Mission Statement:The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and

Mission Statement:“The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and courteous manner.”

LaGrange County Public LibraryOverview and History of the Library

LaGrange County Public LibraryOverview

Original Carnegie Library built in 1917 Added onto and expanded into the former

Town Hall “Two Libraries” – normal community library

and a Book Mobile, virtual library on wheels

3

LaGrange County Public LibraryOverview (cont’d)

Over 61,000 books in the library with another 23,000 plus books dedicated to the Book Mobile

Staff of over a dozen that operates many different programs and areas.

Book Mobile, staff work areas, library program activity spaces, plus vertical circulation, utility and storage exist in a building that is less than 12,000 square feet of area on six different floor levels.

4


The infrastructure on the conglomerate building is mixed and outdated Combination of boilers and coil-exchange units

heat building Lighting is not uniform and in many cases

inadequate Handicapped have no meaningful access to the

library

5


Physical structure fails to match demands placed upon it by its patrons which hinders the Library’s Mission

Staff work areas overlap or are non-existent Lack of space forces storage of resource material

on exit-way stairs Public’s ability to use the library for its intended

use is increasingly compromised

6

LaGrange County Public LibraryProposal

The Library should move forward with a comprehensive renovation to the existing library

Design should render an achievable and functional platform for library operations today and into the foreseeable future

7

LaGrange County Public LibraryProposal (cont’d)

Citizens of LaGrange County provided substantial input in several meetings: Library should stay at current location Provide better parking Design sensitive to safety Library should strengthen Downtown area Commitment to the convenient and easy use by the

Amish

8

LaGrange County Public LibraryProposal (cont’d)

Citizens of LaGrange County provided substantial input in several meetings: (cont’d) Emotional attachment to the architecture of the

original Carnegie Library Fully accessible to the handicapped Architectural design is sympathetic to existing design Possible need for a second Book Mobile Innovative design that is cost-effective and clever

9

LaGrange County Public LibraryProject Costs and Financing

10

11

LaGrange County Public LibrarySchedule of Bonding Capacity

Pay 2008 Net Assessed Value (1) $ 2,191,326,450

Total General Obligation Bonding Capacity (2) 14,608,843

Less: 2007 BAN - Maximum Authorized

(1,250,000)

Current General Obligation Bonding Capacity $ 13,358,843

(1) Per the Pay 2008 LaGrange County Abstract.

(2) Calculated as 1/3 of 2 percent of Pay 2008 Net Assessed Value.

LaGrange County Public LibraryEstimated Project Costs and Funding

12

Estimated Project CostsConstruction Cost $6,099,594 General Conditions 487,968 General Contractor's Overhead and Profit 395,254

Total Estimated General Construction 6,982,816

Construction Contingency 593,539 Furniture, Fixtures, Equipment 745,000 Architectural Fees 665,708 Surveys 15,000 Reimbursables 25,000

Total Estimated Other Construction 2,044,247

Estimated Financing CostsLegal, Bond Counsel, Financial Advisory 100,000 Underwriter's Discount 70,950 Bond Insurance 61,997 Bond Rating 10,000 Capitalized Interest and Contingencies 217,075

Total Estimated Project Costs $9,487,085

Estimated Project FundingProposed General Obligation Bonds of 2009 $9,460,000 Estimated Interest Earnings (.5% over 15 months) 27,085

Total Estimated Project Funding $9,487,085

LaGrange County Public LibraryEstimated Project Costs

13

$6,099,594

$883,222

$593,539

$1,450,708

$242,947 $217,075

Construction Cost

General Conditions/Overhead and Profit

Construction Contingency

Furniture, Architect Fees, Surveys, Reimbursables

Financing Costs

Capitalized Interest

14

LAGRANGE COUNTY PUBLIC LIBRARY

SCHEDULE OF AMORTIZATION OF $9,460,000 PROPOSED PRINCIPALAMOUNT OF GENERAL OBLIGATION BONDS OF 2009

Principal and Interest Payable Semiannually, January 15th and July 15thAssumed Interest Rates as Indicated

Assumed Issuance Date - October 15, 2009

Payment Principal Debt Service BondDate Balance Principal % Interest Total Year Total

