Pasadena borrows $30 million to finish off Rose Bowl work
Pasadena City Council has agreed to borrow an additional $30 million and refinance existing bonds to help cover major cost overruns on the renovation of the Rose Bowl.
The $168 million now earmarked for the project makes it the single largest public improvement project in Pasadena history, a city spokesman said.
The work, including widened stadium entrances and a new luxury seating pavilion, was originally budgeted at $152 million in 2010. The estimated price of completing the project has since ballooned to $195 million.
The latest move is intended to provide the city-owned stadium with enough money to pay for work scheduled through the end of the year.
As part of the new funding package, the city will refinance $26.8 million in bond debt left over from 2006 upgrades to locker rooms and media areas that predate the current renovation project. The 2006 bond amount was originally $43 million and would have been paid off by 2023.
With refinancing and the additional $30 million in borrowing, the new bond package will total $55 million to be paid off by 2043, said City Treasurer Andrew Green.
The $55-million value of the new bond package is lower than the $58-million debt load that was previously anticipated because the bondholder, Union Bank, has agreed to apply security deposits as payments, Green said.
-- Joe Piasecki, Pasadena Sun
Photo: Rose Bowl file photo. Credit: Ricardo DeAratanha / Los Angeles Times