The renovation of UCLA's Pauley Pavilion officially began Tuesday with a groundbreaking ceremony for a project that is expected to cost $136 million and be completed in two years.
FOR THE RECORD:
Pauley Pavilion renovation: An article in Wednesday's Sports section said UCLA's debt service after upgrades to its Pauley Pavilion sports arena would be about $375,000 per month, according to Athletic Director Dan Guerrero. That figure is what UCLA's current debt service is per year. —
UCLA administrators said they have raised $65 million of the $100-million goal for the privately financed portion of the project, though they have only a third of that in cash.
"Most donors are paying over a five-year period," Athletic Director Dan Guerrero said, adding that the remainder of the project will be paid for with "existing student fees earmarked for student-run facilities, for life safety and seismic upgrades, and the rest is debt service."
The debt service is expected to be about $375,000 per month, according to Guerrero, although that could go higher if private donations do not reach the target goal.