Some great investment: Private investor only has to put up 31 percent of the money

The private investor only has to put up 31 percent ($26.5 million out of the total $85.26 million) of the money put into the project. Here is a question: why won't private investors put up the rest of the money?

SYRACUSE, N.Y — A new New York company plans to complete financing this year for a plant to produce electric cars and begin rolling out the three-door, plug-in hatchbacks in late 2010, the company chief executive said Friday.

Bannon Automotive CEO Paul Wimer said at a news conference that Syracuse was chosen over sites in Kentucky, Michigan and elsewhere because of its proximity to key markets and the "dogged pursuit" of the Freeport-based startup by local, state and federal officials.

Gov. David Paterson said New York state is providing a $6.76 million package of grants and tax incentives to Bannon, and U.S. Sen. Chuck Schumer said he is trying to help Bannon obtain $52 million in federal loans and loan guarantees.

Bannon will invest $26.5 million into the plant.

The company has secured an exclusive North American licensing deal with Reva Electric Car Co. of Bangalore, India, to assemble the NXR. Reva cars are now sold across Asia and Europe. . . .

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