Rose Bowl officials grapple with funding gap in stadium upgrade
The ongoing upgrade of the Rose Bowl in Pasadena has hit a snag after officials disclosed a funding gap of $37.6 million.
Rose Bowl officials said on Saturday that they may have to postpone about $14-million worth of work and may seek a loan of $28.6 million to solve the shortfall.
Pasadena City Councilman Victor Gordo, who is also president of the Rose Bowl Operating Co., said at a meeting Saturday that negotiations with the Tournament of Roses and UCLA are ongoing to determine what work may be postponed.
Officials are also looking at extending the project a year past the original Jan. 1, 2014 deadline.
Crews already have installed new electronic signboards and made extensive progress in building new luxury seating and an expanded press box.
Rose Bowl leaders said they need to quickly define the work to be done in the next phase of construction and to secure a loan by October.
"We need action," said Darryl Dunn, chief executive and general manager of the Rose Bowl Operating Co. "It needs to be right, but we do have time pressures."
The cost of the project is now pegged at $176.9 million, roughly $25 million more than originally estimated and $1.9 million more than expected as recently as a month ago. The endeavor was born with a $12-million deficit because a bond sale to launch the project brought in less revenue than expected.
— Adolfo Flores, Times Community News
Photo: Work continues at the Rose Bowl. Credit: Mark Boster / Los Angeles Times