Fiscal Note
This resolution amends the agreement between the Madison Public Library Foundation, Inc. (MPLF) and the City regarding capital campaign contributions for the Central Library capital project. The project was funded at a total amount prior to construction of $29.8 million, with $2.1 million from 10 year general obligation promissory notes, $15.2 million of 20 year general obligation bonds, a $4 million direct appropriation from the general fund and an $8.5 million private contribution from the MPLF. After construction began, additional funding of $175,000 for a pipe repair project was added from the Insurance Fund, which increased the total funding level to $29.985 million (see Legistar #29804).
Actual costs of the project are approximately $1 million less than budgeted. That savings was split commensurate with the original funding sources to the project (72% city and 28% MPLF). The MPLF share of the savings reduces the $8.5 million private contribution to $8.215 million. The MPLF has transferred $6.89 million to the City for the project. The MPLF will make its best efforts to provide the remaining $1.326 million over the next four years. Any shortfall in reaching that goal will be shared equally between the City and the MPLF.
The cost savings associated with the City share remains in the Capital Projects Fund. The Capital Projects Fund will have to carry the remaining $1.3 million commitment from the MPFL for the project until it is expected to be retired in 2017.
Title
Authorizing the Mayor and City Clerk to execute an amendment to the agreement with the Madison Public Library Foundation, Inc. regarding capital campaign contributions for the Central Library
Body
In December of 2011, the City entered into an Agreement with the Madison Public Library Foundation, Inc. (the “Foundation”) regarding capital campaign contributions for the Central Library reconstruction project. Under that Agreement, the Foundation agreed to use its best effo...
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