Mayor Paul Soglin and the Madison Public Library Foundation reached an agreement to keep the Central Library's construction plans on schedule without jeopardizing the city's finances.
Soglin, who said he agrees the Central Library project is a high priority, met with the foundation and library officials Tuesday to discuss a new plan that calls for aggressive private fundraising goals.
""We have a plan now that allows the city to assess the progress of fundraising in concert with key points of the project and adjust course if needed,"" Soglin said in a statement.
The Madison Public Library Foundation agreed to accumulate $8 million in cash and pledges by increasing its private fundraising efforts to meet the project's financial and construction deadlines.
""I have great confidence in the Madison Public Library Foundation and its ability to meet this goal of $8 million,"" Soglin said in a statement.
The city agreed to contribute $17 million to the capital project through bonds, and $4.5 million will come from pending new market tax credits.
""These benchmarks are very ambitious, but this is an important project for the city of Madison to complete now for many reasons,"" Library Board Chair and Central Campaign Chair Tripp Wilder said in a statement. ""It will be critical to our success that the Madison community demonstrates its love of libraries by coming forward with generous contributions. I believe it will.""
