EUGENE, Ore. -- The old Williams Bakery is toast.

Demolition crews are ready to tear down the former home of the longtime bread maker in Eugene to make way for a University of Oregon basketball arena. Crews are awaiting the shut-off of utilities and the installation of fences.

The university is expected to seek final approval from state officials next month to sell $200 million in state-backed bonds to finance the 12,500-seat arena, likely the most expensive college arena ever.

The demolition contractor plans to recycle most of the bakery building -- including the steel frame and concrete.