CLARKSVILLE, Ind. (AP) - Negotiations have fallen through on a deal to redevelop a closed Colgate-Palmolive Co. toothpaste factory along the Ohio River.

Officials in the southern Indiana town of Clarksville are hoping to transform the factory site into a commercial area, possibly with stores, offices, motels and condominiums.

Town Council President Greg Isgrigg declined to identify the potential developer, which he said had encountered money issues.

The factory is known for its landmark 40-foot-diameter clock and was closed by Colgate-Palmolive in 2007 after more than 80 years. It is now owned by New York-based Active International.

Company senior vice president Andreas Kissel says it received proposals on the site last year but interest declined amid the recession.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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