IRON GATE, Va (AP) - The settlement of an eminent domain lawsuit has been costly for a small Virginia town.
Iron Gate cashed in a certificate of deposit and took out a loan to pay the $115,000 settlement. To secure the loan, the town had to mortgage its town hall.
Iron Gate also increased its cigarette tax and laid off part-time workers to raise revenue to pay off the loan.
Mayor Alan Williams tells the Roanoke Times (http://bit.ly/1aae0ey ) that there have been some sleepless nights over the case.
Resident Jim Martin sued the town over its seizure of nearly an acre of his land for a new water tower.
Williams says Martin only wanted money.
Martin says he's not trying to break the town. He called the situation a waste of taxpayers' money.
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