HISTORY OF THE LLC STARTS WITH THE WEST CHESTER LIBRARY
The West Chester Public Library completed an ambitious $2.3 million renovation and rehabilitation project in 2005. Usable library space within the 120 year old building on North Church Street was effectively doubled without disturbing the beautiful historic landmark, originally erected in 1888.
The project has successfully kept this fine architectural beauty in public hands, and has also enabled the Library to expand its programs and services. Since it’s reopening in 2005, it has enjoyed widespread public acclaim by the community.
Business is up by almost 40% over pre-construction levels at the Library. The renovation project has restored the Library from “old man” status (the previous renovation was completed in the early 20th Century) to a state of the art institution, while still maintaining the comfortable feel of the “grand dame” that she is.
The library ended the project one million dollars in debt, despite generous donations from the public, foundation grants, and invaluable support from government entities like the Borough of West Chester. Some of these loans carry high interest rates. The debt service payment on these loans had prevented the library from further expanding its collection and limited the scope of potential services consistent with the new facility.
The West Chester LLC refinanced over $500,000 of the debt owed by the Library at a lower interest rate, not to exceed 6%. The loan is being paid as interest only, renewable after ten years, and
the Library to retire the debt with periodic bequests received from benefactors. This has enabled the Library to devote less of its annual cash flow to debt service, and more of its cash flow to updating its collection and providing additional services to the community.
