Petersburg Library

New Markets Tax Credit Coalition

Petersburg,
VA
(2013)

Petersburg Library

Community, Daycare and Early Childhood, Infrastructure, Library, Municipal Facilities, Youth and Families

A new 42,160 sq. ft. library in Petersburg, VA.

Investment

NMTC Amount: $12,483,250
Total Project Cost: $14,371,100

IMPACT

1 FTE jobs
51 construction jobs
42,160 sq. ft. of real estate

CDEs

Local Initiatives Support Corporation, Wells Fargo

Investor

Wells Fargo

Project Description

Petersburg Library Foundation (PLF), was formed as a nonprofit in 2002 to fundraise capital for a new 42,160 sq. ft. library in Petersburg, VA. PLF raised $10 million in cash and pledges over four years, but the project was delayed for almost two years because it did not have sufficient funds to complete the building. NMTC financing from Wells Fargo and LISC filled the project’s fundraising gap and allowed it to finally move forward.

MAP

Address: 201 West Washington Street, Petersburg, VA 23802

Census Tract: 51730810300

PDF Profile

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