Fiscal Note
The proposed resolution authorizes the City of Madison, for the Madison Public Library, to apply for and accept if awarded, grant funding of up to $4,250,000 from the State of Wisconsin Department of Administration Division of Energy, Housing and Community Resources Flexible Facilities Program. The grant will fund a portion of the costs of construction of the Imagination Center at Reindahl Park and once the grant amount is known, may replace a portion of the GO Borrowing. The City must demonstrate that there is financial capacity and funds are readily available to complete the project as proposed and that any funding needed from other financial sources is secured and committed to the project so it is ready to proceed immediately upon award.
The Library’s Imagination Center at Reindahl Park capital project has authorized funding of $4.5 million in private contributions, $13.875 million in GO Borrowing, and $500,000 in Inflation Reduction Act (IRA) federal funding for a total budget of $18,625,000. If this grant is awarded, the Imagination Center at Reindahl Park capital project will be amended to reflect the grant and may reduce GO Borrowing such that there is sufficient funding to complete the project up to a total project cost of $22,875,000.
Title
Authorizing the City of Madison to submit, and if awarded, to accept a grant of up to $4,250,000 from the Flexible Facilities Program funded through the State of Wisconsin Department of Administration Division of Energy, Housing and Community Resources for the Imagination Center at Reindahl Park Project and authorizing the Mayor and City Clerk to enter into an agreement with the State of Wisconsin to accept the grant award; and amending the 2024 Adopted Capital Budget of the Madison Public Library. (District 12 and District 17)
Body
WHEREAS, the State of Wisconsin Division of Energy, Housing and Community Resources has established the Flexible Facilities Program, an initiative dedicated to suppor...
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