October 31, 2011
The Town Toyota Center debt crisis looms large. The Public
facilities district must repay or refinance $42 million in construction loans by December 1st. So far, there has
been no clear solution.
Now the state treasurer’s office will 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 even more
money out of the state's budget, the temporary loan is needed to stop the impending default.
/> 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
But the window of opportunity for such a loan is very tight. For more
information, Isaac Kaplan-Woolner reached Opitz by phone.