Franklin County Possibly “Eating” 300K Investment
A default by an arena in Wenatchee could cost Franklin County 300K.
Franklin County was one of hundreds of investors who purchased short-term bonds to help facilitate the construction of the Wenatchee Regional Town Toyota Arena in 2009. The 300k investment was to be paid back this week, but the arena has defaulted. Total losses could top 6.5 million to many investors. The Wenatchee Public Facilities District built the arena with the idea it would provide at least a million a year in revenue from shows, civic events, sporting events and other activities, but an audit showed it actually ran that much in the red in 2010. Although attempts continue to try to recoup the money, or find ways to bail it out, Franklin County and other investors are likely to “eat” their money, which will not help Franklin Countie’s strained budget.