Jones Library Building Project Financial Status Update, August 2026: $8.5 Million Owed to Town
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This is the first of a recurring series of reports in the Amherst Indy to show where the Jones Library Trustees are in meeting their financial obligations toward the building project. The focus will be on the amount the Library owes to the town for its share of the $46.1 million project cost. It will not include any other costs for which the Trustees are responsible (for example, more than $500,000 in redesign costs after the first failed bidding process, or more than $800,000 in fundraising expenses to date).
The following table shows the overall breakdown of sources for the project cost, with the library’s share highlighted.
| Jones Library | $13,822,518 |
| Amherst CPA Funds | $1,000,000 |
| Town of Amherst | $15,751,810 |
| MA Board of Library Commissioners | $15,565,472 |
| Total Project Cost | $46,139,800 |
To date, the Town has received and borrowed the following amounts to pay for ongoing project costs.
| Source | Borrowed | Received | |
| Jones Library | Paid to town | $5,379,936 | |
| Amherst CPA Funds | 10-year loan | $1,000,000 | |
| Town of Amherst | 30-year loan | $15,751,810 | |
| MA Board of Library Commissioners | Installments | $8,442,582 | |
| Bond Anticipation Note | Matures March 2027 | $13,800,000 | |
| Total funds available | $44,374,328 |
As of August 2026, the town expects to receive another $7,061,055 from the Mass Board of Library Commissioners (MBLC), although the timing of future installments is not known, and the library owes the town $8,442,582. According to the memorandum of understanding between the Town Manager and the Jones Library Trustees, the library’s share is due up to one year after a certificate of occupancy is issued, which is anticipated to be in Spring 2027. The amounts paid and owed to the town are shown on the following graph, which will be updated and posted regularly in the Indy.
