Have a friend Jimmy whose entire basement is filled with tools. Power tools for every type of job. Jimmy's a carpenter but can do pretty much any sort of household project (plumbing, electrical, etc. - and I highly recommend him if you're in the Central Mass area). But I can't stop thinking that Jimmy could start a tool library.
$150 a year membership which gets you free coffee or beer (make coffee daily and have a keg of beer tapped at all times) and also a discount on the tool "borrowing fee." Say drop the daily rate from $15 to $10 for members. Members also get to put their tools out for lending and get to keep half of the "borrowing fee" for any tools that gets lent out. The coffee and beer would make the "library" a place people would hang out and talk shop.
May have to talk to Jimmy about this.