Tangarie Alternative Energy came to Vernon in 2010, promising to create around 100 jobs in 4 years by building wind turbines.
The Vernon Business Development Corporation gave Tangarie almost $900,000 out of the City's 4-A sales tax fund as part of a 10 year incentive agreement.
Last January, the BDC gave Tangarie another $250,000 as a bridge loan for operating expenses.
But now Tangarie's 15 or so employees, are out of work and Tangarie is under the microscope.
"Our Business Development Corporation Board and staff are evaluating Tangarie's position relative to the economic development support that we've given them to bring jobs to Vernon," said Vernon Mayor Jeff Bearden.
Bearden said Tangarie's ownership group met with the BDC Friday morning, and will disclose all of the company's financial information at the BDC's request.
"Among several things we have going for us in this process is we have a very highly structured and well executed performance agreement between our BDC and Tangarie," explained Bearden.
Although he declined to go on camera, Sean Stockard, the President and CEO of the Vernon BDC said his organization's investment is protected by what he calls collateralized money. Meaning if Tangarie goes under, assets and revenues could be seized by the BDC.
The gates may still be locked up at the Tangarie plant just north of Vernon, but officials said their minds are open to discover new opportunities to help Tangarie stay in business.
The ultimate mission is to bring more jobs to Vernon," said Mayor Bearden, "If that were an easy prospect, we wouldn't have entities like the Business Development Corporation. It's difficult to do, especially in this day and age.
"We want to see Tangarie succeed," continued Bearden, "we also want to make sure that the BDC's investment is protected to the best of it's ability."
The President of the Vernon BDC, Sean Stockard, said at Friday morning's meeting, he asked for Tangarie's ownership group to hand over all of the company's financial records within five business days.
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