Feb 11, 2012
Private group secures nearly $6 million in pledges for Rose Bowl renovation
Pasadena Star News - Brenda Gazzar, Staff Writer - February 11, 2012
Andrea Van de Kamp is the campaign director of Legacy Connections, a private group that aims to plug the Rose Bowl renovation
$20 million financying gap. Andrea Van de Kamp with Ron Okum, Legacy's Connection Board Member and Chairman of Development Committee.
Legacy Connections has received $5.7 million in pledges so far and Van de Kamp said she's confident the group will reach its goal.
(Walt Mancini/Staff Photographer)
PASADENA - A private fund-raising group aiming to plug the Rose Bowl renovation's $20 million financing gap has received $5.7 million in pledges so far, a campaign official said. About $3.4 million of those are signed pledges in writing while the rest are verbal. Only $500,000 of that amount has been delivered, according to Andrea Van de Kamp, the part-time campaign director of Legacy Connections.
Legacy officials hope to raise at least $20 million by the time the $160 million stadium renovation is complete in 2014.
“We're challenged; these are difficult times but it's do-able,” Van de Kamp, a long-time Pasadena resident who spearheaded fundraising efforts for the $270 million Walt Disney Concert Hall, said. “We need to give people a period of time to pay off their gifts. It's got to be fair.”
The Rose Bowl Operating Company voted Thursday to allow the installment period for significant donors to be extended from five to seven years in light of economic conditions.
According to Legacy's guidelines, donors who breech the terms of written agreements or fail to provide full payment within the period agreed to, “the campaign shall declare the donor in noncompliance and purse all appropriate legal remedies.”
The campaign also reserves the right to request evidence of a donor's financial ability.
Van de Kamp said she also hopes to announce a $5 million fund-raising project with a significant naming opportunity by the fall.
The group expects to roll out the public portion of the campaign later this year.
“I think whatever they raise is miraculous and wonderful,” said Councilman Terry Tornek, noting it's difficult to solicit for any cause during these challenging economic times.
“There is a gap and they are a critical piece of how (stadium officials) are saying they are going to fill the gap. If they are not able to fill the gap, it's a real problem in terms of what we are going to do.”
Legacy Connections first had to focus on coming up with naming opportunities and pricing points that all partners agreed with, which took significant time, Van de Kamp said. Tunnels, for instance, are available for different price values based on their location. Another naming opportunity is the stadium's Court of Champions on the south end once Chrysler Corporation's contract expires in 2014.
The press box, locker rooms and historic bridges also present naming opportunities.
The public portion of the campaign will likely include a memory walkway or historic timeline on the stadium's concourse, whereby members of the public could purchase a commemorative brick, that will express the stadium's rich history over time, she said.
“It's a campaign that gives all of us a chance to be part of this legacy,” she said.
The $160 million Rose Bowl renovation broke ground in January of last year. The project was born in 2010 with a $12 million gap, which has since increased to a little more than $20 million largely due to construction bids coming in higher than anticipated.
In addition to about $4 million in projected revenue for the 2014 Bowl Championship Series title game, stadium officials have discussed potentially deferring elements worth more than $11 million, such as widening tunnels and building concession stands, to narrow the gap.
The renovation is the largest investment in the iconic stadium's 89-year-old history.
Lee Zanteson, president of the Linda Vista Annandale Association, said he applauds Legacy for its significant efforts.
“If they keep doing it well and they can get it to fill the deficit, we wouldn't have to have the NFL, would we?” Zanteson said.
City and stadium officials are exploring the prospect of having an NFL team use the stadium as a temporary home in the event the NFL returns to the region.
While some neighbors are opposed, City Manager Michael Beck has said that hosting the NFL for up to four years could potentially fill the financing gap while giving the local economy a much needed boost.