Journey of COVID-relief money reads like a book in Williamsburg (OPINION)
$5 million once set aside for music venue likely to fund new library instead
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Last week, the Williamsburg City Council all but approved construction of a new downtown library; the official vote is expected next month. While multiple cost estimates were tossed around, the price tag for the new library is now $37 million total to build and equip. That’s according to information presented by the city’s financial advisor at the meeting.
It’s not really news that that projected costs have steadily grown since it was first proposed years ago. Everyone’s seen the effects of inflation, but the city’s “while we’re at it” image-conscious attitude usually costs extra cash to satiate. And from the images shown at the meeting last week, Williamsburg will have a very nice new library. It should be a nice complement the new $25 million library that James City County plans a few miles away. Though I don’t think that project was brought up at the City Council meeting for some reason.
The meeting did include presentations from the library system’s administration and potential builders. The gist is that it’s worth every penny and they are really excited to build it. The city’s financial advisor also addressed the Council about how to pay the inflated costs. Looks like one of the funding sources will now be $5 million in COVID-related relief funds that the City has squirreled away for years.
Those funds were previously earmarked for a some kind of new live performance venue, which would be built and run by the Historic Triangle Recreation Facility Authority (HTRFA). At one point, the city passed that $5 million money to that regional authority (which also built and runs the new sports center), though the purpose was never quite clear. Ultimately, the City was forced to take the money back after procedural and approval issues surfaced.
Easy come, easy go, and now it looks like the HTRFA may not get that cash at all. According to the city’s financial advisor, the “City is considering redirecting $5 million from the Live Performance Venue” for the library. They state that their financial analysis of how to pay for the library “assumes the City utilizes the redirected $5 million”. Ultimately, the advisors expect the city to borrow $32 million, though maybe someone is going to do some fundraising to lower that number. Either way, no big deal, we can cover this.
The folks presenting the live performance venue also happened to be at the meeting last week to discuss their $80 million concept. It’s likely they took notice that $5 million slipped through their fingers. Still, their presentation was also pretty amazing, filled with supporters making compelling statements about community need and potential economic impact. Most involved in the discussion about the performance venue also agreed that it would be really great too.
One thing that must be appreciated, perhaps admired, about the city’s leadership is its single minded focus once an outcome has been predetermined, even (especially?) if they don’t know the scope, cost or how to pay for it. That truly takes courageous leadership with a vision for innovating a modern city. While it may appear right now that the Council is robbing Peter to pay Paul, don’t count the live performance venue out yet. Because you have deep pockets. Just ask the city’s financial advisors, not your own.
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