Take Heed: Virginia-Based Economic Development Authority Sued for Failed ED Deal

Here is one to heed and learn from. The Alleghany Highlands Economic Development Authority in Virginia has been sued by SunTrust Bank for failing to make payments on bonds issued for a Massachusetts manufacturer that never moved to Alleghany County.

While this situation is the exception to the rule in the economic development incentives arena, it is clearly one to consider, especially as the economy continues to erode the profitability of companies and many earlier economic development deals.

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