The Madison Public Library Board approved the design for a new library on the corner of West Washington Avenue and Henry Street last Thursday after a subcommittee previously evaluated the merits of two competing developers’ plans and recommended one of the developer’s proposals.
The new design includes developing the new library site into a mixed-use building. This includes plans for a 250-room hotel, retail space and structured parking, according to the report of the subcommittee.
The Central Surplus Property Criteria and Selection Committee looked over the proposals of developers Fiore-Irgens and T. Wall properties in May, as well as a plan to forgo a new library and simply renovate the old one.
The subcommittee recommended the Fiore-Irgens design and the library board approved the design Thursday.
Ald. Mike Verveer, District 4, was on the subcommittee that recommended the design. He said the subcommittee scored the two proposals on various criteria and the Fiore-Irgens design came out the victor.
“My thought was a free standing, prominent government-owned building was the way to go for what is our flagship library,” Verveer said, adding the T.Wall proposal was inferior because it included an office building in which the library was just another tenant.
Verveer also said the downtown community feedback was overwhelmingly in favor of the Fiore-Irgens. Community members voiced their opinions through neighborhood meetings, a feedback station at the existing library where people could submit a written opinion and on the library’s website.
The project’s total cost is $43.6 million, according to the subcommittee report. Offsetting this cost would be money from the sale of the existing library, $16 million from the city and an estimated maximum contribution of $10 million from private sources. After this funding is deducted, the city still has a funding gap of $13 million.
The competing proposal from T. Wall properties had a total project cost of $38 million, according to the report. After all the funding offsets the cost, the city could have been looking at a funding gap of about $7.8 million.
Verveer acknowledged the financial concerns of funding the Fiore-Irgens project and the question of how to pay for it was a “difficult one.”
“Part of [funding the project] is negotiating with the developers, seeing if they can bring the cost down,” Verveer said.
Verveer added this is the right time to start this project, saying the city can take advantage of the competitive construction prices in the current economic downturn.
“If we wait, it’s quite likely the price of any of these proposals will go up,” Verveer said.
Other financial factors are involved with the various proposals. The T. Wall Properties proposal would have generated more money in property taxes for the city, under current economic conditions as well as under improved conditions, according to the report.
However, the Fiore-Irgens proposal would also generate between $675,000 and $798,000 in room taxes for the city since the proposal includes a hotel.
According to Verveer, the Madison City Council will vote on the decision sometime in July after a special briefing.?
