Wenatchee Arena Loan Approved

Washington lawmakers have approved a $42 million bailout to prevent a public facilities agency in Wenatchee from defaulting on arena debt.

The city’s Town Toyota Center has been facing financial troubles and state officials voted 18-7 Nov. 28 to approve the loan amid fears a default would impact the state’s credit rating.

“We’re not asking for money here. We’re asking for time,” Rep. Cary Condotta said during a committee meeting. “It’s that or default.”

The Greater Wenatchee Regional Events Center Public Facilities District has had problems paying off short-term, interest-only debt that was due by Dec. 1.

Under the proposal, the money will come from a state-managed tax fund and the loan will reportedly not impact the state budget.