Vernon BDC Recoups Some Money after Tangarie Auction

Published 01/25 2013 04:12PM

Updated 01/25 2013 06:20PM

Auction totals are in after officials sold off the remaining assets of the Tangarie Alternative Energy plant in Vernon.
Vernon Mayor Jeff Bearden says the Business Development Corporation received just more than $72-thousand.
"Obviously we would have liked to have recovered more, but under the circumstances, we believe that the BDC and the attorneys did the absolute very best that they could. We'll pick up the pieces from this project and move on and learn what we can from this experience and be looking for other opportunities," Bearden says.
The money recouped is just a fraction of the almost $1-million in incentive money given to Tangarie to set up shop in Vernon.
Tangarie manufactured wind turbine equipment but closed almost one year ago.
And as for the BDC, Bearden says the city may obtain consultation on that program before moving forward with hiring a replacement economic development director for Sean Stockard.

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