St. Louis Library to get $3 million in tax breaks
By Marshall Griffin, St. Louis Public Radio
Jefferson City, Mo. – The state of Missouri has awarded $3 million in tax credits to help spur a fundraising drive for the historic St. Louis Public Library.
The state's Development Finance Board approved the credits today. The improvements at the 97-year-old downtown library will include a new heating, ventilating and air conditioning system, protective caseworks for rare books and documents, and a new north-side entrance that will include ceiling-to-floor glass windows.
Executive Director Waller McGuire says the tax credits will enable them to raise about $6 million from private donors.
"We're going to be able to talk to potential donors about the tax credits immediately, since they've been approved, so we'll be able to work with leveraging donations and seeing about additional gifts we can bring in on the basis of these tax credits," Waller said.
The total price tag is around $76 million. The work is scheduled to begin next year and be completed in 2012, also marking the St. Louis Library's 100th birthday.