Upgrading the Rose Bowl is turning out to be a major pain in the ass. We knew that costs were ballooning, but now it may be necessary to delay work and secure a loan against the city of Pasadena, reports the Pasadena Sun. The cost overruns on the project were estimated to be between $20 and $35 million just last month--now it appears it's actually $37.6 million. Officials are considering deferring about $14 million worth of work and seeking a loan for more than $28 million by October. "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 Sun reports. "The endeavor was born with a $12-million deficit because a bond sale to launch the project brought in less revenue than expected." Negotiations between the Rose Bowl Operating Co., the Tournament of Roses, and UCLA will determine what parts of the project are delayed. Work was supposed to finish January 1, 2014 but it's looking like it will now be a year later.
Electronic signboards have been installed and workers are close to finishing new luxury seating and a fresh press box. Six new concession stands and tunnels linking walkways to seating are not completed, and could be part of the deferred work. As far as a loan secured against Pasadena, it would solve some of the current problems but if the Rose Bowl can't pay back its debts, "interest rates may rise or Pasadena's credit rating or General Fund may take a hit."
· Rose Bowl officials scramble for money [Pasadena Sun]
· Rose Bowl Archives [Curbed LA]
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