Thomas Borrows Money From Ward 7 Library for Dakota Crossing
Last Friday, the Business Journal reported that Councilmember Harry Thomas had scrounged up $3 million from the Library capital budget to pay for stormwater management on the site of a huge new development at the intersection of New York and South Dakota Avenues, in his own Ward 5. That's on top of an expected increase of TIF financing from $10 million to $15 million, bringing the grand total of city investment to $18 million. Costco has promised to locate there, and tax revenues are expected to make up the subsidy within a few years.
But where did that $3 million come from? Today, we learn that it's temporarily on loan from the construction budget for the Francis Gregory Library in Ward 7, which closed on April 15 (the interim location opens May 10). A DCPL spokesman tells us that the construction schedule will not be affected, and that the new Francis Gregory is still on track to open in Spring 2011.