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NEWPORT BEACH
PUBLIC LIBRARY
FOUNDATION
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January 9, 2024
Item No. 13 A
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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
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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 $6.6M) in Private Funds for the construction of the state-of-the-art Central Library which was completed in July of 1994
• 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.
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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 Library Foundation is an institutionally -related operating foundation that raises funds from the community to support the Library and its programs and capital improvements
• The Library Foundation is not a private foundation with its own financial resources but a conduit for community support
• The
Library Foundation is
fulfilling this
same role for the Library Lecture
Hall
—it is rallying support
throughout
the community for a public
resource.
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Foundation Role with the Li
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
• Prior to the November 14 Council meeting, the Foundation met and exceeded all its fundraising requirements identified in the original MO and the first and second amendments
• Since the November 14 Council meeting, the Library Foundation has agreed to:
• Increase the Foundation's fundraising efforts from $6.5 million in the original MOU signed in February 2022 to $11.7 million
• The Foundation has cash on hand to deposit $7.1 million into the escrow account within 10 days of the signing of the construction agreement • The Foundation has agreed to raise and fund the remaining $4.6 million prior to the prior to the opening of the Hall
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Foundation Role with the Li
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 Foundation has agreed to priority use of the Hall to less than 15% of the available usage days
• Although the Foundation will raise 50% of the cost of the building, the Foundation has agreed to pay an event usage fee of up to $700 per use
• In the event that all funds are not deposited by the opening of the Hall, the Foundation has committed to using the annual prudent distribution from its Library -restricted endowment funds until such time as the entire $11.7 million has been provided to the City
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 City's financial position and balance sheet.