Officials formulate ways to close funding gap

  • 2022-11-15
Officials from Dane County and Madison have agreed on a proposal that aims to deal with a funding gap worth $20m.

The funding is for the Madison Public Market. Before the proposals can move forward, the county and city budgets for next year would need to be amended pending approval from the County Board and the City Council. Patrick Miles, the County Board Chairman, offered to amend the capital budget so that $1.5m can be borrowed to help with the funding gap. This is contingent on the city providing another $4m to the project, and the county being able to divide the land where the market sits.

Officials from Madison also confirmed that they will be proposing an amendment to Madison’s budget so that $6m could be used to meet the market’s funding requirements. Proposals such as this one often feature official Letterheads on them.

Anne Reynolds, one of the Public Market Foundation’s board members, highlighted the economic and social opportunity this proposed amendment could generate.

The county is not able to fund projects not outlined in the state’s stature, but it can buy and lease property. The county is able to buy a part of the property and then lease it to the city at a rate of $1 a year. Once the borrowed money has been repaid, the county would sell the property to Madison for $1.

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