Resident Steve Kim Commenting in the Facebook group ,”it takes a Ridgewood Village ” on funding for the Library ReImangine:
“Ridgewood Library Foundation raised $175k over the past three years. That and (I assume) capital appreciation led to a 15 percent increase in the endowment. If I assume endowment is in cash reserves, endowment should be around $1.3 million based on what is said.
Why is only $500k of the endowment funds being released for what they keep saying is a “generational” chance to upgrade the place? Wasn’t the Foundation developed to help fund capital projects like this?
Why are the residents pushed to take the burden of $2 million bond funding when funds in place can be used? There isn’t a definitive plan or cost estimate but the $2 million ask keeps lingering… $2 million is about an extra year’s worth of library tax assessment.”
