Oct. 12 (Bloomberg) -- A $152 million financing package to renovate the 88-year-old Rose Bowl Stadium was approved unanimously by city council members last night in Pasadena, California.
The 89,000-seat stadium hosts college football’s annual Rose Bowl game on New Year’s Day and the University of California Los Angeles’s home football games. The arena also has hosted five Super Bowl games and soccer events during the 1984 Los Angeles Olympics.
UCLA and the Tournament of Roses Association, a non-profit organization that sponsors the Rose Bowl game and parade, have agreed to continue their relationship with the stadium until at least 2043, according to Ann Erdman, the city’s public information officer.
Pasadena, a city of 143,000 located 10 miles northeast of Los Angeles, will sell $130 million of bonds to fund the construction and make up the difference with contributions from city-related funds and the association, according to an Oct. 11 report by the city general manager and stadium manager.
The renovations will increase the number of concession stands by half, widen tunnels and add aisles for better access and increase the number of premium seats to 2,500 from 600, according to Toby Zwikel, a spokesman for the stadium. A video screen will be installed on the stadium’s north side and a historic scoreboard reconstructed on the south side.
Pasadena should proceed with the renovation now due to low interest rates, the availability of federally subsidized Build America Bond financing and a competitive construction market, according to the report.
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