<html><body><div style="font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #000000"><div><span style="font-size: 12pt;">All,</span><br></div><div data-marker="__QUOTED_TEXT__"><div style="font-family: 'arial' , 'helvetica' , sans-serif; font-size: 12pt; color: #000000;" data-mce-style="font-family: 'arial' , 'helvetica' , sans-serif; font-size: 12pt; color: #000000;"><br><div>I am sharing the attached not because it makes for scintillating reading (it doesn't) but rather, due to the interesting source (Federal Reserve Bank of Chicago) as well as the conclusions of the authors of the paper, which are summarized in quotes (see page 28 of the attached paper) in the third paragraph below. Perhaps the best audience for this is the financial person on your board, and/or in your governing municipality.</div><br><div>The second conclusion of the paper's authors would seem to have particular relevance, ie "<!--StartFragment--><span style="color: #000000; font-family: arial, helvetica, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;" data-mce-style="color: #000000; font-family: arial, helvetica, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"><span style="color: #000000; font-family: arial, helvetica, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;" data-mce-style="color: #000000; font-family: arial, helvetica, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Second, library capital investments cause students to perform better on standardized tests. In particular, we observe persistent improvement in reading test scores in the years after library capital spending."<span> </span><!--EndFragment--></span></span><div style="clear: both;" data-mce-style="clear: both;"><br></div><!--EndFragment--><div style="clear: both;" data-mce-style="clear: both;"><span style="font-size: 12pt;">"We use an event study methodology to show that library capital spending has at least two effects. First, capital library investments cause patrons to use the library more. More residents visit the library, the stock of library materials increases, and more children attend library events. Second, library capital investments cause students to perform better on standardized tests. In particular, we observe persistent improvement in reading test scores in the years after library capital spending. These improvements in reading test scores coincide with increases in library use and are not driven by changing demographics in local communities. Our results highlight the importance of public libraries to children, even in an era with widespread access to the internet and smartphones. In the future, we hope to further investigate the many other ways that public libraries can affect local communities."</span><br></div></div><br><div>Jim</div><br><div>Jim Flury<br>Technical Services Manager<br>The Library Network<br>41365 Vincenti Court<br>Novi, MI 48375<br>248-536-3100, ext 133<br>Fax 248-536-3098<br>jflury@tln.lib.mi.us</div></div><br></div></div></body></html>