MADISON, Wis. -- A special committee is recommending a plan, by the Fiore companies, to build a new central library in Madison.

It edged out a plan by T-Wall Properties and now goes to the Library Board and Common Council for consideration.

The Fiore plan would cost about $40 million but proposes a new six-floor library at Henry Street and West Washington Avenue to replace the library on West Mifflin Street. The building would also be used for mixed-used development and a hotel.

"I am concerned about the cost, especially these days," said Madison Mayor Dave Cieslewicz. "But I think it's too exciting an idea to just dismiss it, so we'll spend some time studying it and see if there's a way we can pay for it."

He wants to look for payment options ahead of the release of his capital budget. The mayor also told WISC-TV he likes the hotel planning and the fact that the existing library could stay open during construction.