Pasadena : Swim Center Gets Advance
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A $1-million advance to help build the $6-million Rose Bowl Aquatics Center, under construction since June, has been granted by the Pasadena Board of Directors.
The advance was part of a $28-million revenue bond issue approved Tuesday by the board.
Plans for the public swim center call for two Olympic-size pools, competition diving equipment, a small children’s pool and a clubhouse. The center is expected to be completed by May, 1990.
Under a financial agreement with the city, the Rose Bowl Aquatic Center, the nonprofit corporation building the center, was to receive $4 million from the bond issue, pay back $3.5 million to the city over five years and obtain the rest of the money from contributions. About $2 million in pledges has been raised so far.
However, the $1-million advance from the city’s General Fund was requested to meet construction expenses that must be paid before money will be available from the bonds and contributions.
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