(In Thousands) 1/15/2010 $9,460 $130,075.00 (1) $130,075.00 $130,075.00 7/15/2010 9,460 $145 5.50% 260,150.00 405,150.00 1/15/2011 9,315 150 5.50% 256,162.50 406,162.50 811,312.50 7/15/2011 9,165 150 5.50% 252,037.50 402,037.50 1/15/2012 9,015 155 5.50% 247,912.50 402,912.50 804,950.00 7/15/2012 8,860 160 5.50% 243,650.00 403,650.00 1/15/2013 8,700 165 5.50% 239,250.00 404,250.00 807,900.00 7/15/2013 8,535 170 5.50% 234,712.50 404,712.50 1/15/2014 8,365 175 5.50% 230,037.50 405,037.50 809,750.00 7/15/2014 8,190 180 5.50% 225,225.00 405,225.00 1/15/2015 8,010 185 5.50% 220,275.00 405,275.00 810,500.00 7/15/2015 7,825 190 5.50% 215,187.50 405,187.50 1/15/2016 7,635 195 5.50% 209,962.50 404,962.50 810,150.00 7/15/2016 7,440 200 5.50% 204,600.00 404,600.00 1/15/2017 7,240 205 5.50% 199,100.00 404,100.00 808,700.00 7/15/2017 7,035 210 5.50% 193,462.50 403,462.50 1/15/2018 6,825 215 5.50% 187,687.50 402,687.50 806,150.00 7/15/2018 6,610 220 5.50% 181,775.00 401,775.00 1/15/2019 6,390 230 5.50% 175,725.00 405,725.00 807,500.00 7/15/2019 6,160 235 5.50% 169,400.00 404,400.00 1/15/2020 5,925 240 5.50% 162,937.50 402,937.50 807,337.50 7/15/2020 5,685 250 5.50% 156,337.50 406,337.50 1/15/2021 5,435 255 5.50% 149,462.50 404,462.50 810,800.00 7/15/2021 5,180 260 5.50% 142,450.00 402,450.00 1/15/2022 4,920 270 5.50% 135,300.00 405,300.00 807,750.00 7/15/2022 4,650 275 5.50% 127,875.00 402,875.00 1/15/2023 4,375 285 5.50% 120,312.50 405,312.50 808,187.50 7/15/2023 4,090 290 5.50% 112,475.00 402,475.00 1/15/2024 3,800 300 5.50% 104,500.00 404,500.00 806,975.00 7/15/2024 3,500 310 5.50% 96,250.00 406,250.00 1/15/2025 3,190 315 5.50% 87,725.00 402,725.00 808,975.00 7/15/2025 2,875 325 5.50% 79,062.50 404,062.50 1/15/2026 2,550 335 5.50% 70,125.00 405,125.00 809,187.50 7/15/2026 2,215 345 5.50% 60,912.50 405,912.50 1/15/2027 1,870 355 5.50% 51,425.00 406,425.00 812,337.50 * 7/15/2027 1,515 365 5.50% 41,662.50 406,662.50 1/15/2028 1,150 370 5.50% 31,625.00 401,625.00 808,287.50 7/15/2028 780 385 5.50% 21,450.00 406,450.00 1/15/2029 395 395 5.50% 10,862.50 405,862.50 812,312.50

Totals $9,460 $6,039,137.50 $15,499,137.50 $15,499,137.50

(1) Represents Capitalized Interest.* Maximum yearly debt service payment, $812,338.

LaGrange County Public Library Estimated Monthly Homeowner Tax Impact

(Assumes $9,460,000 General Obligation Bond with 20-Year Level Repayment)

15

$75,000 99,800* $150,000 $200,000 $250,000 $0.00

$2.00

$4.00

$6.00

$8.00

$0.56

$1.11

$2.21

$3.32

$4.42

Estimated Monthly Homeowner Tax Impact

$75,000 99,800* $150,000 $200,000 $250,000

Note: Based on residential assessed values less homestead deduction (lesser of $45,000 or 60%), 35% supplemental homestead deduction and mortgage deduction ($3,000).Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.*Median home value in LaGrange County, per 2000 Census.

LaGrange County Public Library Estimated Monthly Homeowner Tax Impact


16

Estimated tax rate impact $0.0407

Market value of home: Monthly Annual

$75,000 $0.56 $6.72 $99,800* $1.11 $13.28

$150,000 $2.21 $26.56 $200,000 $3.32 $39.78 $250,000 $4.42 $53.01

Note: Based on residential assessed values less homestead deduction (lesser of $45,000 or 60%), 35% supplemental homestead deduction and mortgage deduction ($3,000).Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.*Median home value in LaGrange County, per 2000 Census.

