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The Rose Bowl Renovation Project faces a funding gap of over $36 million, something that's making officials reconsider key parts of the plan.
The Rose Bowl renovation project is facing a funding gap of more than $36 million, causing stadium officials to consider postponing a part of the upgrade.
The renovation was supposed to cost $152 million and be done by January 2014. So far, it's yielded new electronic signboards, four widened tunnels, major work on luxury seats and a bigger press box.
But the price tag has climbed to nearly $177 million, a ballooning number which has Rose Bowl officials scrambling for a new game plan. That plan may include putting off some parts of the upgrade, such as new concession stands and refurbished restrooms.
The Rose Bowl staff recommends getting a bridge loan of $28 million.
The Pasadena City Council and the stadium’s two main tenants — UCLA and the Tournament of Roses committee — would also have to approve any new renovation budget and timeline. They hope to have finalized a plan by the end of July.