$40 million in bonds for library, swim center renovations approved by City Council

The Palm Springs City Council approved the issuance of approximately $40 million in lease revenue bonds Wednesday night to fund major renovations at the city’s public library and swim center facility.

The bonds will provide up to $30 million for the long-awaited library expansion project and $7 million for renovations at the swim center building in Sunrise Park. Council members, acting as both the City Council and the Palm Springs Financing Authority board, unanimously approved the financing package.

“This is a unique opportunity to do something really good for the city and the citizens and visitors and set some things up for decades to come,” said Bill Wylie, president of the Palm Springs Public Library Foundation.

The library project, which has been in planning for more than a decade, is expected to cost between $40 million and $45 million total. The city has already secured $15 million through grants and Measure J funds, with the bond proceeds covering the remaining costs. Construction bids are due to be opened this week.

Annual debt service on the bonds will be approximately $2.15 million for the library component beginning in fiscal year 2027-28, after a two-year construction period. The swim center debt payments of about $500,000 annually will begin in fiscal year 2025-26.

Suzanne Harrell of Harrell & Co. Advisors, the city’s municipal advisor, said the bonds would be secured by lease payments the city makes for assets including the library itself and facilities at Sunrise Park such as the leisure center and skate park.

Nancy Morrison, president of the Friends of Palm Springs Library, expressed concern that construction bids might exceed estimates and force elimination of plans for the Frey Building, which would house the Friends’ workshop, book sale area and library archives.

“We need to get this done, and we need to get it done as the design has been laid out,” Morrison said.

Juanita Garner, chair of the Palm Springs Library Board of Trustees, emphasized the library’s importance to the community, particularly for low-income families and vulnerable residents.

“The library is a place where wealth and social status are not important,” Garner said. “Every person is treated with respect and dignity. This project is a long time overdue.”

The city expects to sell the bonds on June 24, though that date could be adjusted based on market conditions. The bonds can be refinanced after 10 years if interest rates become more favorable.

Council members noted that using bond financing for the swim center will free up Measure J funds for other city projects over the next two years.

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