LaGrange County Public Library Estimated Annual Tax Impact Per Acre Farmland


17

Series1$0.00

$0.20

$0.40

$0.60

$0.80

$0.49

Estimated tax impact per acre of farmland

Note: Based on assessed value of $1,200 per acre established by the State of Indiana for budget year 2009, current county productivity factors applied for different soil types. Farm improvements and commercial property incremental increase per $100 of assessed value - $.0407.

Estimated Annual Farmland Tax Impact per Acre

LaGrange County Public Library Estimated Annual Commercial Tax Impact


18

$75,000 99,800* $150,000 $200,000 $250,000 $0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00

$40.70

$61.05

$81.40

$101.75

$122.10

Estimated Annual Commercial Tax Impact

$100,000 $150,000 $200,000 $250,000 $300,000

Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.

LaGrange County Public Library Estimated Annual Commercial Tax Impact


19

Based on the Pay 2008 Net Assessed Value of $2,191,326,450 restated to account for the potential impacts of HEA 1001 (2008). Pay 2008 Restated NAV - $1,889,382,467.

Estimated tax rate impact $0.0407

Value of Est. Maximum Est. MaximumBusiness Monthly Impact Annual Impact

$100,000 $3.39 $40.70 $150,000 $5.09 $61.05 $200,000 $6.78 $81.40 $250,000 $8.48 $101.75 $300,000 $10.18 $122.10

LaGrange County Public LibraryIllustrative Property Tax Bill - $100,000 Home Value

20

LaGrange Town Taxing District

Taxes Payable 2007 (Old Method)


Estimated Taxes Payable

2009 (New Method)


2010 (New Method) Without Project


2010 (New Method) Including Project

(1) (1)$100,000 Home ValueGross Assessed Value $100,000 $100,000 $100,000 $100,000 $100,000 Less Homestead Deduction (45,000) (45,000) (45,000) (45,000) (45,000)

Less Supplemental Homestead Deduction (19,250) (19,250) (19,250)Less Mortgage Deduction (3,000) (3,000) (3,000) (3,000) (3,000)Net Assessed Value 52,000 52,000 32,750 32,750 32,750 Apply District Rate per $100 of A.V. 2.4228 2.4551 1.9810 (2) 1.9810 (2) 2.0217 (2) (3)Equals Gross Taxes 1,260 1,277 649 649 662 Less State Credits (SPTRC, Homestead) (540) (4) (684)(5) (57)(6) (57)(6) (58)(6)Estimated Net Tax Liability prior to one-time State Credit 720 593 592 592 604 Less Additional State Credits 0 (220)(7) (39)(7) (22)(7) (23)(7)Equals Net Tax Liability 720 373 553 570 581 Less Circuit Breaker Tax Credit 0 0 0 0 0 Property Tax Due with Circuit Breaker $720 $373 $553 $570 $581

(1) Assumes tax impact for budget year 2010.(2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies.(3) The Proposed General Obligation Bonds of 2009 are included.(4) Assumes PTRC rate of 25.59%, State HS Credit of 14.77% and County HS Credit of 8.41%(5) Assumes PTRC rate of 24.0%, State HS Credit of 30.18% and County HS Credit of 8.72%(6) Assumes County HS Credit of 8.72%.(7) Based on Estimated Additional State Credit of 22.65% in 2008, 7.93% in 2009 and 4.53% in 2010.

LaGrange County Public Library Illustrative Property Tax Bill $100,000 Homestead– LaGrange Civil Town

(For Homestead Properties Subject to the 1% Tax Cap)

21

1$0

$200

$400

$600

$800

$1,000

$1,200

$720

$373

$553 $570 $581

Taxes Payable 2007 (Old Method) Taxes Payable 2008 (Old Method)Estimated Taxes Payable 2009 (New Method) Estimated Taxes Payable 2010 (New Method) Without ProjectEstimated Taxes Payable 2010 (New Method) Including Project

LaGrange County Public LibraryIllustrative Property Tax Bill - $100,000 Commercial Property

