12th District state Senator Linda Evans Parlette is conceding defeat on a plan that sought to secure a bridge-loan for the Town Toyota Center. The Wenatchee Republican said Thursday that the bill simply did not have enough votes to pass. Lawmakers had been examining the possibility of making a $42 million payment on the debt by using a cash buffer in an account for local sales taxes. Pete Fraley, attorney for the arena's governing board says while the bill "is on life support and the chaplain is at the bed", it's possible the bill or a similar measure might be taken up in the legislature's regular session next month. That appeal seeks to reverse a ruling by Chelan County Superior Court Judge John Bridges that said the city of Wenatchee could not back a bond to pay off the 42 million dollar debt because it would exceed the city's debt capacity. Fraley says while the PFD's loan has defaulted, investors he's talked with are not yet ready to seek redress through the courts. Fraley told the PFD board Thursday the situation is a dynamic one, with frequent changes. He says if suits are filed by bondholders, the PFD would need to contact securities and bankruptcy attorneys.
|
|
E-Mail
Print