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File #: 23701    Version: 1 Name: Resolution supporting an additional $4.0 million in General Obligation borrowing for the Central Library project and another $500,000 of private donations as proposed in the 2012 Executive Capital Budget.
Type: Resolution Status: Passed
File created: 8/25/2011 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 9/20/2011 Final action: 9/20/2011
Enactment date: 9/20/2011 Enactment #: RES-11-00796
Title: Resolution supporting an additional $4.0 million in General Obligation borrowing for the Central Library project and another $500,000 of private donations as proposed in the 2012 Executive Capital Budget.
Sponsors: Paul R. Soglin, Lauren Cnare, Michael E. Verveer, Larry Palm, Shiva Bidar
Fiscal Note
The 2012 Executive Capital Budget includes the additional $4.0 million in General Obligation borrowing and additional $500,000 in private contributions for the Central Library (810611).
 
Title
Resolution supporting an additional $4.0 million in General Obligation borrowing for the Central Library project and another $500,000 of private donations as proposed in the 2012 Executive Capital Budget.
 
Body
Whereas the original total project budget for the Central Library is $29.5 million with $17 million from General Obligation borrowing, $8 million from private fundraising, and $4.5 million from New Market Tax Credits; and
 
Whereas the adopted 2011 Capital Budget listed $15 million in General Obligation borrowing ($2.0 million already borrowed), $8 million from private fundraising, and $4.5 million from New Market Tax Credits; and
 
Whereas the City of Madison has been unable to secure an allocation of New Market Tax Credits; and
Whereas passage of this resolution would provide the needed endorsement of the 2012 Executive Capital Budget so that staff can finalize leases for the temporary locations for the Central Library, issue a Request for Proposals for a Move Vendor, and begin advertising for the Public Works bidding for the removal of the hazardous material and construction;
 
Now Therefore Be it Resolved that the Common Council hereby supports the additional $4.0 million of General Obligation borrowing and another $500,000 of private donations as proposed in the 2012 Executive Capital Budget.