The projected cost of modernizing the existing building and adding a similar sized addition is $1.7M dollars. We will have a one-story building, double the existing size, that is modern, energy efficient, and architecturally in-keeping with the design of the existing building and town offices.
To keep the tax burden down on residents, we are currently soliciting grants and funding donations from businesses and local residents. The remainder of funding must be acquired through a Warrant Article vote, financed in the form of municipal bonds and public financial instruments.
Half the project is new construction but, we are also extensively modernizing an existing structure, hoping to thwart the cost of much-needed standalone renovations. Our figure of $258/sf represents both the higher cost of new construction and the lesser cost of renovation.
The Board of Trustees has spent much time and thought in multiple sessions with our architectural firm. We have worked toward planning a functional, energy-efficient building for the future, that has a simple and cost-effective design. This has helpled us get to a low $258 /sf. The average cost for library construction last year was running about $350/sf. We found some costs for recent town library construction in NH. See how we stack up:
- Madbury Library: slightly lower population than Newbury, all new construction 2/3 our finished size at $368/sf
- Wolfeboro Library: about triple Newbury’s population with an expansion/renovation that is triple our building size at $342/sf
- North Conway Library: nearly identical population size of Newbury, in a town with a resort economy similar to ours — renovation/expansion project is expected to double their existing building. Finished project is twice our expected size. $2.5M total estimated cost – modest renovations to existing structure (5,300 sf) and an average build cost for the 6,500 sf addition.
We have postponed repairs to our 20-year old building as many of the repairs will be incorporated in our much-needed expansion. The existing building needs a new roof, new heating, ventilation and air conditioning systems, new lighting, new carpeting and repainting. The circulation desk needs repairs. These repairs are becoming increasingly urgent.
If we simply renovate the existing building, without an expansion, the total projected cost is $378,761. If the renovation expense is part of a larger expansion, much of the cost will be absorbed in the larger project. It makes sense to expand now as a cost-saving measure for necessary renovations.