The Los Angeles County Board of Supervisors will consider exercising the county’s option to purchase the building that houses the Castaic Library, which is being expanded under a current lease agreement.
The supervisors authorized an expansion of the library last year. Located in a building at the back of a shopping center at the northwest corner of Sloan Canyon Road and The Old Road, the existing 6,985-square-foot library is growing by 5,247 square feet for a total of 12,232 square feet, with 49 parking spaces.
Remodeling started in June and the library temporarily moved to a nearby storefront at 27955 Sloan Canyon Road.
On Tuesday the supervisors will consider authorizing the purchase of the building (27971 Sloan Canyon Road) and the accompanying 1-acre lot for $2.35 million. The seller is Castaic FCG Properties LLC, a real-estate investment group in Texas.
The building is at the left. Google image.[/caption]
Under the terms of the existing lease, the county has until Dec. 19 of this year to exercise the purchase option, or it expires. Escrow would remain open until the improvements that are supposed to be made by the seller are completed and accepted by the Public Library, probably in June 2014. The bigger and better library would open in July.
According to a report from County CEO William T. Fujioka, the purchase price is below the estimated market value. The $2.362 million (including escrow fees) would come out of the portion of the Public Library’s operating budget that is earmarked for program expansion.
“Upon exercise of the purchase option, Public Library will save the annual rental cost of $307,190, taxes of $83,766, and insurance of $12,116, for a total annual savings of $403,072,” Fujioka’s report states.
According to Fujioka, the expanded library “will meet the current and projected needs of the Castaic community.”
“The proposed Library will include an opening day collection of approximately 60,000 books and other library materials; an 80-seat community meeting room; group study rooms; express checkout service machines; a large reading area for adults, including an exterior patio; a teen center for middle and high school students, including a space for digital projects and film making; and a children’s area with Family Place. Some of the existing furniture that compliments the new design will be reused in the expanded library.”
County Exercising Option to Buy Castaic Library Building
