Amy Resnick is a GOVERNING contributor.
After six years and countless lawsuits and countersuits, the city of Spokane is finally paving the way toward paying off the bonds sold by a local foundation whose failure to pay them resulted in multiple credit downgrades.
The city agreed to sell up to $39 million in bonds to cover the $31.5 million in tax-exempt debt sold by the Spokane Downtown Foundation in 1998 to build a parking garage. While the city didn't commit at the time to pay off the bonds, it had agreed to help out with costs of garage operations should other revenues fall short. The garage didn't generate enough money to cover the debt, and the city has finally agreed to pay up.
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