From Pasadena Now: Pasadena officials warned that UCLA’s planned departure from the Rose Bowl could jeopardize the city’s ability to repay hundreds of millions of dollars in stadium bond debt and force cuts to basic public services, according to newly detailed claims in the city’s lawsuit against the university and SoFi Stadium operators. In the 214-page complaint, the city and the Rose Bowl Operating Company say they structured nearly $200 million in stadium renovation bonds around the guaranteed revenue from UCLA home football games, with debt payments reimbursed through stadium income rather than taxpayer funds.
City officials now say the loss of UCLA games could push those bond payments back onto Pasadena’s general fund — which also supports police, fire, libraries, housing, parks and post-disaster recovery tied to last year’s Eaton Fire...
Full story at https://pasadenanow.com/main/city-says-ucla-move-from-rose-bowl-would-threaten-stadium-debt-city-services.
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