Council Holds Over Vote on $2.5 Million Loan to the Pasadena Center Operating Company

The Pasadena Center Operating Company will have to wait another week for approval of a loan from the city to fund capital improvement projects. The PCOC operates the Pasadena Civic Auditorium and the Convention Center.

According to City Clerk Mark Jomsky the item did not make it out of the Finance Committee which meets before the City Council.

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 would be used to help fund major improvement project needs including waterproofing and painting of the Civic Auditorium, interior painting, and other needs as they arise.

“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.

The Civic Auditorium turns 91 years old in 2023 and needs many upgrades, PCOC officials have said. The item was approved by PCOC Board on June 16.

“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.”