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Columbus looks to sell factory of failed solar-panel maker

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A central Indiana city is looking to sell the factory that a failed solar panel manufacturer bought with hundreds of thousands of dollars in public subsidies.

Columbus officials will start accepting bids next month for the vacant Nusun Inc. facility in a city industrial park. City attorney Jeff Logston said officials hope to get at least $575,000 for the warehouse and office building.

That would make up for most of the $800,000 or so in subsidies that local governments gave to help Nusun open in 2011, The Republic reported.

When it announced it was moving from Muncie to Columbus in 2010, Nuson said it planned to spend $9 million to start production. It's goal was to have 80 employees by 2012 and 240 by 2014.

Nusun only had 17 employees by August 2013 and gave the facility back to the city in December. Nusun CEO Ryan Stout blamed the company's troubles on Chinese companies flooding the market with solar panels at artificially low prices.

Nusun also was offered up to $2.25 million in performance-based tax credits by the Indiana Economic Development Corp.

The company was founded in 2009 by Ryan Stout, former vice president of operations at Yorktown-based BatteryXpress.

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  • Even more careful reading
    While do not agree with Italiano's point of view most times (I understand local government investing in business development), I think Italiano read correctly. "That would make up for most of the $800,000 or so in subsidies that local governments gave to help Nusun open in 2011..." Yes, there were an additional $2.25 Million in performance-based tax credits as well.
  • What?
    "looking to sell" ?
  • Please read the article
    When will it end??? Please read the article before commenting...The company rec'd performance based incentives. Performance based means they receive incentives if they perform...if they don't perform they don't receive anything which is the case here. Why assume it's a wealthy business?
  • When will it End
    When are we going to stop giving tax dollars to companies that do not produce. AW HECK, when are you people going to stop giving our tax dollars to wealthy businesses?????

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    1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

    2. If you only knew....

    3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

    4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

    5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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