Thursday, September 1, 2011

Madison Public Library Board to Consider Plan B Financing for New Central Library

Excerpt:    Philanthropist Jerry Frautschi's $500,000 pledge is good news indeed for the Central Library's reconstruction project, especially because it turns out the fundraising campaign got some bad news this summer, too: around $4 million in federal New Market tax credits it was counting on are not going to come through this year, and maybe not at all, according to several officials involved in the $29.5 million project.

Now city and library supporters, including Mayor Paul Soglin, are scrambling to try to make up the difference, and Frautschi's gift won't do it alone.

At today's 4:30 meeting the Madison Public Library Board will consider what it calls Plan B: a financing scheme that will make up for the $4 million hole.

Plan B calls on the library fundraising campaign to raise another half a million dollars on top of the $8 million goal it already is racing to meet, while the city will need to borrow another $3.5 million on top of the $17 million it has already committed to the project

And the beat goes on.  (4/14/2010)

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