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Bailout Fails 12/1/2011

Debt counselors will tell you that there is often a sense of relief when a looming debt crisis actually arrives and you move beyond the perceived threat of doom. Any relief you may feel associated with the failure of local lawmakers to craft a bailout of the Town Toyota Center will apparently be short lived. Local lawmakers are now saying they will begin working on another bailout plan for the ill-fated event center.

Lawmakers in Olympia finally conceded yesterday that there aren't enough votes to approve a plan to bail out the Wenatchee event center. The $42 million dollars in short-term construction bonds expire today and will go into default. Just what that means is unclear. 

The failed bailout plan would have covered the bond payoff leaving local jurisdictions obligated to pay it back over time. Reaction to yesterday’s news was mixed depending upon who you asked.

Representative Cary Condotta is concerned that the entities that invested in the arena by purchasing bonds may suffer now that full repayment is questionable. He said the Treasurer's Office will compile a list of all bondholders to give to lawmakers this week. He intends to keep pushing for passage of the bailout plan.

Wenatchee City Councilwoman Karen Rutherford said she hopes local leaders throughout the region can come up with a plan to fix the problem. She made no mention of what her role might be. 

Elected officials from Chelan are telling us that their hope is that the City of Wenatchee will work with the Public Facility District Board to find a solution, and that solution had better not include raising taxes in Chelan.

Please take a moment to register your opinion on the failure of the bailout package by participating in a poll on our website    You do not need to register or provide any information to participate… just a simple click is all we ask.