The City of Fairfax and Fairfax County entered into an agreement in August 2005 to finance, design and construct a new regional library (library) in the City's downtown area through the sale of bonds. Upon completion of construction in January 2009, $2.39M remained unspent. City and County staff, and legal counsel have reviewed the agreement and have determined the unspent available funds of $2,397,587 should be allotted to the City.
Though the unspent funds are available for City use, the bond financing documents and federal tax laws also set restrictions on the use of the unspent bond funds. See June 6, 2011 memo (PDF Format) for more information on bond restrictions. City staff has prepared several concepts for the area known as George Mason Square and Pozer Park that are achievable with the remaining $2.39M plus an additional $400,000 in grant money.