Financing Bid to Expand Convention Center OKd

The Los Angeles Convention and Exhibition Center Authority Commission has accepted a bid of $310 million from Salomon Brothers Inc. & Associates to finance the proposed expansion of the convention center.

The winning bid was the “lowest and most responsible,” with a net interest rate of 9.05% on the certificates of participation, according to the convention center commission.

Scheduled to begin this summer, the proposed expansion will add 375,000 square feet of permanent exhibition space to the 235,000-square-foot facility at 1201 S. Figueroa St.