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October 9, 2010
Brooklyn politician will not join EB-5 China trip
Exclusive Visas
Exclusive Visas is an enterprise that offers, via their red white and blue website, to guide foreign nationals through the EB-5 process. This particular item is a mention of Marty Markowitz's decision not to accompany ESDC, the tool of developer Bruce Ratner, to China to attract investors by using this program that sells green cards in return for an investment, in this case, of $500,000.
After it was indicated that he might be accompanying a businessman on a trip to China to drum up interest in the EB-5 visa program, the Brooklyn Borough President has decided to stay in New York.
Marty Markowitz has decided not to accompany developer Bruce Ratner on his EB-5 trip to China, where the businessman will try to draw investors for his ambitious Atlantic Yards project, reports the New York Post.
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Ratner and his company, Forest City Ratner, is hoping to obtain $250 million in investments through the EB-5 visa program to help finance the $4.9 billion Atlantic Yards development, which includes a basketball arena that could be the potential home of the New Jersey Nets.
Under the EB-5 visa program, if a foreign national invests $1 million (or in some places $500,000) in an American business and that investment leads to the creation or preservation of 10 jobs, the investor becomes U.S. green card eligible.
NoLandGrab: Keep in mind that, despite the EB-5 program's purpose to create or retain jobs, the ESDC has admitted that the investment sought by Ratner will produce no new jobs.
Posted by steve at October 9, 2010 8:40 AM