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Gaylord’s City Council, in a special meeting last week, approved the issuance of a temporary bond for the library and City Hall projects.

According to Acting City Administrator Lori Waltz, the $1 million bond will be shared between First National Bank Minnesota (Gaylord branch) and ProGrowth Bank of Gaylord. The one year temporary bond will carry an interest rate of 4.25%, Waltz explained.

A majority of the $1 million bond will be used to pay for costs associated with the new library. According to Waltz, the City will initially pay for that entire project. The City will eventually receive grant money from the State once final reports are submitted, she explained.

Two months ago, it was projected that the library relocation and expansion project will cost approximately $800,000. A maximum of $471,875 of grant money was awarded to the City for this project.

Last week’s bond issuance of $1 million would also cover costs of converting the library into City Administrative offices, according to Waltz.

The City Council has not yet made a decision on a home for city offices. Currently, the City is renting space in the former clinic building on Fourth Street.

Discussion regarding the current location of city offices is expected Wednesday (tonight) at the City Council meeting. An update on the construction progress of the new library is also expected.