The city of Wenatchee is seeking $42 million from the state of Washington to avoid defaulting on bonds used to build Town Toyota Center.
The 4,300-seat arena and events facility is home to the Wenatchee Wild (NAHL) and other events. It was built by Global Entertainment and sold to a city arena authority for $52.4 million.
That arena authority now lacks the money to make bond payments on the facility. The city cannot help, as it cannot borrow enough money to bail out the arena authority. And that leaves the state as the lender of last resort; as Washington officials do not want to see a municipal authority default on bonds.
So there’s a move among state officials to clear enough cash to allow the authority to make a Dec. 1 bond payment. It would require approval from the State Legislature as well.
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