The Finance Committee will discuss a loan to the Pasadena Center Operating Company (PCOC) to fund capital improvement projects.
The $2.5 million, 10-year loan would be used for future PCOC capital improvement needs, to be repaid from PCOC’s operating revenues.
Proceeds of the loan will be used to help fund major capital improvement project needs including waterproofing and painting of the Civic Auditorium, interior painting, and other needs as they arise.
The Civic Auditorium turns 91 years old in 2023 and needs many upgrades. This item was approved by PCOC Board on June 16, 2022.
“Historically, PCOC has had several loans from the City to pay for major renovations and upgrades to the Pasadena Convention Center, Civic Auditorium, and Ice Skating Center,” according to a city staff report.
“In 1999, the City provided PCOC with a 10-year $1.4 million loan for the renovation of the Conference Center. The loan was paid in full in 2019. Similarly in 2009 and during the construction of the Convention Center, PCOC entered into a $3 million loan agreement with the California Energy Commission to upgrade the HVAC system that allowed the new center to achieve LEED Gold Certification.”
The item is scheduled to appear at the City Council as part of the consent calendar following the Finance Committee meeting.
The Finance Committee meets at 3 p.m. on Monday, Aug. 8.
Currency District 2 Councilmember Felicia Williams, John J. Kennedy, District 3 (in Memorium) and Vice Mayor Andy Wilson, District 7 sit on the committee.
To view the meeting, visit:http://pasadena.granicus.com/player/camera/2?publish_id=9&redirect=true