Friday, April 09, 2010

"ambitious renovation plans"

Despite a wrenching economy, the Music Center hasn't abandoned an ambitious renovation plan centering on the Dorothy Chandler Pavilion and also involving the large outdoor plaza between the Chandler Pavilion and the Mark Taper Forum, according to a financial analysis issued Wednesday by Moody's Investors Service.

The reported cost, "upwards of $250 million," more than doubles the previous, 3-year-old estimate of more than $100 million, which included only the Chandler Pavilion.

The Moody's report says the new estimate covers "various large-scale construction and renovation of buildings, performance spaces, the outdoor plaza and office space," to be incurred "over the next several years." To finance those improvements, the report says, "management notes that the Music Center may take on up to $100 million to $150 million of additional debt," with donations and county funds to cover the rest of the upfront costs.

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