Central Library fundraising short of Labor Day goal despite Frautschi's $500,000 pledge. (Capital Times, 9/1/2011)
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.
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.
Related articles:
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Central library reconstruction project to proceed. (4/29/2011)
Negotiations continue. (4/27/2011)
Central library not a major issue with candidate or mayor Soglin. (4/19/2011)
Soglin wants to make sure ducks are in a row for Central Library Project. (4/16/2011)
Latest design review. (4/8/2011)
Midway Design presentation for Madison Central Library. (2/25/2011)
Final design for renovated central library unveiled. (12/8/2010)
Central library to relocate in November. (7/27/2011)
Central library reconstruction project to proceed. (4/29/2011)
Negotiations continue. (4/27/2011)
Central library not a major issue with candidate or mayor Soglin. (4/19/2011)
Soglin wants to make sure ducks are in a row for Central Library Project. (4/16/2011)
Latest design review. (4/8/2011)
Midway Design presentation for Madison Central Library. (2/25/2011)
Final design for renovated central library unveiled. (12/8/2010)
Conceptual designs for new Central Library. (10/25/2010)
One possible message: Don't settle for less. (8/5/2010)
Possible temporary location has asbestos problem. (6/18/2010)
State Journal editorial board sez Madison City Council made right decision on Central Library. (5/10/2010)
Council vote on library goes under the radar. (5/8/2010)
And the beat goes on. (4/14/2010)
Mayor Responds to Critics on Library Issue. (4/13/2010)
Board Endorses Renovation Plan. (4/6/2010)
Council President Pro Tem to Introduce Resolution Approving Madison Central Library Renovation Project. (3/28/2010)
New Madison Central Library Wins Council Approval. (11/11/2009)Capital Times Endorses New Madison Central Library. (11/10/2009)
Madison Board of Estimates Rejects Library Referendum. (10/13/2009)
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Fiore Plan Receives Unanimous Support. (6/5/2009)
Fiore Plan Gets Nod from Committee. (5/15/2009)
Public Forum Focuses on Central Library Options. (4/24/2009)
Developer Sweetens the Deal. (4/21/2009)
Visualizing a Remodeled Madison Central Library. (4/4/2009)
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Two Proposals for New Madison Central Library. (12/3/2008)
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