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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.
–Mike Boehm
Photo: L.A. Times file