Fiscal Note
The 2023 Executive Capital Budget includes $10.5 million in General Obligation borrowing and $4.5 million in private contributions for the Reindahl Imagination Center.
Title
Authorizing a request supporting $10.5 million in General Obligation borrowing and $4.5 million in private contributions for the Reindahl Imagination Center as proposed in the 2023 Executive Capital Budget.
Body
WHEREAS, the total project budget for the Reindahl Imagination Center is $15.0 million with $10.5 million from General Obligation borrowing and $4.5 million from private fundraising; and
WHEREAS, the Madison Public Library Foundation has committed to capital campaign fundraising for Reindahl Imagination Center in the amount of $4.5 million in proceeds to Madison Public Library; and
WHEREAS, approval of this authorization formalizes a request from Madison Public Library to Madison Public Library Foundation to proceed with the capital campaign fundraising of $4.5 million in proceeds to Madison Public Library;
NOW THEREFORE BE IT RESOLVED that the Madison Public Library Board hereby supports the $10.5 million in General Obligation borrowing and $4.5 million of private donations as proposed in the 2023 Executive Capital Budget.