The Town Toyota Center officially emerged from default Monday when the sale of 49 million dollars in bonds was closed by the arena's governing board. East Wenatchee Mayor Steve Lacy represents the city on the board of directors for the Public Facilities District. Lacy says he was encouraged with the amount of interest expressed by investors. It was reported that the bond sale was completed within 47 minutes last Thursday morning.
The arena's debt will be refinanced for 30 years. The annual debt payment totals 3.35 million dollars The additional money is needed for reserves and other costs. Wenatchee Mayor Frank Kuntz says the sales tax increases that went into effect earlier this year will cover the debt service payments.
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