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Wenatchee Banker Tells City to Own Up To Its Promise to Pay Down Town Toyota Center Debt

March 30, 2011

Commissioners in Chelan and Douglas County support a call by a local business leader for the City of Wenatchee to own up to its financial responsibility and its promise to pay off the 41 million dollar debt at the Town Toyota Center.

In a recent Wenatchee World interview Cashmere Valley Bank president, Ken Martin said he believes the City should be taking a more active role in refinancing the arena’s debt and should not press other PFD member jurisdictions to increase sales taxes for that purpose.

Martin, who lives in Wenatchee, announced that he was planning to assemble a group of local business leaders to send a collective message to the City Council. The Public Facilities District Board has voted to issue bonds which would require the City to guarantee payment of the debt. Martin said it would immoral for the City not to keep its promise to help pay off the loan. Wenatchee Bureau Chief Steve Hair asked Douglas County Commissioners Dale Snyder, Ken Stanton and Steve Jenkins for their reactions to Martin’s comments . .

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