Real estate developer Terrence Wall of T. Wall Properties recently announced he is willing to donate $3 million toward the redevelopment of the Madison Central Library if the city agrees to follow through with his development proposal.

At the last Central Library Disposal Surplus Property Criteria and Selection Committee meeting, the committee made comment about the lack of fundraising for the new library, according to Sean Robbins, vice president of development at T. Wall Properties.

“One of the things in a report was the need for a lead donor to step up to the plate to get the fundraising started,” Robbins said. “One of the things we decided as a committee was why not it be us and commit $3 million to our project … to make this project a reality.”

Robbins said the entire T. Wall project will cost the city an estimated $38.5 million.

The Fiore-Irgens Proposal has an estimated cost of approximately $46.5 million.

“I don’t know if it will help but the point of [the donation] is to kick start the program. … We’ll give you first [part] of the project,” Robbins said.

Library Board Chair Tripp Widder said the problem with both proposals is there is a large gap between the cost and the public money available to fund the project. The companies and the city need to find another way to get funding either by reducing costs or finding donors.

“What T. Wall came up with was a contingent proposal to make a contribution and those certain conditions were met,” Widder said. “That still leaves a $15 million gap that has to be plugged with private donations.”

Since a library project proposal has yet to be selected, the committee has not hosted a fundraising campaign, Widder said. However, Widder did say after looking at a Library Foundation Feasibility Report, if the committee was given four to five years to fundraise and staffed a large campaign, the city could most likely gain $10 million.

Currently the board holds less than $100,000 for the Central Library Project.

Executive Vice President of Fiore Companies William Kunkler was unavailable for comment as of press time.

The committee will further examine both of the proposals for Madison’s newest library at a meeting next week.