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October 1, 2010
Marty Markowitz + China + Green Cards = Atlantic Yards Cash?
The Daily Politics
by Celeste Katz
Brooklyn Borough President Marty Markowitz could be headed to China to help developer Bruce Ratner trade green cards for cash for his Atlantic Yards project, our Erin Durkin reports:
Markowitz is waiting for the OK from the city Conflicts of Interest Board to accompany Ratner’s delegation on the trip, which kicks off Oct. 11.
The New York City Regional Center invited Markowitz on the trip and would pick up the tab, his spokeswoman said.
It’s part of the EB-5 visa program, which offers up green cards to foreigners who invest $500,000 in a project that creates or saves at least 10 jobs.
The federal government sets aside 3000 a year for such deep-pocketed investors.
...The trip was first reported by prolific Atlantic Yards blogger Norman Oder, who has questioned whether raking in Chinese cash for the project, already under construction, should really count as creating or saving jobs.
Ratner executive MaryAnne Gilmartin acknowledged at a public meeting last night that only 100 people have been put to work at the site so far (the developer promises more than 16,000 construction jobs over the life of the project, which actually means 16,000 "job-years," or 1600 a year if it gets done in 10 years, which even Ratner now acknowledges is close to impossible.) But she promised that number would grow quickly as arena construction got further underway.
Posted by eric at October 1, 2010 9:27 AM