Funding Plan for Convention Center Capital Improvements Gets Approval

The San Diego Convention Center's iconic Sails Pavilion is one of eight capital improvement projects to be funded by a historic loan approved on Tuesday, June 28, 2016.

The California Infrastructure and Economic Development Bank (IBank) Board of Directors gave the final approval to go into contract with the City of San Diego and the San Diego Convention Center Corporation for the financing of $25.5 million in capital improvement projects. Staff from both the City of San Diego and the San Diego Convention Center worked closely with IBank to submit a joint application to obtain the funding that will finance infrastructure projects located in the original (Phase I) portion of the facility that was built in 1989. 

"I am very proud of the collaborative efforts of all the parties involved," said Laurie Coskey, Chair of the San Diego Convention Center Corporation Board of Directors. "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. This historic investment will begin the upgrades of the San Diego Convention Center, a long-serving economic driver. We look forward to sharing the planned improvements with our clients, as we continue to give them more reasons to come back over and over again, to reinvest further in San Diego."

The IBank program provides infrastructure project financing to public agencies and non-profit organizations sponsored by public agencies that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. 

"It's gratifying that IBank can support San Diego’s collaborative effort to improve its Convention Center, a main economic driver for the City, and at the same time preserve the iconic sails, an historic symbol for the area," said Teveia Barnes, IBank Executive Director. "At $25.5 million, this loan is also a milestone for IBank as the largest ever approved through our Infrastructure State Revolving Fund Program."

The IBank loan will fund a total of eight capital improvement projects. The four major upgrades include:

  • Rejuvenation of the Sails Pavilion
  • Modernization of escalators
  • Updating of fire and life-safety systems
  • Installation of new cooling towers

"For more than 25 years, the San Diego Convention Center has served as a gathering place for organizations, associations and members of the San Diego community to meet and share ideas, experiences and knowledge," said SDCCC President and CEO Clifford "Rip" Rippetoe, CFE. "We are honored to provide a space that allows so many to come together and we look forward to upgrading our facility so that we may continue providing our guests with an outstanding experience."

The IBank loan is structured as a lease agreement with the loan repayment term set at 25 years at an interest rate of 3.59 percent. The Corporation and the City of San Diego are co-lessees and IBank is the lessor. 

Jon Lynch's picture
Posted by Jon Lynch, on June 28, 2016
Meeting Planners, News and Developments

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