The city of Madison will borrow around $1.6 million to close a funding gap that has threatened the long-awaited $23.6 million Madison Public Market since September, according to the Wisconsin State Journal, when higher-than-expected construction bids drew questions about the project’s future.
The City Council in a 15–3 vote on Tuesday night chose the cheaper of two options to save the market — the other involving borrowing $2.3 million for the market. The cheaper option leaves the market without new garage doors and windows in its southern hall as originally planned; however, those design elements can be reincorporated in the future.
Dane County will also play a role in closing the market’s budget gap; on Thursday, the County Board will vote on borrowing $1 million to help finance the project.
Construction is now set to move forward. The market is anticipated to open in 2025, converting the city’s former two-story, 45,000-square-foot Fleet Services building at 200 N. First St. into a community destination. The market will house diverse entrepreneurs offering produce, prepared food, art, and more.
