Our knowledgeable Supervisors have decided to 'loan' the IDA $400,000. Keep in mind that 'loan' is a loose term with these people and we should go ahead and expect that repayment will never happen, or if it does happen the terms will be very different from what is printed in today's Gazette-Virginian. After all, all they have to do is have another vote later to change the deal.
The most interesting part is that the parties involved tried to receive some Federal money, but they didn't meet the requirements:
IDA Interim Executive Director Patsy Vaughan said the Riverstone tenants – Virginia Tech and Tetra Tech – were unable to meet certifications needed to borrow the federal funds.
Virginia Tech can't meet the requirements to borrow Federal money? HELLO???? Is anyone even listening or reading what Ms. Vaughan said???? Virginia Tech, a state supported school, can't borrow Federal money, yet we're willing to hand over $400k to them. Does that strike anyone else as odd?
I think we need to send our Supervisor's to Joe Gasperini's basic finance class at the high school.
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