St. Louis Library Needs Big Bucks for Renovation
Bizjournals: The City of St. Louis Municipal Library District board is looking for a new architect and has increased by 40 percent the estimated cost of the historic renovation project at 1301 Olive Street.
Financing is still in the development stage. Construction will cost $45 million, and $25 million will go toward interest, architectural fees, professional fees, reserves and contingencies. The 17-branch library system, which is funded by tax revenue, will seek a mixture of tax-exempt bonds, state and federal historic tax credits and grants, and New Markets Tax Credits. The system’s private foundation also will seek funding from individuals and corporations.
“We do face the challenge that this is a new competitor for private philanthropy in St. Louis, but I think when people are aware of what it is, civic pride will take over,” said Tom Schlafly, an attorney with Husch Blackwell Sanders, who is on the library board and co-chair of its foundation.
A very very big challenge, will it be met? Any LISNewsers from St. Louis and if so, what are your thoughts?