Fayetteville library launches public fundraising campaign
The Fayetteville Public Library's nonprofit foundation is launching a new phase of a capital campaign to pay for the library's expansion, the Northwest Arkansas Democrat-Gazette reported.
Why it matters: The library needs to raise money to pay off bank loans before it can hire more staff to run programming at its improved space.
What's happening: The foundation is shifting its focus from soliciting large donations from philanthropists to seeking donations from the general public.
- People can donate on the library's website.
By the numbers: The construction cost was about $50 million, about $27 million of which will be covered by voter-approved property taxes. The foundation planned to raise the other $23 million to repay the bank loans.
- It's raised $14.5 million, leaving $8.5 million to go.
Between the lines: Library officials did not see as many donations for its expansion as anticipated because of the pandemic and are now having to pay unexpected interest on the loans, the newspaper reported.
- Voters approved the property tax increase in 2016, and construction began in 2018.
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