Features
Working Out Wenatchee
Wenatchee, Wash., has a new multipurpose arena with the recent opening of the city’s
The 5,000-capacity venue is set to host concerts, family events and conventions as well as the city’s Wenatchee Wild hockey and Fire soccer teams. Seating includes 400 club and 67 loge seats, and 24 luxury and two hospitality suites.
Local auto dealer Town Toyota agreed to pay $1 million over the course of five years for venue naming rights in a deal that includes signage inside and outside the building as well as a suite in the venue, according to the Wenatchee World.
While developer and facility manager Global Entertainment oversaw the Toyota Center’s construction for the local Public Facilities District board with expectations that the PFD would purchase the $52.8 million building, the sale has yet to close.
Global Entertainment posted a $4.03 million loss for fiscal year 2008, partially because the city of Youngstown, Ohio, decided to take over management of its Chevrolet Center, according to the World.
The PFD was to put up $43 million in bonds, along with $8.3 million from the state and $4 million from the city to close the sale Sept. 26, the World noted. However, the deal was delayed pending completion of paving, landscaping, lighting, signage and board details. The PFD has also reportedly requested that Global provide documentation for receipts totaling more than $7 million from its subsidiary International Coliseums.
“We’re saying what we think needs to be addressed before we close,” PFD attorney Chuck Zimmerman told the paper. “The PFD is not going to just hand over a check until these issues get resolved.”
But with the recent turn in the market, securing bonds at favorable interest rates to fund the sale could prove difficult.
Alison Williams, the city’s executive services director, told the paper the PFD has considered leasing the building in the interim if lack of funding delays the deal.
The first show on the books at Town Toyota Center is Chris Botti Nov. 13.