Oct. 12, 2010
PASADENA, Calif. ¡V The Pasadena City Council has approved a $152 million financing plan for a major renovation of the Rose Bowl stadium. It is the largest investment in the history of the 88-year-old iconic structure. The renovation will improve public safety; enhance fan experience; maintain the national historic landmark status of the Rose Bowl Stadium; develop revenue sources to fund the project and other long-term improvements; and enhance the stadium¡¦s facilities. The financing plan includes lease extensions that will ensure UCLA will play its home games at the Rose Bowl stadium through 2042 and the Rose Bowl Game will be played there through at least 2043.
A press conference was held at the Rose Bowl today to announce the renovation plans. Speakers included Darryl Dunn (Rose Bowl general manager), Victor Gordo (Rose Bowl Operating Company board president and vice mayor, city of Pasadena), Jeff Throop (Tournament of Roses president), Dan Guerrero (UCLA director of athletics), James Hirschmann (chairman and CEO, Western Asset Management Company and Legacy Connections, INC., board president) and Cade McNown (former UCLA All-American quarterback).
¡§It is with great pleasure and optimism that the city of Pasadena has taken this step to guarantee the Rose Bowl stadium, a facility that has helped shine a light on our city before the world, will continue to do so for decades to come,¡¨ said Pasadena Mayor Bill Bogaard.
¡§We are deeply gratified the Pasadena City Council has endorsed our plan,¡¨ said RBOC Board President Victor Gordo. ¡§The renovations to the Rose Bowl stadium will help ensure the preservation of this National Historic Landmark and strengthen safety and comfort for its patrons while continuing the economic benefits it provides to Pasadena and the Southern California region.¡¨
The focus of the multimillion dollar, three-phase project is improving tunnel ingress/egress, improving concourse circulation, increasing the number of concession stands and restrooms, providing state-of-the-art premium seating products in a rebuilt press box, a new scoreboard and cutting-edge video board. The renovation will also address key stadium infrastructure needs that will allow the facility to continue to operate for decades to come. Work would begin in January 2011 and continue outside the football season through August 2013. Primary funding for the renovations would come from bonds to be issued by the city of Pasadena.
Next and final steps prior to groundbreaking are for definitive agreements to be finalized and financing of the bonds being secured. Both are anticipated by mid-November.
¡§We are very pleased that we have been able to develop a renovation plan that has been embraced by the stakeholders of the Rose Bowl and our community, and also provide a financial plan agreeable to the city council,¡¨ said Rose Bowl General Manager Darryl Dunn.
Renovations will not affect the playing of UCLA football home games or Rose Bowl Games. Outside of the press box renovation, work on most other elements of the project is planned between football seasons.
¡§The renovation of the Rose Bowl Stadium is a vital piece of maintaining the history of the Rose Bowl Game and ensuring its success,¡¨ said Tournament of Roses Executive Director Scott McKibben. ¡§We are confident we will remain the premier bowl game annually for our participants, spectators and broadcast audience throughout the world with proper enhancements to this storied facility. Along with our partners, and the support of our member conferences, we look forward with great anticipation to the start and completion of this historic project.¡¨
No additional donations or ticket price increases will be required of UCLA patrons to fund the renovation.
¡§We have been working diligently on this exciting project with the city of Pasadena and the Rose Bowl,¡¨ said UCLA Director of Athletics Dan Guerrero. ¡§UCLA and the Rose Bowl have enjoyed a wonderful partnership since 1982 and we look forward to expanding on that relationship for at least the next 30 years.¡¨
A private philanthropic group, Legacy Connections, Inc., will conduct a fundraising campaign to raise funds for additional project elements to complete the renovation. Legacy Connections consists of business leaders who believe in the iconic, historic nature of the Rose Bowl stadium and want it improved and maintained at the highest level.
¡§We are pleased to join the city of Pasadena, the Tournament of Roses, and UCLA in the effort to modernize the stadium while maintaining the historic legacy of the Rose Bowl,¡¨ said James W. Hirschmann, chairman and CEO of Western Asset Management Company and Legacy board president. ¡§Past generations built this iconic stadium. It¡¦s our turn to step up and make sure the stadium is able to serve future generations of Pasadena residents and fans throughout America.¡¨
Following is the schedule for Rose Bowl renovations:
PHASE I (2011)
PHASE II (2012)
PHASE III (2013)
For further information about the Rose Bowl stadium, please visit rosebowlstadium.com.