The 1833 Society and Peterborough Library Trustees have announced that because the library restoration and renovation project was completed under budget, the financial oversight committee, led by Mike Morison, officially held its last meeting and made recommendations to the 1833 Society for the available remaining funds.
The 1833 Society is a nonprofit organization formed to raise funds through donations and grants to finance the upgrade of Peterborough Town Library and assist in its development. According to Sue Martin, vice chair of the 1833 Society, approximately $92,000 will be paid over to the town, and the funds are to be used for the first payment on the library bond.
“This was an amazing public/private partnership,” said Martin. “We are grateful to the taxpayers and the town leadership for their support. The 1833 Society Board voted to share the budget surplus with the town, in keeping with our partnership agreement and in full transparency.”
The remainder of the funds will be placed in a newly created 1833 Trust Fund and managed by the library trustees. The funds will be restricted for use toward any remaining campus expenses, such as the south lawn landscaping, which will be completed after the Main Street Bridge project is finished and the temporary pedestrian bridge removed.
“The 1833 Trust Fund will be used for any campus improvements and in-line with the scope of the original project,” said Library Trustee Chair Tina Kriebel. “For example, we will pay off the solar panels when our power purchase agreement term is up, and we have plans to add mechanical shades to the children’s area.”
The renovated Peterborough Town Library was completed in September 2021. For information about the library project, please visit peterboroughtownlibrary.org/history-and-renovation or call 603-924-8040.