The City of Bristol, Virginia Industrial Development Authority, or IDA, has failed to make a complete payment on revenue bonds from The Falls.

The Falls is a large commercial development near Exit 5.

On May 1, UMB Bank of Minneapolis, Minnesota, issued a notice the IDA paid 55% of the amount due on a series of bonds related to the development.

Bristol, Virginia Vice Mayor Neal Osborne says this is the first time the IDA has not been able to make a full payment.

"It won't negatively affect the city's credit rating or anything, because they are a different type of bond, so they don't negatively affect us. They are on schedule, on track to make the next payment in full."

In 2014, the city's IDA issued over $30 million in revenue bonds to fund construction of the first phase of The Falls.