Bankrupt Developers Leave Taxpayers to Pay for Unfinished Roads
Updated: Monday, August 25 2014, 10:31 PM CDT
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MURFREESBORO, Tenn. (Erika Lathon) -- Rutherford County plans to spend more than three hundred thousand dollars to pave unfinished roads in at least two subdivisions.
The original developers in the Muirwood and Rockvale Meadow subdivisions declared bankruptcy before a final coat of asphalt was applied to level neighborhood streets.
The county is suing the bonding company in the Muirwood case in hopes of getting reimbursed.
Mayor Burgess says the county has new safeguards in place to protect taxpayers.
Developers will have to put up cash or a letter of credit with special provisions before building in unincorporated areas of the county.