Rose Bowl and Pasadena city officials yesterday said that stadium renovation plans are “now facing a funding gap" of about $35M, up from $20.7M in December.” In California, Brenda Gazzar noted the “estimated project cost is now" $175M, which is about $23M over the stadium's initial estimate and nearly $15M more than projected late last year. The primary reason for the projected cost increase “is related to the latest estimate for the third and final phase of the renovation.” Officials said that the initial estimate of $25.8M “based on schematic design drawings was recently revised" to $36.9M as more detailed information became available (PASADENASTARNEWS.com, 6/6).
MAKING PROMISES: In New Orleans, Bruce Eggler writes a public forum last night on Tulane Univ.'s plans for a new on-campus football stadium “did not necessarily convert any stadium opponents to supporters,” but it did "appear to ease a few of the critics' concerns, at least regarding how the facility would be used.” Tulane officials promised that the stadium "should never be the site of more than one game a week,” and that the venue "would never be rented for rock or other music concerts, though they left the door open for university-sponsored music events.” Officials also “promised it would offer no ‘monster truck’ shows, circuses, rodeos or commercial expositions, such as boat or auto shows.” However, they offered “no cap on the total number of events that might take place in a month or year” (New Orleans TIMES-PICAYUNE, 6/7).
CROSSTOWN TRAFFIC: In Chicago, Danny Ecker wrote a five-month shutdown of the Chicago Transit Authority Red Line from the Cermark-Chinatown stop to 95th Street next summer “looks like it’ll hurt” the White Sox. Team VP/Communications Scott Reifert said that roughly 16% of attendees, or about 4,000 fans, “roll up on the Red Line.” The closure “will create logjams on the alternative routes to U.S. Cellular Field.” But for a team “scrapping to give fans a reason to show up early, stay late and enjoy amenities in and around the stadium, waiting out hordes of sweaty fans packing into train cars and buses after a game may be an effective, albeit artificial, solution.” It would be a "nice boost" for White Sox VP & CMO Brooks Boyer, who is "doing what he can to 'add value' to the game-day experience with little ammunition compared with the vibrant bar scene of Wrigleyville" (CHICAGOBUSINESS.com, 6/6).
THAT'S (4)G: The FINANCIAL TIMES’ Samantha Pearson reports Soros Fund Management Chair George Soros' investment fund is "one of six groups bidding for Brazil's new 4G telecom licenses as "the country races to improve its infrastructure" before hosting the '14 World Cup and '16 Olympics. Industry regulator Anatel said that Vivo, Oi, Sky and Soros Fund Management's Sunrise Telecomunicacoes "will submitt proposals for the so-called 4G licenses" at an auction next Tuesday, which is "is expected to raise at least [US$1.96B]." The winner of the bid will "have to make 4G networks available in all the cities" hosting FIFA's Confederations Cup in April '13 and by Dec. '14 for the World Cup's host cities (FINANCIALTIMES.com, 6/6).