The Library Board was informed of the grants at its meeting Tuesday night.
That amount is scheduled to be paid out to the library foundation in two payments over the next two years.
Along with that funding, the Tucker Foundation is offering a $75,000 Challenge Grant.
That money will be paid to the Library Foundation if it is successful in raising a matching amount.
The remainder would be paid in 2016 if the challenge has been met.
That means the library’s History Branch is in line to receive $300,000 over the next two years to help with its upkeep and restoration.
“This grant results from the Tucker Foundation’s long interest in and general support for public library services and for education generally in Bradley County,” said Library Board Chairman John Hagler.
He also credited the “tireless work and generous support” of two former board members, Anne McReynolds and Bob Card.
“They looked over this very carefully,” Hagler said.
He said there had been “really good meetings” with Tucker Foundation President Hayne Hamilton and “Bradley County’s own” grants administrator, Amy Moore.
“We are really excited about this,” Hagler said. “This is a really good start.”
He said the Tucker Foundation has also encouraged the board to “find a new role for that building without changing its character” such as a meeting place for community clubs.
“All because we’re going to be really spending some money there over the next three years improving the property,” he said. “We want it to become even more of a community center than it has been and is at this time.”
The board also heard a report from Library Director Andrew Hunt concerning the project to electronically tag the library’s inventory and establish self-checkout kiosks.
Hunt said he was hopeful the process would be completed by the end of July.
Retiring board members Susan Lackey and Steve Robinson were saluted for their almost decade of service on the board.
“We so much appreciate all that you have done,” Hunt said, adding that books in their honor will be placed in the library.
“The help I have received from these experienced trustees has been incredible. You just don’t know the value of the time they have spent here and the effort they have expended during that time,” Hagler said.