June 27, 2006

STATEMENT OF INTENT REGARDING THE ROBBINS ROAD PARCEL  

1.  The Loutit District Library Board’s intent regarding the Robbins Road parcel is to put the parcel up for sale:  

a.  after the library district voters approve public financing for a Building Project at the current library site on Columbus Street in downtown Grand Haven, and  

b.  when the library would no longer incur a significant pre-payment penalty for paying off early the balance of the principal remaining on the original contract to purchase the parcel.*  

2.  The Loutit District Library Board’s intent is to reserve the net proceeds from a sale of the Robbins Road parcel for the purpose of making the annual debt service payments on bonds issued by the library to finance a Building Project at the current library site on Columbus Street in downtown Grand Haven.  

*According to the June 13, 2002 contract between the Library and Bank One (now Chase), the penalty for the Library pre-paying the remaining principal balance prior to term ( May 1, 2012 ) at selected dates is:  

                                    At May 1, 2006                       $101,607  

                                    At May 1, 2007                       $ 73,685  

                                    At May 1, 2008                       $   7,970  

                                    At May 1, 2009                       $   3,059  

                                    At May 1, 2010                       $   2,087