Despite previous concerns the renovations on the city’s Central Library might not go through after Mayor Paul Soglin came to office, the mayor released a set of fundraising goals Friday and said he was optimistic the plan would be completed on time.
Officials from the Madison Central Public Library redevelopment team have projected a cost of about $29.5 million, with $8 million of the price tag from private funding. Soglin said achieving this goal would call for an aggressive fundraising campaign.
He said the first goal is to come up with about $2.5 million by Labor Day.
“What I’d like to do is explain what it is we worked out and how we’re going to successfully do the wonderful job of raising the funds for the library,” Soglin said at a press conference Friday.
Soglin said he hopes the library receives funding from three main sources, including the city, new market tax credits and gifts made to the foundation.
As fundraising begins, Soglin said the project could go forward with construction despite his previous statements that $8 million in cash or bonds would need to be in hand before the project could move forward.
“Our goal is to get the library under construction on schedule and to be sure that we have sufficient funds to meet the requirements,” Soglin said. “We can either have cash on hand or letters of credit to guarantee the payment.”
Tripp Widder, president of the Madison Public Library Board, said the board has been trying to match the funding with the obligation of the city.
He said library officials understand the task at hand is going to be challenging, but they remain hopeful the fundraising executives will be able to complete it.
“We are cautiously optimistic that we’ll be able to meet our fundraising goals,” Widder said.
The fundraising plan set out by the board and the mayor pushes benchmarks to allow for more flexibility, breaking it into smaller pieces and deadlines.
The Library Foundation has been an active figure in Madison for several years and has more than 2,500 “generous donors,” said Jenny Collins, the executive director of the Library Foundation.
Collins said the board might be participating in some small fundraising events, but is mostly relying on face-to-face gifts from the community.
Ald. Larry Palm, District 15, said Soglin appointed him to the library board 16 years ago, and he has since been a consistent supporter of the Central Library. He said it is a facility in desperate need of assistance and the fundraising efforts are the most responsible path forward.
“I will be delighted and honored to participate in making calls, getting out into the public, and helping fundraising in any way,” Soglin said. “This is meeting two goals – one as a community to get this construction done and one to not sign contracts for funds we don’t have.”
Collins said the library already has about $1.5 million in place, but that leaves $1 million to be raised by September 5.
Soglin said if the fundraising called for smaller amounts in different financial times, things might have been easier, but he said he’s confident the goals can be met. He ended the conference by making his own donation to the foundation to set an example for other donors and community members.
