The new Library is a far-sighted investment in the quality of life in Barrington. It is a partnership with the Town, a combination of public support and private donations. The advantage is two-fold: It reduces the burden on taxpayers, and gives willing benefactors the opportunity to create a meaningful legacy for future generations.
The construction of the new building including site development, landscaping, furnishings, equipment and fees, is estimated by the architects to be $5,139,000 projected to possible 2020 costs. The Library ‘s leadership has initiated a program to raise at least $500,000 in private gifts, in-kind donations, and grants toward the cost. It is expected voters will be asked to approve a bond in 2019 as the Town’s share. The Town Treasurer has calculated that a 15-year bond at a 3% interest rate would be $148.49 per year for a $300K property, the cost of one small pizza or 1 movie ticket with a beverage once a month. However, with a successful Barrington Library Campaign, the cost to taxpayers would be reduced to $4,369,000. This is would be $134.04 on a 300,000 property or — the equivalent of one large coffee once a week.
Donations are tax-deductible and may be pledged and paid over up to three years with cash, check, credit card, stock, paid-up insurance or retirement accounts. Contributions may be given as a tribute or memorial gift, and all donors will be recognized in a Book of Benefactors. Donors of $2,500 and up will be recognized on a prominent display in the new building. Donors of $5,000 and more also may choose to sponsor an area or item in the new Library and will be acknowledged with appropriate signage at the room or item they have selected.
The private fundraising program is being conducted under the auspices of the Barrington Library Foundation, a 501(c)(3) nonprofit which was established in 2016 to accept and manage funds “for the construction of the new Library and to increase community awareness to support, enhance and expand Library services and programs.”