Finding funds for a new library can be a tricky proposition, but creativity is possible. Panelists compared it to funding a dream vacation, at “Innovative Library Capital Funding and Revenue” on June 30 during the American Library Association’s (ALA) Annual Conference and Exhibition in Philadelphia.
To come up with the funds for the vacation, you might take on a side hustle, redeem travel miles, or even sit through a timeshare presentation in exchange for covering part of the trip.
For libraries, options exist beyond their tax revenue funding, including capital campaigns, public-private partnerships, new market tax credits, or mixed-usage agreements.
Holly M. Yocom, partner in Pathway Group in Salt Lake City, noted that libraries and their development partners share a goal of nurturing vibrant communities and neighborhoods. “How can we make sure every dollar produces the most good for the community?” she asked.
During the panel, Noah Baskett, CEO of Salt Lake City Public Library, shared case studies of library development projects in their early stages, with fellow panelists suggesting potential strategies.
One project served a growing but historically underserved neighborhood in the city, where the existing library was too small for current and future needs. It also inefficiently used a large lot, which was partly owned by the city and partly by the library. The property is bisected by a river, but the adjacent trail is underused because of crime issues.
In this case, panelist Ben McAdams, CEO of Putting Assets to Work, suggested, “There’s an opportunity to check multiple boxes and bring others to the table.” A library development that also includes housing and businesses like a coffee shop or childcare could generate revenue and deter crime on the trail to make it more appealing, he suggested.
That can be easier said than done, of course. “You need to talk to the city” to avoid working at odds with redevelopment agencies, said Jeff Davis, library planner and architect for MSR Design. “You need to come to know the appetite for the developer community as well,” he said, to avoid coming up with plans they have no incentive to take on.
“As a director, I don’t need to have that expertise,” Baskett added. “But I need to know where to pull that expertise from. It’s incumbent upon me to start those conversations.”
In all cases of partnerships, Davis said, a clear memorandum of understanding is vital. “Identifying what the issues might be so you know who’s responsible for what will alleviate a lot of headaches” in operating a mixed-use site, he said.
While a member of the audience suggested mixed-use development would be more feasible in large, dense cities, the panelists said that this has worked in smaller communities as well.
Yocum shared an anecdote of a community with 800 residents that is investigating a development that will provide a new space for the library and a local museum, while also freeing land for a new recreation center.
“I think we should always think of the library as an asset that’s going to anchor a community,” McAdams suggested. “Can this be part of the town center of the community, and plan the growth around it?”
