City of Madison asks residents to buy mini-bonds to help pay for Olbrich Gardens expansion

City to sell up to $2.1 million in bonds

Site staff by Site Contributor

The city is selling “mini-bonds” to Madison residents to help pay for the expansion of the Olbrich Botanical Gardens.

“We haven’t had an expansion of the building here since 1991, and our attendance has grown from about 120,000 back then to over 350,000. So we need the space. We’re desperate for the space,” said Director Roberta Sladky.

The project, which Sladky said the organization has been working on since 2012, includes the construction of a new learning center and an energy-efficient greenhouse, where staff members will be able to grow even more flowers and plants.

“We know that we’re a tourist attraction,” Sladky said. “We also have education programming for people of all ages. We would like to be able to do more for schools, and this new building will give us the space to do that.”

The project is costing an estimated $12 million, with the city and the Olbrich Botanical Society each providing $6 million. City officials said they’re hoping a third of their contribution, up to $2.1 million, will come from the mini-bonds.

“It’s a way to build community. It’s a way for those people who like to invest — it gives them an easier access to this investment instrument,” said David Schmiedicke, the city’s finance director.

Schmiedicke said bonds will be available on a first-come, first-served basis from Oct. 3-9. Bonds are usually sold in denominations of $5,000, but the city has lowered the amount to $500 to make it more accessible to community investors. The bonds are 10-year notes, at which time people can cash them in and collect interest.

“My understanding is Madison did something like this back in the 1970s, but it was a very short-lived program,” Schmiedicke said.

Construction on the gardens is scheduled to start in September and should take about a year, Sladky said.

The city will be holding two informational sessions to allow residents to ask questions about the new programs. Those dates will be announced soon.

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