Zelenik Campaign Cites Connections Between Black and Tracy to TNInvesco
Posted: 2010-05-05 by Lou Ann Campaign
The campaign of Sixth District congressional Candidate Lou Ann Zelenik is calling into question the links between her two opponents, State Senators Diane Black and Jim Tracy, and a controversial state enterprise known as TNInvesco. A bill sponsored by Tracy, and supported by Black, created TNInvesco, which is a taxpayer subsidized vehicle that secretly awarded tax credits to six investment firms.
Murfreesboro---The campaign of Sixth District congressional Candidate Lou Ann Zelenik is calling into question the links between her two opponents, State Senators Diane Black and Jim Tracy, and a controversial state enterprise known as TNInvesco. A bill sponsored by Tracy, and supported by Black, created TNInvesco, which is a taxpayer subsidized vehicle that secretly awarded tax credits to six investment firms.
Several watchdog groups, including The Tennessee Center for Policy Research, have called into question the secretive nature of the enterprise. "I look at this as one more example of crony capitalism, and I think Ms. Black and Mr. Tracy should not only explain how they came to believe this secret operation was a good thing, but then lead the charge to dismantle TNInvesco", said Zelenik.
The TNInvesco entity took 120 million dollars in tax credits and gave them to six venture capital firms who then sold the credits to other entities for 85 million dollars. There was never an open process that explains how these six companies were selected, and there is no official record of who bought the 85 million dollars in question. It is structured so that there is no guarantee or requirement that these companies ever pay back the money. In essence, the Tennessee taxpayers are assuming the risk.
Zelenik's Campaign manager, Jay Heine, said, "This scam is not the way to create jobs. More than that, since there is absolutely no transparency on how the money is being distributed, we are left to wonder if some of the money could wind up in Black's and Tracy's campaign coffers as a big 'thank you'."
Heine added, "Lou Ann Zelenik built a successful construction company from scratch. She worked hard, and created jobs the right way. Lou Ann knows the keys to a successful economy are lower taxes, and reduced government interference."
"The American spirit of risk and reward are what our nation has been built upon. TNInvesco reminds me of the Obama administration spreading taxpayer money to special friends and supporters. The government should not be in the business of picking winners and losers. I'm asking to go to congress to stop this type of backroom, secretive deal making", added Zelenik
Zelenik is campaigning for the Republican nomination for the congressional seat being vacated by Bart Gordon. She is a former Chair of the Rutherford County Republican Party, and was a key organizer for last year’s Tea Party protest, including a rally in Murfreesboro which drew over 3,000 people. She announced her candidacy last fall to take on Gordon, and he announced his retirement shortly thereafter.
For more information on Lou Ann Zelenik please check out www.VoteLouAnn.com
