Council committee clears $19M library bond; $16M dedicated to Irvington renovation
September 23, 2026 | Indianapolis City, Marion County, Indiana
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The Municipal Corporations Committee voted by consent to approve proposals 2-80 and 2-81, advancing a $19 million general obligation bond package for the Indianapolis Public Library that includes a $16 million investment targeted to renovate and expand the Irvington branch.
“My total bond of the total bond, 16,000,000 is dedicated to the Irvington branch renovation,” Library CFO Campbell told the committee, describing the work as a comprehensive renovation of an approximately 16,000-square‑foot facility plus an approximately 4,000-square‑foot north‑side addition. The project will add a second entrance on Washington Street, modernize mechanical, electrical and plumbing systems, provide universal restrooms including changing stations and expand community meeting and study space, Campbell said.
Megan Gibson of municipal advisor Baker Tilly described the financing plan, which the library proposes to structure with a four‑year repayment term while maintaining the library’s long‑standing debt service tax rate target. “We are anticipating structuring the bonds…so the library’s debt service tax rate will not increase in 2027,” Gibson said.
Jeff Quackenbush, bond counsel, explained the two related proposals: the initial bond authorization (2-80) and the accompanying appropriation resolution (2-81), noting the appropriation total includes expected interest earnings and therefore is slightly higher than the principal amount. The committee voted to take the two proposals together and passed them by voice vote.
The bond package also includes roughly $12.3 million for construction costs, about $1.2 million for engineering and design, $1.2 million for furniture and equipment, $1.47 million for systemwide capital improvements, and smaller allocations for collections and issuance costs. The library plans to use bond proceeds for branch modernization and systemwide needs while continuing to monitor debt service and long‑term plans.
The committee signaled it would move the library’s budget hearing forward on the agenda to allow fuller committee discussion of the library’s 2027 operating and capital plans.
“My total bond of the total bond, 16,000,000 is dedicated to the Irvington branch renovation,” Library CFO Campbell told the committee, describing the work as a comprehensive renovation of an approximately 16,000-square‑foot facility plus an approximately 4,000-square‑foot north‑side addition. The project will add a second entrance on Washington Street, modernize mechanical, electrical and plumbing systems, provide universal restrooms including changing stations and expand community meeting and study space, Campbell said.
Megan Gibson of municipal advisor Baker Tilly described the financing plan, which the library proposes to structure with a four‑year repayment term while maintaining the library’s long‑standing debt service tax rate target. “We are anticipating structuring the bonds…so the library’s debt service tax rate will not increase in 2027,” Gibson said.
Jeff Quackenbush, bond counsel, explained the two related proposals: the initial bond authorization (2-80) and the accompanying appropriation resolution (2-81), noting the appropriation total includes expected interest earnings and therefore is slightly higher than the principal amount. The committee voted to take the two proposals together and passed them by voice vote.
The bond package also includes roughly $12.3 million for construction costs, about $1.2 million for engineering and design, $1.2 million for furniture and equipment, $1.47 million for systemwide capital improvements, and smaller allocations for collections and issuance costs. The library plans to use bond proceeds for branch modernization and systemwide needs while continuing to monitor debt service and long‑term plans.
The committee signaled it would move the library’s budget hearing forward on the agenda to allow fuller committee discussion of the library’s 2027 operating and capital plans.
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