Cost of new library jumps to $174.8 million

Ottawa’s new main library near LeBreton Flats will be finished by the end of 2024, at a cost of $174.8 million.

A report for the Library Board and the Finance and Economic Development Committee outlines the financing plans for the new project between the library and Library and Archives Canada.

Last year, the Ottawa Public Library Board and City Council approved the Central Library Development project in partnership with Library and Archives Canada. It will be located on Wellington Street, near LeBreton Flats.

Staff say the cost of the new super library is $174.8 million, up $6.8 million from the last estimate. The report says the new estimate takes into account construction inflation since the last estimate and refining facility operations requirements. 

The Federal Government is contributing $70.6 million for Library and Archives Canada’s share of the project. 

The City of Ottawa will be required to fund $104.2 million of the project. Staff say that be funded by using $20 million from the sale of the current main library at Laurier Avenue and Metcalfe Street, $1 million from library reserves and $3.2 million from development charges.  The city will use $80 million in debt financing to build the library, costing taxpayers $6.43 million a year in debt servicing costs.

If Council approves the plan to fund the library, staff will proceed to the next phase of the procurement and work to finalize the deal with Ottawa Public Library and Library and Archives Canada. The goal is to award the design contract in the fall of 2018.