Plans for the proposed assembly plant have dragged on for three years while the owners of Carbon Motors have tried to round up financing.

It looked like the deal was falling apart in the spring when the federal government turned down a guaranteed loan for the plant, but the company has tried to find investors elsewhere.

On Wednesday, Connersville Mayor Leonard Urban announced plans to sell the former Visteon factory to an undisclosed third party, which is expected to take ownership in December.

But Urban told RTV6 that the new company will still try to work with Carbon Motors and several other tenants.

"The city of Connersville can get out of the real estate business (so) I can go back to maybe being the mayor of Connersville, not a real estate agent, and we can devote more time to our city," he said. "This company, we've done due diligence on it, it's an extremely good company that has rebuilt and redone several plants around the United States."

Carbon Motors President William Santana Li seemed surprised by the sale, but told RTV6 that his company is more than happy to deal with a new owner.