Has Connersville invested money in Carbon Motors?

Connersville officials are quick to say they have invested “no city” and “no taxpayer” money into Carbon Motors Corp.
That may be technically true but …  the “Carbon Campus” (formerly Visteon) is a totally different story.  City officials seem to walk a fine line when separating the two when it comes to city spending as you can see in the two news stories below.

City officials say no local tax dollars invested in start-up car company

Nov. 6, 2011
Read Palladium Item Story  …“The city hasn’t put any of our money in Carbon Motors - none.”  

Connersville to borrow $3.5 million to clean up Visteon site

Dec. 22, 2009
Read Indiana Business Journal  … The city of Connersville will borrow as much as $3.5 million to clean up the former Visteon site where a startup company wants to build police cars.  Connersville Mayor Leonard Urban said Tuesday that the city will borrow the money from the Indiana Finance Authority’s revolving fund. 

Urban admitted that borrowing $3.5 million is a large step for the city. The loan is for 20 years at 2 percent interest. 

Urban refused to disclose further terms of the contract with Carbon Motors. “There’s safeguards in there,” he said. “We’re not going to take any chances with the taxpayers’ money - any more than we already have.“

:Conceited: :Worry: ondering:

So … has the City of Connersville invested city/taxpayer money in Carbon Motors? It certainly seems that way, unless media reports – including the Indiana Business Journal article above – are non-factual and incorrect. What do you think? Please click below and let us know – (you can still leave a comment without signing up!)

1. 

   reviver says:

   November 10, 2011 at 5:37 pm

   No. Not the way it is being explained. ;_)

   reply