BRISTOL, Va. — Virginia Gov. Terry McAuliffe on Thursday signed legislation to aid The Falls commercial development in Bristol, Va.
Senate bill 673, the first legislation he introduced as governor, allows the city immediate access to sales tax revenues once businesses open in the planned commercial center near Interstate 81’s Exit 5. The wording change was important because the city anticipates issuing millions of dollars in revenue bonds linked to the project but the bond market was uncomfortable with language in the original 2012 legislation.
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