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.
"We are approved for $60 million in long-term debt, so we're there," Guerrero said.
UCLA's basketball team will play in Pauley Pavilion next season as the renovation efforts focus on the outside of the arena. The Bruins will move to the Forum in Inglewood for the 2011-12 season.