I have to basically agree with you, Perryman, but I think that the chances of this being a short-lived project are almost exactly zero.

This can be a positive move, however, albeit in a different way from being a council-run venture. The involvement of local people - and in particular local business people - could possibly help make the library more responsive to local needs with much, much shorter decision-making processes, not least when it comes to developing ways to generate the funding that will keep the library going and keep it well stocked.