamination and derelict buildings. They are usually former industrial or commercial properties.