Final OK For 3 New RivCo Libraries On Supes' Agenda

RIVERSIDE COUNTY, CA – Riverside County supervisors Tuesday are slated to formally authorize construction of three new library branches at a potential cost of $50 million.

The proposal to expand the Riverside County Library System from 36 to 39 branches will be reviewed during a public hearing requested by the Economic Development Agency, following tentative approval of the concept by the board on April 16.

The top-line item during the hearing will be consideration of a proposed maximum $50 million bond issuance to pay for development of the branches, which would be substantially completed by early 2021, according to the EDA.

The IOUs would be in the form of lease-revenue bonds, circulated at intervals, with varying rates of interest and durations.

"As a public investment advocating lifelong learning, these new library buildings will support a broad and diverse range of 21st century library services, programs and technology," according to an EDA statement. "They will be a community-wide destination for learning, discovery and collaboration."

Supervisor Chuck Washington has advocated for the branches since the start of his second term.

A 15,000-square-foot branch is envisioned on a 13-acre parcel at Palm Drive and Park Lane in Desert Hot Springs, replacing the 3,527-square-foot repository at 11691 West Drive.

In Menifee, the EDA is seeking to construct a 20,000-square-foot library on a five-acre parcel at La Piedra and Menifee roads to complement smaller branches at 26001 Briggs Road and 26982 Cherry Hills Road.

The largest of the three facilities would be in French Valley, where a 25,000-square-foot library is planned on an 11-acre parcel at Skyview and Winchester roads. According to Washington, the area, which is close to his home, currently has no library services for locals.

Under the development plan, the county will consummate a public- private partnership with Laguna Hills-based real estate developer Omni West Group Inc.

Omni West has already formed a nonprofit limited liability company, CFP Riverside, specifically for the purpose of assuming obligations tied to construction of the libraries. The bond sales, handled by the California Enterprise Development Authority, would directly support CFP Riverside, offsetting all of its development expenses, according to EDA documents.

CFP Riverside will become proprietor of the three buildings upon completion, and after they're ready for occupancy, CFP would lease the properties back to the county, and the proceeds from the rentals, paid out of the county budget, would amortize the bonds.

The county would be eligible to take possession of the branches from the LLC at the end of six years, provided there are no outstanding debts.

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--City News Service