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State Treasurer Will Ask Legislature for Loan to Cover Town Toyota Center

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

the state.
    But the window of opportunity for such a loan is very tight. For more

information, Isaac Kaplan-Woolner reached Opitz by phone.
 

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