College Facility Notes: Pasadena Takes On Additional $30M In Debt For Rose Bowl
In Pasadena, Brenda Gazzar reported the city council has “approved taking on another $30 million in bond debt while restructuring existing bonds to pay for the Rose Bowl renovation’s rising cost.” Since the original renovation plan was approved in October ’10, the cost has “ballooned from $152 million to up to $195 million, largely due to unanticipated costs.” The approved plan “involves issuing up to $35 million in tax-exempt bonds and $20 million in taxable bonds to be paid over 30 years.” Officials said that the new bond debt is “slated to be paid for by the Rose Bowl Operating Co. and revenues generated from the renovated stadium, such as premium seating and concessions” (PASADENA STAR-NEWS, 1/8).
MY NEW KENTUCKY HOME: In Kentucky, Jennifer Smith reported the Univ. of Kentucky athletic department has “launched a new fundraising website that outlines the school’s plans for its various facilities, most notably Commonwealth Stadium.” Renovation plans for the stadium described on the site “include a recruiting room, 10-15 suites, 2,000 to 2,500 club seats, new press facilities, a team store and a full-service kitchen.” The improvements mentioned “do not represent an expansion of the 67,942-seat stadium.” The “estimated cost of renovations” will be $125M. Other facilities upgrades or changes discussed on the site include a new baseball stadium that “likely will cost” $32M (KENTUCKY.com, 1/8).
PLANNING STAGES: Memphis AD Tom Bowen said that the university is “moving forward with plans to build a new practice facility for its men’s and women’s basketball teams.” In Memphis, Kyle Veazey noted Bowen “first floated the idea in October, when it was included in a master facilities plan that was a component of his strategic plan for the department he inherited in June.” The building “likely would be located ... just north of FedExPark.” Bowen said, “We’ll continue to push forward with the necessary steps to create some initial renderings, initial design talk. … We’ve started looking at facilities across the country that are new and cutting edge” (Memphis COMMERCIAL APPEAL, 1/6).