Wenatchee arena waits for loan
Under a proposal by Treasurer James McIntire Washington will prevent a default on $41.8 million in debt tied to the Wenatchee arena with a 10- year loan financed by a sales-tax increase. McIntire, a 58-year- old Democrat said would “cast a long shadow over outstanding and future financing” across the state if allowing the Greater Wenatchee Regional Events Center Public Facilities District to default on bond-anticipation notes due Dec. 1. Yesterday, his spokesman Chris McGann said state lawmakers may introduce the proposal as soon as today.
In 2008 the arena district issued the notes to fund the 4,300-seat Town Toyota Center. It is a regional entertainment and sports facility in Wenatchee. The city is about 140 miles east of Seattle. , according to a state audit by the end of last year, the arena had lost $6.5 million. The arena opened in October 2008. McIntire said “this situation now calls for state intervention to protect their taxpayers and other local governments.”
According to a disclosure statement filed Nov. 4 the arena district won’t be able to meet the Dec. 1 deadline for repaying its debt without intervention. According to the treasurer’s office McIntire will pay the debt from a state account that use taxes earmarked and hold sales for distribution to local governments.