22

LaGrange Town Taxing District

Taxes Payable

2007 (Old Method)

Taxes Payable

2008 (Old Method)

Estimated Taxes

Payable 2009 (New Method)

Estimated Taxes

Payable 2010 (New Method) Without Project

Estimated Taxes

Payable 2010 (New Method) Including

Project (1) (1)

$100,000 CommercialGross Assessed Value $100,000 $100,000 $100,000 $100,000 $100,000 Apply District Rate per $100 of A.V. 2.4228 2.4551 1.9810 (2) 1.9810 (2) 2.0217 (2) (3)Equals Gross Taxes 2,423 2,455 1,981 1,981 2,022 Less State Credits (Business PTRC) (293)(4) (284)(5)Less Circuit Breaker Tax Credit 0 0 0 0 0 Property Tax Due with Circuit Breaker $2,130 $2,171 $1,981 $1,981 $2,022

(1) Assumes tax impact for budget year 2010.(2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on the restated tax rate of $1.9810.(3) Includes the estimated tax impact of $0.0407 for the Proposed $9,460,000 General Obligation Bonds of 2009 (4) Assumes Business PTRC of 12.11%(5) Assumes Business PTRC of 11.56%

LaGrange County Public LibraryIllustrative Property Tax Bill $100,000 Commercial – LaGrange Civil Town

(For Commercial Properties Subject to the 3% Tax Cap)

23

1$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$2,130 $2,171 $1,981 $1,981 $2,022


LaGrange County Public LibraryIllustrative Property Tax Bill - $100,000 Home Value

24

Johnson Township Taxing District

Taxes Payable

2007 (Old Method)



2009 (New Method)




2010 (New Method) Including Project

(1) (1)$100,000 Home ValueGross Assessed Value $100,000 $100,000 $100,000 $100,000 $100,000 Less Homestead Deduction (45,000) (45,000) (45,000) (45,000) (45,000)Less Supplemental Homestead Deduction (19,250) (19,250) (19,250)Less Mortgage Deduction (3,000) (3,000) (3,000) (3,000) (3,000)Net Assessed Value 52,000 52,000 32,750 32,750 32,750 Apply District Rate per $100 of A.V. 1.5012 1.4619 0.9062 (2) 0.9062 (2) 0.9469 (2) (3)Equals Gross Taxes 781 760 297 297 310 Less State Credits (SPTRC, Homestead) (333)(4) (387)(5) (26)(6) (26)(6) (27)(6)Estimated Net Tax Liability prior to one-time State Credit 448 373 271 271 283 Less Additional State Credits 0 (123)(7) (17)(7) (10)(7) (10)(7)Equals Net Tax Liability 448 250 254 261 273 Less Circuit Breaker Tax Credit 0 0 0 0 0 Property Tax Due with Circuit Breaker $448 $250 $254 $261 $273

(1) Assumes tax impact for budget year 2010.(2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies.(3) The Proposed General Obligation Bonds of 2009 are included.(4) Assumes PTRC rate of 29.02%, State HS Credit of 10.86% and County HS Credit of 8.41%(5) Assumes PTRC rate of 28.34%, State HS Credit of 22.89% and County HS Credit of 8.72%(6) Assumes County HS Credit of 8.72%.(7) Based on Estimated Additional State Credit of 22.65% in 2008, 7.93% in 2009 and 4.53% in 2010.

LaGrange County Public LibraryIllustrative Property Tax Bill $100,000 Homestead – Johnson Township

(For Homestead Properties Subject to the 1% Tax Cap)

25

1$0

$100

$200

$300

$400

$500

$600

$448

$250 $254 $261 $273


LaGrange County Public LibraryIllustrative Property Tax Bill – 100 Acres Farmland

26


Estimated 2007 Tax Bill

Estimated 2008 Tax Bill

Estimated 2009 Tax Bill at New AV

per Acre

Estimated 2010 Tax Bill (Without

Project)Estimated 2010 Tax Bill (With Project)

Net Assessed Value of 100 acres of Farmland (1) $88,000 $114,000 $120,000 $125,000 $125,000

Apply Effective Tax Rate 1.0656 (2) 1.0477 (3) 0.9062 (4) 0.9062

(4) 0.9469 (4)(5)

Property Tax Due Before Circuit Breaker 938 1,194 1,087 1,133 1,184

Less: Circuit Breaker Tax Credit 0 0 0 0 0

Property Tax Due with Circuit Breaker $938 $1,194 $1,087 $1,133 $1,184

Circuit Breaker Limit (2% tax cap) $2,500 $2,500

(1) Assumes farmland is assessed at $880 per acre in 2007, $1,140 per acre in 2008, $1,200 per acre in 2009 and $1,250 per acre in 2010 (base value established by State).

