Sequim Library expansion gets financial help from State Treasurer

By Michael Dashiell • July 3, 2024 1:30 am
Photo by Noah Glaude/North Olympic Library System Workers with Hoch Construction remove much of the structure at the Sequim Library location at 630 N. Sequim Ave., in preparation for the major expansion project.
Photo by Noah Glaude/North Olympic Library System Workers with Hoch Construction remove much of the structure at the Sequim Library location at 630 N. Sequim Ave., in preparation for the major expansion project.

In early June, millions of dollars in low-interest financing was made available for projects across Washington state with the help of the Office of the State Treasurer — including the project to renovate and expand the Sequim Library.

The $42 million sale of Certificates of Participation (COPs) provides an affordable option to local municipalities and state agencies to finance projects, acquire fleet, fire and medical emergency response vehicles, and other essential equipment.

Three times a year, state treasurer pools financing requests from state agencies and local governments into the competitively-sold COPs, allowing state agencies to acquire equipment and real estate under the umbrella of the state’s credit.

Photo courtesy of office of Mike Pellicciotti / Mike Pellicciotti

Photo courtesy of office of Mike Pellicciotti / Mike Pellicciotti

This process, state officials note, leverages Washington’s strong ratings to help local governments secure financing at the lowest possible interest rates — ultimately reducing costs and saving taxpayer dollars, they said.

“The partnerships created through the LOCAL program exemplifies the value created in government-to-government collaboration,” State Treasurer Mike Pellicciotti said in a press release.

“When we come together, not only are we able to reduce costs by leveraging our state’s exceptional credit standing, but we’re able to efficiently and effectively deploy resources that can be the difference to make needed local projects a reality.”

Participants in the June COP sale included public colleges, two state agencies and several local municipalities, including four fire districts, three school districts and two cities.

Sequim Gazette photo by Michael Dashiell Noah Glaude, executive director of the North Olympic Library System, welcomes a crowd to the ceremonial groundbreaking of the Sequim Library expansion in April.

Sequim Gazette photo by Michael Dashiell Noah Glaude, executive director of the North Olympic Library System, welcomes a crowd to the ceremonial groundbreaking of the Sequim Library expansion in April.

Benefiting from the COP sale was the North Olympic Library System (NOLS) as a LOCAL Program participant, to finance its $4.49 million for expansion and remodel of the Sequim Library.

This is NOLS’ first time partnering with OST to obtain low-interest financing.

“The new library will not only include critical infrastructure improvements, it will become an accessible, flexible and sustainable community hub that will be used for decades to come,” NOLS executive director Noah Glaude said.

“The library is fortunate that partnering with the Treasurer’s Office on financing will help keep project costs as low as possible.”

The early June sale of COPs financed many other purchases, including three emergency response vehicles and the construction of a new fire training facility.

Among the program beneficiaries is Clallam County Fire Protection District No. 4 (Joyce Fire and Rescue), which recently utilized the LOCAL program to help fund the new station the district is currently building.

San Juan County Fire Protection District 2 financed a new ambulance, Kittitas County Fire Protection District 6 and Okanogan County Fire Protection District 6 each financed new fire trucks, and Pacific County Fire Protection District 1 financed the construction of a fire training facility for its professional and volunteer firefighters.