Joliet council to vote on $3.5 million library loan – Shaw Local

The City Council will vote Tuesday on a $3.5 million loan to the Joliet Public Library to remodel the Black Road Branch.

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The plan was presented to the council’s Finance Committee in October.

The council last month approved a library tax property levy that includes increases that would raise money to pay back the loan.

The plan presented to the Finance Committee was to loan the money to the Joliet Public Library at an interest rate that would provide the city the same rate of return it now gets from investing the money.

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The money would come out of the city’s reserve funds.

The loan agreement going to the council Tuesday does not specify an interest rate but states that it will be tied to the rate for government securities at the time the loan is finalized.

Library Executive Director Megan Millen last week said that the remodeling project could start in May if the loan is approved. It would be completed in spring 2026.

Planned improvements include a new children’s section, private study rooms, and fresh paint and carpeting.

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Millen in October noted that the Black Road Branch gets the most foot traffic of the two city branches, having seen 183,520 visitors in 2023.

The Joliet Public Library in 2022 completed a remodeling of its Ottawa Street Branch downtown at a cost of $10.5 million.

The city supported the downtown library project with $6.3 million funded through bonds. The library has since repaid the city with money provided through a $6.3 million state grant.

The pending loan for the Black Road Branch would be set at a 20-year term.

The Joliet Public Library is a unit of city government. Although the library has its own governing board and develops its own budget, the board members are appointed by the City Council. Council approval also is required for property tax levies used to fund the library.