To be clear, you'll need to supply, collect from and resupply the Bookstore 40 individual times before making it to Level 2, but the process can be completed yet again to take your Bookstore from Level 2 to 3. You'll need to complete the re-supplying cycle all over again until you reach Level 3, which takes your Bookstore to the final stats of requiring 130 Goods and offering up 650 coins each time you collect your profits.
If you look at the stats as a whole, this particular set of upgrades looks to be fairly worthwhile. By spending just 30 Goods more each time you supply the Bookstore, you'll gain 220 more coins. If you allow the Bookstore to be the only operating business in your town, you'll be able to collect plenty of profits pretty quickly, which is definitely a good thing.
Hopefully, Zynga will make a point of releasing some more worthwhile upgrades in the future for another set of businesses and community buildings. We'll make sure to let you know what those upgrades are if (when) they should launch, so keep checking back!
What do you think of these Bookstore upgrades? Do you think the increased stats are worth going through the process of upgrading, or are you still too busy working on upgrading other buildings to immediately start working on these? Let us know in the comments.