BRISTOL, Va. - We have new information about Bristol, Virginia looking to borrow $5 million to help fund the Falls development project.
City councilman Jim Steele says the city does not have to wait for a judge's ruling before borrowing the money. The council voted Tuesday night to pay for part of the multi-million dollar development by taking out loans.
We've also learned the city will pay back the money once the sales tax revenue rolls in.
The mayor did not say how long they believe it will take for them to collect enough tax revenue at the Falls to pay off the loan.
A local judge has yet to rule on a court complaint was filed last year over how the city borrowed money in the project in the past.
- New 2-year-old drowns in North Carolina swimming pool
- New South Dakota teen with cancer gets OK to walk at graduation
- 2 juveniles charged in former Kingsport IGA building fire
- New resource plans to help mothers bearing drug addicted babies in Tri-Cities
- Many busy picking up the pieces after severe storms strike our region