02/01/2005 LIBRARY BUILDING COMMITTEE Minutes

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i document and forwarded her revisions to Sheldon Gilbert. After reviewing the revised document in full, with additional suggestions from the committee, the committee agreed to accept the revised version of the overview for inclusion in the grant application package. MEETING WITH,JOYCE MASON Sheldon Gilbert reported on his meeting with Joyce Mason to discuss the grant application and proposes!budget. Joyce was not surprised at the budget figure, and inquired as to whether the committee would be asking the Town for more money. Joyce reminded Sheldon of the importance sof keeping the selectmen informed about the progress of the library program, Sheldon Gilbert assured.Joyce that the committee would not be requesting additional funds beyond the$3.5 million already approved. BOARD of SEL CTMEN"s MEETING-02107/05 Sheldon Gilbert distributed, for LBC review, copies of a draft of his planned remarks to the Board of Selectmen at their meeting on 2107/05. The committee concurred that the focus of his remarks s should be on the grant application. The emphasis should be on an explanation of the increase in the proposed budget, mandated by state requirements for the grant, which is needed to go forward. The point will be stressed that the LBc will not ask for more money from the Town. Sheldon will present a package to the Selectmen ahead of the meeting n the 7t'that will include. his summary, the overview document, and schematics of the four elevations, as well as first and second floor plans. FUND.RAISING The fundraising goal is$1,700,000. Fundraising categories include the following: Private donations, 9001000 Business donations: $ 5509000 Foundation grants: 250,000 An additional amount will be programmed later Miscellaneous: 100,000 Should we get a state grant, the architect has in his contract provision for three things: plans, specifications, and bidding documents, for a total cost of$268}000. At the time of construction, we must have in hard at least$180,000 in cash, together with$0,5W in.. remaining Town funds. We will be required to have$1,200,000 in pledges and cash for the funds required to pay for the construction contract sof the successful bidder. In order to satisfy the requirements of the Town, we should have pledges and cash that are equal to the$800,000 of the$1,200,000 total needed, based on the probable costs for the project. We should also be able to identify the likely sources for donations for the remaining$400,000 needed to finance construction, Naming Fights. Sheldon Gilbert stated that it is critical that guidelines.be obtained from the Town regarding raring rights and their limitations, before promising naming rights to prospective donors. Sheldon will obtain a copy of these guidelines from Bud Abbott and forward on to the Fundraising subcommittee chairmen. Fundraising Subcommittee Report -Daviid Burton. Dave stated that he had met with Ted adolny two weeks ago. Ted reported$62#000 in cash in the two Friends}b nk accounts, plus $11,000 here. The Friends have a fairly solvent operating account and are prepared to put another$10,000 into the process. Since the last LBC meeting, two business pledges have been received, each for$25,000. One is from Foster Burton Real Estate; the other is from the Thoma J. O'Neill Architects firm. Donations are still corning in as a result of the Friends' letter seat out in '04. A thank you letter is now in place for timely mailing out to these donors. David also reported that Clancy Stafford has obtained software for a newsletter from the Friends_ The purpose c f the newsletter would be to