On June 30, 2016, the San Diego Union Tribune (
visit link) reported the following story:
"It’s a go for convention center repairs
By Lori Weisberg | 9 a.m. June 30, 2016
The Convention Center's aging rooftop sails pavilion is finally getting an overhaul, courtesy of a loan approved this week by state officials.
The board of the California Infrastructure and Economic Development Bank (IBank) voted Tuesday in favor of lending the city of San Diego and the Convention Center Corporation $25.5 million to help pay for multiple repairs, the costliest being a replacement of much of the sails pavilion.
The loan marks the largest that the IBank has authorized since it began doling out loans in 2000 through its Infrastructure State Revolving Fund Program.
"Collectively, the state, the city and the Convention Center staff and board of directors all came together and through cooperative teamwork, created a responsible funding plan that will pave the way for significant improvements of the facility,” said Laurie Coskey, who chairs the convention center board. “This historic investment will begin the upgrades of the San Diego Convention Center, a long-serving economic driver.”
For the last few years, the 27-year-old sails pavilion has suffered from torn fabric and deteriorating fasteners and cables. The Convention Center Corp. has struggled over the years to identify funds in its budget to cover mounting costs for deferred maintenance. The new loan will now allow for the replacement of the roof structure as well as its concrete floor, at a cost of $18 million.
Other work covered by the loan includes installation of new cooling towers, modernized escalators and replacement of one of the building’s fire alarm systems.
It’s expected that construction work could begin in November or December, with completion of the sails pavilion project targeted for January of 2018, said Gil Cabrera, who chairs the convention center board’s budget committee. The last of the planned repairs, the overhaul of the escalators, should be finished by November of 2018, he said.
The Infrastructure Bank loan carries an interest rate of 3.59 percent, with yearly payments by the Convention Center Corp. expected to be $1.6 million over the course of 25 years.
lori.weisberg@sduniontribune.com (619) 293-2251 Twitter: @loriweisberg"