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Home My WebLink AboutSS3 - Central Library Lecture Hall - PowerPoint (Foundation)nb=Al&lf NEWPORT BEACH PUBLIC LIBRARY FOUNDATION tcjF .. • Y s may, I I ; 1 l 4+'. .r°^K PON k; i November 14, 2023 Item No. SS3 jjIIII {f, R LI 'T�- Z2�� I � �a '�� „!�- � •- _ I -z:- �� ..pre•:: R'n�� .. � �� - Newport Beach Public Library Foundation Mission Statement The Newport Beach Library Foundation provides essential funding that keeps the Newport Beach Library vital and innovative by enabling and inspiring lifelong learning, advancing knowledge and strengthening the community. B E Y 0 N D B 0 0 K S THE NEWPORT BEACH LIBRARY LECTURE HALL nboLdlikk NEWPORT BEACH P U B L I C L I B R A R Y F O U N D A T I O N • Established 1989 • Raised $2.2M (of a total cost of $8.2M) in Private Funds for the construction of the state-of-the-art Central Library which was completed in July of 1994 • This partnership has resulted in the Library being named the only "Star" Library in Orange County 110 B E Y 0 N D B 0 0 K S THE NEWPORT BEACH LIBRARY LECTURE HALL nboLdlikk NEWPORT BEACH P U B L I C L I B R A R Y F O U N D A T I O N • Over the past ten years the Foundation has granted $2M for capital improvements and advanced technology through the Library Director's "wish list" as well as $5M in programming for the community. • Witte Lecture Series • Library Live • Medicine in your Backyard • Spotlight on Science • Financial Literacy Workshop • Book Discussion Group 1 oil 1 B E Y 0 N D B 0 0 K S THE NEWPORT BEACH LIBRARY LECTURE HALL NEWPORT nbp,I,f CH P U B L I C L I B R A R Y F O U N D A T I O N • In 2015, the Library Board of Trustees proposed that the Library have a state-of-the-art facility to house the growing list of programs and support the community's expressed desire for increased educational and cultural programming. • The Library Foundation accepted the responsibility of facilitating the philanthropic support for the proposed Library Lecture Hall • The construction of a Library Lecture Hall is a mission fit for the Library Foundation. BEYON D BOOKS THE NEWPORT BEACH LIBRARY LECTURE HALL Agreed Upon Need • On February 24, 2022, the City of Newport Beach and the Newport Beach Public Library Foundation signed a Memo of Understanding that affirmed the need for the project in Recital G. "There is a need for a modern facility at the Central Library (the "Library Lecture Hall") to accommodate Foundation programs as well as other library, cultural, educational, entertainment, civic and community focused events to serve Newport Beach residents and facilitate other city gatherings, including those of City employees for various purposes" • The MOU was re -affirmed with two amendments I I on 9/12/2022 and 11/15/2022. 44!U B E Y 0 N D B 0 0 K S THE NEWPORT BEACH LIBRARY LECTURE HALL nboLdlikk Foundation Fundraising Responsibility NEWPORT BEACH P U B L I C L I B R A R Y F O U N D A T I O N • The Memo of Understanding signed 2/24/2022 clearly delineates the Foundation's fundraising responsibilities in section 2.1. " Foundation Commitment. The Foundation expressly agrees it shall use best efforts to collect donations in the amount of fifty percent (50%) of the Estimated Project Cost or Six Million, Five Hundred Thousand and 00/100 ($6,500,000,,00), whichever is less to pay toward costs of the project." B E Y 0 N D B 0 0 K S THE NEWPORT BEACH LIBRARY LECTURE HALL nboLdlikk Donor NEWPORT BEACH P U B L I C L I B R A R Y F O U N D A T I O N • Donors to the Beyond Books campaign have donated funds and signed irrevocable gift agreements based on a specific understanding of the project that is articulated in the Beyond Books campaign marketing material and Memo of Understanding between the Foundation and the City. • Failure to accept current bids, or material changes to the scope of the project, will require the renegotiation of contracts and significant risk of losing key committed donors. B E Y 0 N D B 0 0 K S THE NEWPORT BEACH LIBRARY LECTURE HALL Witte Hall, The Library Lecture Hall Another Successful Public/Nonprofit Partnership • The City of Newport Beach will have full operational control of the building within the terms provided by the Memo of Understanding and Priority of Use policies. • Subject to the Priority of Use policies in Exhibit B of the Memo of Understanding, the Foundation and Library will maintain preference of priority A.1 and A.2 for use of the facility. , B F NDBOOKS THE NEWPORT BEACH LIBRARY LECTURE HALL b P If Witte Hall, The Library Lecture Hall NEWPORTACH Another Successful Public/Nonprofit Partnership • Due to the generous support of private donors and the hard work of the fundraising team at the Foundation, the City of Newport Beach and its residents will be the sole owners of a world class facility at the steeply discounted cost of 50% of the expected project cost. • Due to private citizens' support of the construction, the Library Lecture Hall will be accretive to Citys financial position and balance sheet. -01 BE NDBOOKS THE NEWPORT BEACH LIBRARY LECTURE HALL Foundation Request for Approval NEWPORT BEACH PUBLIC L I B R A R Y FOUNDATION • As of today, the Foundation has met and exceeded its agreed upon commitment by 15%. Details are in Dave Webb's Presentation. • The Foundation Board voted last night to approve leadership to negotiate an updated MOU, by increasing the Foundation Commitment in Section 2.1 for the Library Lecture Hall as proposed to reflect 50% of the new expected Project Cost or $11,719,,000,, whichever is less. 1- - --------