The City of Anaheim’s able PIO Ruth Ruiz sent out this press release last night, providing a useful, informative run-down of what’s involved with the Anaheim Convention Center expansion, the financing for which the city council approved last night.
ANAHEIM CITY COUNCIL APPROVES BONDS FOR CONVENTION CENTER EXPANSION
ANAHEIM, Calif. (July 22, 2014) – The Anaheim City Council tonight authorized the Anaheim Housing and Public Improvements Authority to issue bonds for expanding the Anaheim Convention Center to meet current and future needs of Anaheim’s convention and tradeshow industry. Since opening in 1967, revenues generated by the Anaheim Convention Center and related activities have consistently supported overall City services, thereby improving the quality of life for Anaheim’s residents.
The proposed Anaheim Convention Center expansion project encompasses the addition of 200,000 square feet of flexible meeting space for hosting concurrent events, capturing new meeting groups and retaining the large annual events, plus the replacement of Car Park 1. The current Anaheim Convention Center has limited meeting space opportunities and limits the ability to accommodate concurrent events.
It is conservatively estimated that the City’s General Fund would be better off by $115 million over the next decade and $320 million over a 30-year period by expanding, as determined by an outside consultant (Crossroads Consulting Services).