Madison’s Community Development Authority voted Thursday night to limit the fee it would charge to the Wisconsin Alumni Research Foundation for the use of CDA bonds in building WARF’s Wisconsin Institutes of Discovery.
The authority decided it would charge one-third of a 1 percent fee on up to $175 million worth of the bonds used to build the Institutes of Discovery, a dual public and private research center funded by three $50 million donations from the state, WARF and private donors John and Tashia Morgridge. The CDA authorized bonds for up to $185 million, making $33,000 the maximum discount WARF received on the project. If the total amount of bonds needed runs over $185 million, the CDA must hold another public meeting, restarting the process of issuing bonds.