Council approves Long Beach Civic Center

Financial close is now imminent on the Long Beach Civic Center P3 after the city council unanimously approved the project.

In a meeting held yesterday, the city council backed the deal, paving the way for financial close on January 28, 2016.

Sources close to the deal told P3 Bulletin that the project agreement, as well as the design-build and operate and maintain agreements had been confirmed. The consortium will now move to finalizing the financing documents and marketing the bonds prior to the signing of the deal next month.

As previously reported, the city of Long Beach is also set to execute agreements with Allianz and Sumitomo Mitsui Banking Corporation (SMBC), who will act as lenders for the plans. The financing will be comprised of debt and equity at a ratio of 92:8.

The city of Long Beach announced the Plenary Edgemoor Civic Partners (PECP) as winners of the deal in December last year. The firm will develop, design, build, finance, operate and maintain the new Civic Center over a 50-year contract.

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