Add HTML to Term Description

The only way I can see for getting this to work is running the output through html_entity_decode() and stripslashes() and saving it with esc_attr():

Saving the term:

$wpdb->update( $wpdb->term_taxonomy, array( 'description' => esc_attr( $_POST['_term_desc'] ) ), array( 'term_id' => $term_id ) );

Showing the term on the front end:

echo apply_filters( 'the_content', html_entity_decode( stripslashes( $term->description ) ) );

Showing the content in the editor:

<?php wp_editor( html_entity_decode( stripslashes( $term->description ) ), 'term_desc', array(
        'textarea_name' =>  '_term_desc',
        'textarea_rows' =>  15,
    ) ); 
?>