Town Toyota Center

Town Toyota Center
Former names Greater Wenatchee Regional Event Center (2007–2008)
Town Toyota Arena (2008)
Location 1300 Walla Walla Avenue
Wenatchee, Washington 98802
 United States
Owner Wenatchee PFD
Operator Wenatchee PFD
Capacity Basketball: 5,000
Ice hockey/Arena football: 4,300
Concert: 5,800
Construction
Broke ground September 12, 2006[1]
Opened October 5, 2008[2]
Construction cost $52.8 million
($58.7 million in 2016 dollars[3])
Architect Sink Combs Dethlefs[4]
Project manager International Coliseums Company[5]
Structural engineer Martin/Martin Consulting Engineers[6]
Services engineer M-E Engineers. Inc.[6]
General contractor Hunt Construction Group[7]
Tenants
Wenatchee Wild (BCHL) (2008–present)
Wenatchee Valley Venom (AIFA/IFL) (2010–2011)
Pepsi Robertson Cup (NAHL) (2010)

Town Toyota Center is a 4,300-seat multi-purpose arena in Wenatchee, Washington. The arena was built and is owned and managed by the Wenatchee Public Facilities District, or PFD. It is the home of the Wenatchee Figure Skating Club, Wenatchee Curling Club, and the Wenatchee Wild of the British Columbia Hockey League.

During planning and early construction, the arena was known as the Greater Wenatchee Regional Events Center, but in August 2008, a local auto dealer bought the naming rights of the arena for an undisclosed amount, giving the arena its current name.

Default

In 2006, nine local cities and counties formed a municipal corporation then called the Greater Wenatchee Regional Events Center Public Facilities District to fund the Town Toyota Center.[8] The arena went into default on December 1, 2011 when the PFD missed a payment on short term bond anticipation notes. The district was later fined by the Securities and Exchange Commission for misleading investors. It was the first time that the SEC assessed a financial penalty against a municipal issuer. The district settled with the SEC for $20,000.[9][10] In 2012, legislation was passed and signed by Governor Gregoire to authorized a local sales tax increase to refinance the debt.[11] The default was the largest public default in Washington State since the WPPSS disaster of 1982 that defaulted on $2.25 billion in bonds.[12] In the fine the SEC also named the developer Global Entertainment and its then-president and CEO Richard Kozuback, the bankers, and a staff finance manager.

Notable events

See also

References

  1. ↑ New Events Centre Penticton - Castanet.net - John Thomson Report
  2. ↑ Builder Global Entertainment will manage the $52.8M center for a public facilities district in Wenatchee - Puget Sound Business Journal
  3. ↑ Federal Reserve Bank of Minneapolis Community Development Project. "Consumer Price Index (estimate) 1800–". Federal Reserve Bank of Minneapolis. Retrieved January 2, 2017.
  4. ↑ Greater Wenatchee Town Toyota Center
  5. ↑ http://www.globalentertainment2000.com/images/docs/gpi%20brochure1.pdf
  6. 1 2 GLOBAL ENTERTAINMENT CORP - 10-K - 20080829 - BUSINESS
  7. ↑ http://huntconstructiongroup.com/images/stories/projects/arenas/towntoyota.pdf
  8. ↑ "MRSC - Public Facilities Districts (PFDs)". mrsc.org. Retrieved 2017-02-21.
  9. ↑ Corkery, Michael (2013-11-05). "SEC Fines a Muni Bond Issuer for First Time; Underwriter Penalized". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-02-21.
  10. ↑ "SEC.gov | SEC Charges Municipal Issuer in Washington’s Wenatchee Valley Region for Misleading Investors". www.sec.gov. Retrieved 2017-02-21.
  11. ↑ "Wenatchee-Area Default Results In New Reform Law". NPR.org. Retrieved 2017-02-21.
  12. ↑ "Washington Public Power Supply System (WPPSS) - HistoryLink.org". www.historylink.org. Retrieved 2017-02-21.
  13. ↑ "86552-3 - In re Bond Issuance of Greater Wenatchee Reg'l Events Ctr. File Date 10/25/2012". courts.mrsc.org. Retrieved 2017-02-21.

Coordinates: 47°26′32″N 120°19′18″W / 47.442326°N 120.3217185°W / 47.442326; -120.3217185

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