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Armstrong Says State Loan for TTC Will be a Challenge

November 01, 2011

    The Town Toyota Center debt crisis will come to a

head one month from today. The Public facilities district must repay or refinance $42 million in construction

loans by December 1st. Judge John Bridges ruled the city of Wenatchee cannot back those loans, and so far there

has been no clear solution.
    As reported yesterday, the state treasurer’s office will

now step in and try to intervene, asking the legislature at its special session to loan the money needed to cover

the debt. Assistant State Treasurer Wolfgang Opitz will try to convince lawmakers that even though they are

meeting to cut more money out of the state's budget, the temporary loan is needed to stop the impending

default.
    A lot rides on the legislature’s decision. Defaulting on the TTC loans

would have negative ramifications not just for Wenatchee and the 8 other entities involved in the PFD, it could

have a chilling effect on civic projects and bond issuance across the state.
    But the three

day window of opportunity for such a loan is very tight. Isaac Kaplan-Woolner spoke with Representative Mike

Armstrong to gauge his his optimism.
    The legislature will convene for a special session

November 28th.
 

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