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MADISON, Wis. — The Madison Common Council has approved an additional $1.6 million in funding to cover rising costs for the long-debated public market project.
By a 15-3 vote Tuesday night, the council approved the extra money, allowing the project to move forward after funding concerns threatened to derail it.
Last month, the city’s Department of Planning, Community and Economic Development announced the lowest construction bid came in at $15.2 million, more than $1.6 million over the project’s maximum budget, even after factoring in any and all cuts the city believes can be made without threatening the market’s viability.
Without additional funding, the project’s future would have been uncertain, with advocates warning it could be shelved indefinitely.
The city faces an Oct. 24 deadline to accept a bid and move forward with the project, which is slated to be built at the site of the former Fleet Services Building at the corner of First and East Johnson streets.
The Dane County Board of Supervisors is set to consider contributing an additional $1 million to the project during its meeting Thursday night. If that increase is approved, it would up the county’s total financial backing to $2.5 million.
As construction costs have increased, additional money has come in to keep the project alive. In February, TruStage, then CUNA Mutual Group, announced a $1.5 million donation to the market.
Months prior, the council, as part of the city’s budget process, passed an amendment to create a new Tax Increment Financing district to help close the financing gap.
