Town Toyota Center

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 home venue of the Wenatchee Wild of the British Columbia Hockey League and will become home to the arena football team the Wenatchee Valley Skyhawks in 2019. It was formerly home to the Wenatchee Wolves and the Wenatchee Valley Venom.

Town Toyota Center
Former namesGreater Wenatchee Regional Event Center (2007–2008)
Town Toyota Arena (2008)
Location1300 Walla Walla Avenue
Wenatchee, Washington 98802
 United States
OwnerWenatchee PFD
OperatorWenatchee PFD
CapacityBasketball: 5,000
Ice hockey/Arena football: 4,300
Concert: 5,800
Construction
Broke groundSeptember 12, 2006[1]
OpenedOctober 5, 2008[2]
Construction cost$52.8 million
($62.7 million in 2019 dollars[3])
ArchitectSink Combs Dethlefs[4]
Project managerInternational Coliseums Company[5]
Structural engineerMartin/Martin Consulting Engineers[6]
Services engineerM-E Engineers. Inc.[6]
General contractorHunt Construction Group[7]
Tenants
Wenatchee Wild (BCHL) (2008–present)
Wenatchee Valley Venom (AIFA/IFL) (2010–2011)
Wenatchee Wolves (NPHL) (2014–2016)
Wenatchee Valley Skyhawks (AWFC) (2019–present)

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. "Consumer Price Index (estimate) 1800–". Retrieved January 1, 2020.
  4. Greater Wenatchee Town Toyota Center
  5. http://www.globalentertainment2000.com/images/docs/gpi%20brochure1.pdf
  6. "GLOBAL ENTERTAINMENT CORP, Form 10-K, Annual Report, Filing Date Aug 29, 2008". secdatabase.com. Retrieved May 15, 2018.
  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.

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