EVERETT — The Everett City Council approved a $665,000 loan Wednesday to purchase a new scoreboard for Xfinity Arena.
The loan to the Everett Public Facility District, which owns the arena, will be paid back out of the district’s revenues, although the $71.5 million in bonds used to build the arena take priority.
Xfinity Arena came close to breaking even on an operating basis in 2014, but the city already pays the district $600,000 a year to help cover its debts.
Both the loan and the bonds are scheduled to be paid off or discharged in 2026, when the city takes over ownership of the arena.
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