The Rose Bowl might be getting bigger and better.
The Rose Bowl Operating Co. is holding a special meeting on Thursday to vote on a $152 million renovation plan to turn the historic stadium into a profit-making venture.
The renovation, which would take three years and create 1,000 jobs, would expand the press box to increase the number of "premium seats" from about 500 to 2,500, in addition to doubling the number of concession stands and improving restrooms.
The deal hinges on the stadium tenants, UCLA and the Tournament of Roses, all signing 30-year leases.
Pasadena city manager Michael Beck says that historically low interest rates and a competitive bidding climate make the deal a shrewd financial decision.
"The project was not affordable two years ago and won't be affordable two years from now when the bidding environment gets less competitive and interest rates climb," Beck told the Pasadena Star News. "We will price ourselves out of an opportunity to renovate the stadium."
Of the $152 million needed for the renovation, about $128 million comes from federal stimulus bonds. $15 million will come in cash and the remaining funds could come in a variety of ways, including favorable construction bids, revenue from the 2014 BCS title game (held in the Rose Bowl) and/or private donations.
If the RBOC approves the plan, the Pasadena City Council would consider the proposal on Monday.
