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Business Leaders Advise Wenatchee To Pay Up 3/29/2011
Banker Ken Martin is pulling together a group of local business leaders to issue a “hard line” message to the Wenatchee City Council on how to tackle the Town Toyota Center’s $42 million debt.

Martin, president of Cashmere Valley Bank, said last week that he feels he has a right and an obligation to speak up on the debt issue because he has expertise in municipal bonding, he lives in Wenatchee and operates three bank branches here, and his bank has issued two loans to the city of Wenatchee in the last few years totalling more than $6 million.

He said he believes the city should be taking a more active role in refinancing the arena’s debt, should not try to get out of its obligation to pay, and should not pursue a sales tax increase in surrounding jurisdictions. A key point for Martin, he said, is encouraging the city to make good on its pledge to help repay the debt.