The city council has approved the proposed renovation and financing plan, including 30-year lease extensions with University of California, Los Angeles (UCLA) and the Tournament of Roses.
The $152 million renovation scheme includes expansion of the press box to increase the number of premium or expensive seats from about 550 to 2,500. It would also widen up to 12 access tunnels at the end zones, double the number of concession stands and increase restrooms. Safety improvements are expected to reduce exit time from about 30 minutes to 17.
Nearly $129.5 million of the proposal would be financed by proceeds from city-issued bonds, including federal stimulus bonds available through 31 December 2010. An additional $15 million would be paid for with cash from the city and TofR, including $6 million from TofR and Rose Bowl Operating Co. (RBOC) profits from past Bowl Championship Series title games. The remaining $7.5 million could be financed in a variety of ways, including favourable construction bids, revenue from the 2014 BCS title game, additional bond proceeds and philanthropic efforts.
About $945,000 in public art funds could go toward restoring the stadium’s 1928 Arroyo stone wall, preservation of the original 1928 locker rooms and improvements to the 1936 Myron Hunt administration building, according to city documents.
Construction is expected to begin on 11 January 2010. The entire renovation is expected to be complete by January 2014, in time for the 100th Rose Bowl Game and return of the Bowl Championship Series championship game. Since the project would be done in three phases, no interruption is expected for UCLA or Rose Bowl games.
Rose Bowl is a National Historic Landmark built in 1922. The stadium is the home of the Tournament of Roses Football Game, UCLA Bruin Football, Fourth of July celebrations, concerts, religious services, filmings and the world’s largest flea market.
