The City of Larkspur intends to use $5M raised by The Commons Foundation to match the potential State Library Grant Funds of up to $5.2M, and additional city funds as necessary to build a new library.
The Commons Foundation is approaching its goal of $5M in cash and pledges.
The city has applied for a state grant of $5.2M or 50% of the cost to build a 6,845 square-foot new construction library to replace the current library spaces and shared spaces in City Hall.
If the state does not provide a full 50% match, or TCF raises less than $5M, then the city has to decide how much to add from it’s General Fund Reserve. Use of General Fund Reserve will reduce the amount of money available other city priorities.
