Library's Capital Project Fund Approved

(posted May 12)

The Speedway Town Council approved the resolution for the Speedway Public Library's three-year Library Capital Projects Fund. No remonstrators voiced concerns during the May 11 meeting.

The board is estimating a 2010 budget of $119,548, based on the town's projected assessed valuation of $679,930,120 and tax rate of .0167 per $100. The board expects $113,548 to come from property taxes and $6,000 from excise, commercial vehicle and financial institution tax receipts to fund the budget.

Budget amounts for 2011 and 2012 are $120,744 and $121,951. The town's net assessed valuation is expected to increase in 2011 to $686,731,042 and $693,599,692 in 2012. Bohr explained the figures are based on the DLGF formula.

Attorney Robert Lutz, representing the library, said the information and technology plan is funded by the capital projects fund to avoid borrowing. He said a state proposal will require all libraries to offer computer access to everyone, whether a patron or not. Lutz said if passed the rule becomes effective January 1, 2012. The capital projects fund will help fund additional computers.

Cody Bates was honored by the council with a proclamation for being named Youth of the Year by the Speedway Exchange Club. Bates has a 4.3 GPA. He plans to study bio-medical engineering at Purdue University. He was also name District Youth of the Year by the Exchange Club.

Speedway Redevelopment Commission Executive Director Scott Harris said Allison Transmission is expected to pay the cost to disassemble the electrical substation on the east side of Main Street and will construct a new electrical supply unit.

He said the commission reviewed the new signage standard for the Speed Zone and then observed the Speed Zone to look at the current signage. Harris said they will be checking to see if the signs in place have permits.

Harris said the demolition cost for the former Electric Steel Casting Site is $52,000. He said an environmental report was submitted to IDEM, noting the asbestos is at the minimum reporting level.