Finally A Resolution — City To Purchase Libraries

PPL The administration of Providence Mayor Angel Taveras announced today that it has reached an agreement with the two independent organizations that operate the libraries that serve city residents. This agreement will preserve city branches and all  neighborhood libraries. It’s complicated.

Under the agreement mediated by retired Superior Court Judge Mark Pfeiffer, the Providence Public Library (PPL), which operates the downtown library and owns seven of the city’s nine neighborhood library buildings, will transfer the seven buildings to the City as a 20 year lease-purchase, at the end of which the City will own the buildings outright.

The City will make an initial payment of $250,000 to PPL from funds held in escrow during the dispute over the future of the libraries. Additionally, the City will make 18 annual payments to PPL in the amount of $264,000, beginning in 2014. The total cost of acquiring the seven neighborhood libraries will be $5 million. The assessed value of the seven buildings is approximately $11 million.

Go here for the Mayor’s complete statement.

Leave a Comment

Your email address will not be published. Required fields are marked *

Providence Daily Dose