Tangarie Tanks

In February, Tangarie closed down and laid off all its workers, citing delays in deliveries of parts for wind turbines and other products.

At the time, Tangarie officials said it was just a temporary work stoppage, but those laid off employees weren't hired back.

In March, Wilbarger County Judge Greg Tyra chained the gates closed at the plant.

The problems stem from a 10 year loan and incentive agreement  given by the Vernon Business Development Corporation in 2010.

According to the agreement, Tangarie would bring about 100 jobs to the city by 2013, and in return receive almost $900,000 in incentive money from the 4A Sales Tax Fund.

Tangarie also received a $250,000 loan about a year and a half ago, then an extension.

Tangarie was also given state aid.   

Sean Stockard with the Vernon BDC said on Monday it's clear Tangarie will never recover,  and of the more than a million dollars Tangarie received, the BDC would be lucky to get back $70,000.

What little collateral left behind by Tangarie will now be auctioned off.

When asked if this deal going bad would influence the way the Vernon BDC invests tax payer money in the future, Stockard said the BDC Board had all the stop-gap and protective measures in place that they could, but he said "you just can't plan for a company going bankrupt."

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