Planetarium prepares to upgrade, thanks to bonds
St. Louis Business Journal - by Lou Kalosc
Work will begin soon on a major renovation project at the St. Louis Science Center, thanks mainly to the recently completed $14 million bond sale by the Industrial Development Authority of the city of St. Louis.
The work will focus on the Planetarium, which connects to the Science Center via a walkway over Interstate 64 /U.S. 40 at Forest Park.
The improvements will upgrade a popular attraction and, ultimately, increase the enjoyment of visitors.
For example, as a result of more open access, the number of visitors who can see the Planetarium star show is expected to increase from about 80,000 per year to 1 million or more.
The sale of the public facility revenue bonds, handled by Stifel, Nicolaus & Co. Inc., was completed in November. The tax-exempt bonds are payable to the Science Center Foundation, which is responsible for the debt service.
The bonds will be repaid through the Science Center's fund-raising efforts, contributions, lease and parking revenue and admissions to the Omnimax theater.
"The use of tax-exempt bonds by museums, cultural institutions and other not-for-profit public venues is growing rapidly," said Peter Czajkowski, first vice president at Stifel, Nicolaus, who brokered the sale. "They can get started now without waiting to raise money to pay for the construction. This type of deal allows the money to be repaid over time. And tax-exempt rates are attractive."
He said the average interest rate on the non-rated bonds was 6 percent, and they were well received by the market.
The Planetarium, an educational fixture in St. Louis for years, will be open to the public until Jan. 3, then it will close until spring 2001, when the work is scheduled for completion.
"Visually, from the outside, the building will remain the same," said Dwight Crandall, executive vice president of the Science Center. He said the renovation will be in three major parts.
The Planetarium will replace equipment that projects star images on the interior ceiling. The current projector is not Y2K compliant.
The star show now is in a closed-theater setting at scheduled times on a fee basis, with seating for about 185. That will be replaced with a continuing star show in the main chamber, which will be enlarged from 60 feet to 80 feet in diameter by removing the existing theater enclosure.
"The new fiber optic technology permits us to show the star field to people all the time and have it on in low light situations," Crandall said.
Second on the to-do list will be refurbishing the roof. Patchwork re-coating of the poured-in-place concrete structure has provided temporary relief.
"It's not leaking now, but it has leaked in the past," Crandall said of the roof, which features a rubberized coated surface over concrete. "It needs to have a major portion removed, replaced and refinished."
Crandall said the third major improvement involves access. The Planetarium entrance will be moved from the west side, where visitors have been able to enter on only one level. A new north entrance will be created on a different level, making it easier for people with disabilities to visit the facility.
"If you were to enter the building today, you would have to go down one level to meet the tunnel across Highway 40," he said. "The new entrance will allow people to flow through the building, give them easier access."
Other renovations include replacing all electrical systems, the air conditioning system, improving the rest rooms and providing food service on the lower level. The parking lot will be refinished. And grass will replace the concrete plaza that now surrounds the exterior.
"The grass from the park will come right up to the building," Crandall said, "which will allow the Planetarium to stand as more of a sculpture."
Lou Kalosc is a St. Louis free-lance writer.
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