(2) Based on the 2007 gross property tax rate of $1.5012 for Johnson Township, reduced by the 2007 property tax replacement credit of 29.0162%.

(3) Based on the 2008 gross property tax rate of $1.4619 for Johnson Township, reduced by the 2008 property tax replacement credit of 28.336%.(4) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on the restated tax rate of $0.9062.

(5) Includes the estimated tax impact of $0.0407 for the Proposed $9,460,000 General Obligation Bonds of 2009

LaGrange County Public Library Illustrative Property Tax Bill – Johnson Township

(For Farmland Properties Subject to the 2% Tax Cap)

27

Assumes farmland is assessed at $880 per acre in 2007, $1,140 per acre in 2008, $1,200 per acre in 2009 and $1,250 per acre in 2010 (base value established by State).

Series1$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$938

$1,194 $1,087 $1,133 $1,184

Estimated 2007 Tax Bill Estimated 2008 Tax Bill Estimated 2009 Tax Bill at New AV per AcreEstimated 2010 Tax Bill (Without Project) Estimated 2010 Tax Bill (With Project)

2007 2008 2009 2010 2010

LaGrange County Public LibraryIllustrative Property Tax Bill - $100,000 Commercial Property

28


Taxes Payable

2007 (Old Method)

Taxes Payable

2008 (Old Method)


2009 (New Method)




2010 (New Method) Including

Project (1) (1)

$100,000 CommercialGross Assessed Value $100,000 $100,000 $100,000 $100,000 $100,000 Apply District Rate per $100 of A.V. 1.5012 1.4619 0.9062 (2) 0.9062 (2) 0.9469 (2) (3)Equals Gross Taxes 1,501 1,462 906 906 947 Less State Credits (Business PTRC) (294)(4) (284)(5)Less Circuit Breaker Tax Credit 0 0 0 0 0 Property Tax Due with Circuit Breaker $1,207 $1,178 $906 $906 $947

(1) Assumes tax impact for budget year 2010.

(2) Represents estimated tax rate that incorporates net assessed value changes due to the supplemental homestead deduction and the elimination of certain State, County Welfare and School levies. Based on restated tax rate of $0.9062(3) Includes the estimated tax impact of $0.0407 for the Proposed $9,460,000 General Obligation Bonds of 2009 (4) Assumes Business PTRC of 19.56%(5) Assumes Business PTRC of 19.44%

LaGrange County Public LibraryIllustrative Property Tax Bill $100,000 Commercial – Johnson Township

(For Commercial Properties Subject to the 3% Tax Cap)

29

1$0

$500

$1,000

$1,500

$2,000

$1,207 $1,178

$906 $906 $947


LaGrange County Public LibraryBenefits of the New Library

LaGrange County Public LibraryBenefits of the New Library

Up-to-date accessibility to all areas of the library by all patrons

Increased number of computers available to the community

Updated and expanded collection of books, periodicals and CD’s

Private study rooms will be available for small groups and will also be available for tutoring students

31

LaGrange County Public LibraryBenefits of the New Library (cont’d)

Community Rooms will be available for groups of up to 200 people Rooms can be divided for groups of 100 or less Rooms can be used for quilting classes, GED classes,

online classes and more. Rooms will also be available for rent to for profit

groups Expanded resources for home schoolers

32


More children’s programs with the ability to perform shows, experiments, puppet shows and more

The Library will have separate areas for youth, young adults and adults

There will be expanded seating and lounge areas for reading and studying

33


There will be improved restroom facilities There will be increased parking spaces available

to the patrons Since the Library will be located in the

Downtown area, it will be easily accessible to the court house and grade schools for programs and visitation for the younger students

34

Mission Statement:“The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and courteous manner.”

35

Documents

Mission Statement:The LaGrange County Library will meet the informational and educational needs of the residents of LaGrange County in a professional and