Pasadena City Council has agreed to borrow an additional $30 million and refinance existing bonds to help cover major cost overruns on the renovation of the Rose Bowl.

The $168 million now earmarked for the project makes it the single largest public improvement project in Pasadena history, a city spokesman said.

The work, including widened stadium entrances and a new luxury seating pavilion, was originally budgeted at $152 million in 2010. The estimated price of completing the project has since ballooned to $195 million.

The latest move is intended to provide the city-owned stadium with enough money to pay for work scheduled through the end of the year.

As part of the new funding package, the city will refinance $26.8 million in bond debt left over from 2006 upgrades to locker rooms and media areas that predate the current renovation project. The 2006 bond amount was originally $43 million and would have been paid off by 2023.

With refinancing and the additional $30 million in borrowing, the new bond package will total $55 million to be paid off by 2043, said City Treasurer Andrew Green.