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March 22nd, 2009 by Temple City Tribune
Monrovia property owners will be getting a break on next year’s tax bill as a result of the City Council’s vote Tuesday night.
The Council voted unanimously to return $280,000 to property owners. The sum represents the amount saved during construction of Monrovia’s new Public Library.
Monrovia voters approved a $16 million bond issue in 2006 to finance the new library, taxing themselves that amount over the next 30 years to pay for both the construction and the bonds themselves. Construction began just months later and the building is now nearing completion, on schedule and $280,000 under budget.
Monrovia’s Council voted Tuesday, Feb. 17, to put the $280,000 toward paying off the $16 million in bonds, reducing the principal and making it possible to reduce Monrovia property tax bills for one year by about $18 per residential property. Vacant and commercial properties will also receive a one-year cut in the tax based on rate formulas.
The bond tax will resume its normal rate after the one-year reduction.
The new 28,000-square-foot library will be dedicated in a two-hour celebration Saturday, April 4, in Old Town Monrovia’s Library Park. Tours of the new building are included in the program that day, beginning at 11 a.m. Library Park is at the corner of Myrtle Avenue Palm Avenues.
The new library will officially open to the public and begin operations with a special Open House on Saturday, May 16, in conjunction with Monrovia Day, the community’s annual birthday celebration.