12/15/78
WHO/ig

FRASER VALLEY REGIONAL LIBRARY

APPRAISAL SCYEDULE

Present Headquarters Lot and Building

~ Appraised September 28, 1978 @ $145,000

Three Lots (Private Purchase 1976)

- Appraised November 6, 1978 a $100,000

One Lot (Abbotsford Purchase 1976)

~- Appraised November 6, 1978 @ $118,000

Four Lots (b and c) together

~- Appraised November 6, 1978 $175,050

Note:

Under Option ‘A', all lots wouid be sold and proseeds

applied againgt huilding purchase.

Under Option “3, only present headgvarters property
would be sold. Proceeds would apply ageinst 1586
library taxes.

FRASER VALLEY REGIONAL LIBRARY

Comparative Building Costs: About the Same

Building costs are based on estimates provided by
contractors for construction of an 12,000 sq. ft. build-
ing with a 60 ft. x 60 ft. enclosed loading area attached.
No drawings have been prepared and no tenders have been
received.

Option ‘At - Build-to-Lease Back

The Board has set an arbitrary fiqure of $625,000
maximum which would include design and engineering, legal
and survey work, interim financing, landscaping and site
development, administration and all construction costs.

it doas not include land. This would Le leased over
75 years at 128% of appraised land value.

Nor does it include furniture and equipment. This
would be purchased for about $100,000 with the grants
pledged by municipalities.

Option 'B' - Gutright Purchase on Owned Land

Construction costs quoted in tke $22 - $26 range per
sq. ft. taken at the high figure for a total of 21,600 sq.
ft. would be $561,600, including design and engineering,
legal and survey, site preparation, landscaping: ad:inis-
tratior, project management, etc. Add interim Financing
$20,000, furniture and equipment $100,000 and air condition-
ing, approximately $15,000. Total, about $700,000 maximum.

With Option 'B', no municipal grant is needed.

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