March 30, 2011
Wenatchee Mayor, Dennis Johnson says the City has every intention to live up to its Town Toyota Center debt service responsibilities. Steve Hair reports that the Mayor has responded to comments from Cashmere Valley Bank president, Ken Martin who announced in a recent Wenatchee World article that he was preparing to sent a strong message to the City Council about his concerns. Martin criticizes the city for not taking a more active role in refinancing the debt. The Mayor responds
Martin also said the long term bonds should have been issued three years ago when it became evident that the arena could not generate enough money for debt service. But the Mayor says the PFD board was preparing to do JUST THAT when the recession hit . .
Mayor Johnson also responded to Martin’s objections to a plan pursued last year by the PFD Board to increase sales taxes to help pay off the debt. . .
Mayor Johnson says he welcomes Martin’s business expertise and says he looks forward to any suggestions that he or his group come up with to help the City going forward.