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.
Private donations will offset the cost of the project. The bond expected to be presented to voters in March 2019 will not exceed $4.5 million which includes site development, landscaping, furnishings, equipment, fees, and the usual contingency funds for unanticipated costs that may arise.
The Town Treasurer has calculated that a 15-year bond at a 3.2% interest rate would be about $120 per year for a $300K property, the cost of a pizza once a month. The amount will diminish over the period of the bond.
Donations are tax-deductible and may be pledged and paid over up to three years with cash, check, credit or debit 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.”