RAD Board Approves CLP Bond Refinance

Pittsburgh, PA | April 27, 2021 — At a special meeting held via Zoom on April 20, 2021, the board of the Allegheny Regional Asset District (RAD) approved a request by Carnegie Library of Pittsburgh (CLP) to refinance a bond due to favorable interest rates, resulting in a projected upfront savings of $600,000 – 700,000 for CLP.

Mary Frances Cooper, President and Director of CLP, said these funds will be used toward a major renovation of the Library of Accessible Media for Pennsylvanians (LAMP) located on Baum Boulevard in North Oakland. In addition to serving as a neighborhood branch, LAMP provides materials for individuals with print disabilities throughout Pennsylvania. It ships more than 1.6 million talking books annually to people with different print disabilities, from seniors with macular degeneration to amputees to students with dyslexia. Staff and volunteers at LAMP create talking books for the Library of Congress collection, provide accessible programming and work to build an inclusive and equitable community of readers.

With accessibility and inclusion as core RAD values, the board was enthusiastic about CLP’s plans for the savings incurred by this bond refund and see it as an opportunity to leverage RAD support for even greater impact.

In 2002, RAD agreed to redirect a portion of CLP’s annual operating grant towards the repayment of a $14.5 million fixed-rate bond issued by the Allegheny County Industrial Development Authority. The original agreement between RAD and CLP to reallocate $1 million of their annual operating grant each year runs through December 2027 and its terms and conditions remain the same. The bond proceeds have been used for much needed capital improvements and construction at CLP’s Main Library and branches. This bond issue jump started CLP’s capital campaign that has raised tens of millions of dollars for improvements.

The resolution to allow the bond refinance passed with six affirmative votes and one abstention and is effective immediately.

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