Franklin County left holding the bill after Wenatchee defaults on $300,000 note
FRANKLIN CO. -- Franklin County Commissioner is still waiting to be paid back after a $300,000 investment fell through.
It started in December of 2009, when the county bought a $300,000 note from the Wenatchee Public Facilities District, to help build the Town Toyota Center. The facility cost more than $40 million to build, all with the help of note holders like Franklin County.
The county stood to profit nearly $40,000 from the venture. But the problem came when the Wenatchee facility didn't generate nearly as much revenue as projected, leaving it unable to repay what it had promised.
The Facilities District's Attorney tells Action News the patience of note-holders has been greatly appreciated. But he admits, there is no timetable on when those, like Franklin County, could get their money back.
Still, Commissioner Bob Koch says the situation isn't dire yet.
"The money used is like your home savings account. It isn't needed for current expenses."
Action News found out the Wenatchee facility is expected to start losing money by mid-April. The communities involved in the Public Facilities District are now hoping to present a sales tax increase to voters, in hopes that will pay off the outstanding debt.
But until then, it leaves Franklin County holding the bill.
It started in December of 2009, when the county bought a $300,000 note from the Wenatchee Public Facilities District, to help build the Town Toyota Center. The facility cost more than $40 million to build, all with the help of note holders like Franklin County.
The county stood to profit nearly $40,000 from the venture. But the problem came when the Wenatchee facility didn't generate nearly as much revenue as projected, leaving it unable to repay what it had promised.
The Facilities District's Attorney tells Action News the patience of note-holders has been greatly appreciated. But he admits, there is no timetable on when those, like Franklin County, could get their money back.
Still, Commissioner Bob Koch says the situation isn't dire yet.
"The money used is like your home savings account. It isn't needed for current expenses."
Action News found out the Wenatchee facility is expected to start losing money by mid-April. The communities involved in the Public Facilities District are now hoping to present a sales tax increase to voters, in hopes that will pay off the outstanding debt.
But until then, it leaves Franklin County holding the bill.
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