Mayor Rhodes-Conway has upheld the City’s commitment to move forward with the Madison Public Market, reflecting support for this community economic development project. In her 2020 Capital Budget Plan, released last week, she maintained the City’s commitment of funding just over half of the project costs.
In her Executive Capital Budget Memo released on September 3rd, Mayor Rhodes-Conway stated: “The Public Market is a project we have debated as a community for a number of years. I recognize this project’s ability to support businesses and cultivate entrepreneurship, which is critical to realizing the goals of this [Economy].”
The Mayor has proposed shifting the City’s source of capital for the Market to the Tax Increment District that includes the project’s site (TID 36).
“My budget anticipates construction of the Public Market will continue as currently planned, but transfers the local funding share ($7.5 million) to revenue from the Tax Increment District,” said Mayor Rhodes-Conway in her recent Budget Memo. “I used the [money] saved here to invest in Bus Rapid Transit, Affordable Housing, and Land Banking with a focus on reducing the City’s debt obligations.”
According to City staff, this shift in the city’s internal financing strategy for the Public Market will have no effect on the Public Market’s timeline, design, or operating plan.
Included in her new budget plans, Mayor Rhodes-Conway calls for the Madison Public Market Foundation to raise an additional $500,000. The Foundation has currently raised $1.1 million of a $4 million capital campaign to support the development of the Public Market.
Thank you to Mayor Rhodes-Conway for continuing to move our Public Market forward!