CORRECTED VERSION: The Town Council on Monday will consider moving forward with a $16-million expansion of the Chapel Hill Public Library.
The town has already borrowed and spent about $2 million planning the project, and the council must decide whether to borrow another $14.23 million approved by the voters in 2003. The project would more than double the size of the current library, to more than 60,000 square feet.
Town Manager Roger Stancil says the town's budget for debt service can accommodate the new borrowing, but operating the larger facility will add about 1.3 cents per $100 of valuation to the tax rate once it opens in 2012, meaning additional taxes of about $40 on a year on a $300,000 house.
"The increased ongoing operating costs are significant and will present real challenges as the town's budgets for upcoming years are developed," Stancil wrote in a memo to the council.
UPDATE: I made a decimal point error on the original version of this post. The additional cost on an average home will be about $39 a year, not $390. Sorry for the confusion. See Sunday's Chapel Hill News for more.