30-Acre ITFederal Property at Avtex Scheduled for Auction to Help Resolve EDA ‘Financial Scandal’ Debt to First Bank

A 30-acre parcel with one building erected at the former Avtex Superfund site in Front Royal is poised to be auctioned off as a foreclosure on August 12 to help the now Warren County overseen Front Royal/Warren County Economic Development Authority (EDA, FR-WC EDA) settle one outstanding debt stemming from the EDA “financial scandal”, circa 2014 to 2018. As Royal Examiner readers will recall, criminal charges against former EDA Executive Director Jennifer McDonald have left her imprisoned on convictions stemming from the unauthorized transfer of EDA assets for personal gain.

The auction is being conducted on behalf of First Bank, also known as First Bank and Trust, to help settle an outstanding debt incurred by the EDA, based on a $10 million developmental loan issued through the EDA to Truc “Curt” Tran’s ITFederal company. Though neither he nor his company has kept up loan payments during the legal maneuvering surrounding the settlement of the EDA “financial scandal,” we have been told that Tran has indicated a legal challenge to the property’s auction. Royal Examiner had not yet received a response from Tran on the matter prior to publication.

The ITFederal constructed building is planned for auction along with 30 acres upon which it rests on August 12.

The following information is based on material and an Auction Link (https://www.motleys.com/public-sales/detail/bw161075) on the matter provided to Royal Examiner by current EDA Board of Directors Chairman Rob MacDougall:

Auction Info Summary

First Bank and Trust has initiated the sale, with Motleys Asset Disposition Group facilitating the public auction.

Online & Onsite Bidding Opens: Wednesday, August 12th at 1:00 PM

Sale Closes: Wednesday, August 12th at 1:30 PM

Sale Location: Online & Onsite – 600 Transcend Dr., Front Royal, VA 22630

30.09± acres in Warren County with a 9,768 SF office building presents the opportunity to grow, expand, or reposition. The site is zoned MCD (Mixed-Use Corridor District), providing broad flexibility for corporate campuses, institutional, light industrial, R&D, or mixed-use development — giving the next owner real optionality on how the land is ultimately utilized. Strategically located along the I-66 corridor, the property is readily accessible from Northern Virginia, Maryland, and the broader Shenandoah Valley region.

9,768± SF Office | Vacant 2018 Modern Build – Functional layout featuring reception, lobby, private offices, conference rooms, large storage areas, and multiple restrooms

Assessed for $3,087,200.  Opening Bid Only $425,000.

And, hopefully, from all involved perspectives, except perhaps competing purchasers, the auction will result in a significant dent, if not an erasure, of the remaining debt to First Bank on the EDA/ITFederal $10-million loan.