Group seeks $28M in limited-tax bonds to finish Spokane Valley performing arts center

Representatives of the Spokane Valley Performing Arts Center asked the City Council on March 3 to support issuing roughly $28 million in limited‑tax general obligation bonds to finish the Idaho Central Spokane Valley Performing Arts Center.

Yvonne Johnson, founder and executive artistic director of Spokane Valley Performing Arts Center, told the council the municipal bond approach would not cost city taxpayers and that net revenues from the facility would be pledged as the first lien to repay the city’s bonds. Johnson said the community has raised $18.3 million toward the project and that the proponents have assembled experienced financial and legal advisers.

Dr. Andrea Olsen, associate artistic director and a long‑time Spokane Valley resident, outlined the project scope and cited a Baker Tilly independent feasibility study included in the council packet. She said the study addresses spending to date, revenue and expense projections, and the sensitivity analysis showing how revenue shortfalls or expense increases could affect bond repayment.

Speakers emphasized economic and cultural benefits to the Valley and described the proposal as a legacy project. Council members did not vote on the bond request at the meeting; staff said proponents and city staff will return with a formal presentation and motions in a later meeting.

Johnson and Olsen supplied a prospectus and feasibility study for council review and said they will provide additional documentation upon request. The council and proponents discussed next steps for municipal involvement and the process by which the city would acquire an ownership interest until bonds are repaid.