EXTREME FUN CENTER AND VALLEY CINEMA, WASILLA
At nearly 70,000 square feet, the only Fun Center in Alaska features over 60 arcade-style games, a four level kids’ “soft play” area, a food court, over 2,500 square feet, two-story laser-tag arena, mini-bowling, spin bumper cars, a laser shooting gallery and several rooms for parties, events, and business meetings.
The centerpiece of the building is the largest cart track in the Pacific Northwest that is home for 40
Belgian-made electric race carts — 30 for adults and 10 for kids. The lap times and driver skills are monitored with an electric timing system similar to that used by NASCAR.
John Schweiger is the founder and owner of the Coming Attractions Theatres chain, operator of the Valley Cinema in Wasilla, which is among 17 theaters, 2 fun centers, and 1 mall, in Northern California, Oregon and Washington. The Extreme Fun Center is situated on five acres that Schweiger owns adjacent to the Valley Cinema, which opened in 2011. The new center employs nearly 60 local residents. Northrim Bank originated the $6 million loan for the project. AIDEA participated in the loan by providing $5.4 million (90%) with Northrim providing the remaining $600,000. AIDEA’s portion provides a 25-year term at a fixed rate of 5.35%.
This is the second financing in which Northrim and AIDEA have partnered on behalf of Schweiger. The first was in 2010 when AIDEA issued $11.5 million in tax-exempt Recovery Zone Facility Bonds, and purchased by Northrim. The proceeds of the bonds were used to construct Valley Cinema, a new Coming
Attractions Theatres 40,379 square foot, 12-screen movie cinema in Wasilla employing over 30 local
Valley residents. Valley Cinema has become the flagship theater of the Coming Attractions chain, measured by gross sales, with an average of around 30,000 people per month. The theater and the fun center create an entertainment district feel in the area.
“The Extreme Fun Center and the Valley Cinema have provided some much needed entertainment options for the residents of the Valley and beyond. AIDEA’s involvement and support was critical to the completion and success of both projects.”
John C. Schweiger
Executive Chairman & CEO
Coming Attractions Theatres, Inc.