Lagging behind in its fundraising efforts, Orange County Performing Arts officials will issue $180 million in bonds to ensure the completion of a theater and concert hall.
To date, $117 million in cash and pledges have already been raised toward their $200 million goal to finance the 2,000-seat Renee and Henry Segerstrom Concert Hall and the 500-seat Samueli Theater, in addition to an education center. Construction began last July. A September 2006 opening is planned.
According to Jerry Mandel, president of the PAC, about $5 million has been raised in the past 11 months; they were hoping to raise $130 million by the end of 2003.
”We are behind where we wanted to be, but the economy changed on us," Mandel said in the Los Angeles Times. "We're doing this so we can finish the building.
Eighty million dollars of the bond proceeds is earmarked for construction and $20 million for bond sale expenses. The balance will be invested.
–Jane Cohen and Bob Grossweiner