« The missing billionaire: Why nobody pitching EB-5 investments to Chinese millionaires wants to talk about Mikhail Prokhorov | Main | Supreme Court refuses to hear appeal in Columbia eminent domain case »

December 13, 2010

In newsletter, NYCRC finally announces Brooklyn Arena and Infrastructure Project, "in conjunction with" city and state governments

Part 10 of a series

Atlantic Yards Report

The New York City Regional Center (NYCRC), as noted in Part 3, has not announced the Brooklyn Arena and Infrastructure Project on its current projects page.

However, the NYCRC's November 2010 newsletter, made available on the NYCRC's web site recently and embedded below, finally offers this announcement:

UPCOMING PROJECTS FOR THE NYCRC
Brooklyn Arena and Infrastructure Project
The NYCRC is pleased to announce another project in conjunction with the governments of both the City of New York and State of New York. Located at the Atlantic Yards development site in Brooklyn, this $1.4 billion Brooklyn Arena and Infrastructure Project is a subset of the $4.9 billion Atlantic Yards Project and is one of the most important development initiatives underway in New York City today and one of the largest job-creating projects in over a decade. EB-5 funding will be combined with significant funding from the City of New York, the State of New York, and the developer of the Project, Forest City. On September 23, 2010, all components and documents of the Brooklyn Arena and Infrastructure Project were fully approved by the United States Citizenship and Immigration Services (“USCIS”).

(Emphases added)

Misleading the reader

As I suggested on Part 3, the phrasing here is misleading.

Despite the statement "in conjunction with," neither the city nor the state are formally involved in the Brooklyn Arena and Infrastructure Project beyond a finder's fee for the New York City Economic Development Corporation and a Recognition Agreement for a first mortgage, signed by the Empire State Development Corporation.

None of the above-mentioned contributors--city, state, developer--made their investments in a project purported to create jobs for immigrant investors at the time.

As described in Part 3, it's questionable to credit the latter for jobs created by funding committed long before.

After all, as state officials admit, the arena would be built with or without this funding.

Beyond that, the NYCRC's reference to "fully approved" does not mean potential investors face no risk their immigration petition would be denied, USCIS officials told me.

link

Posted by eric at December 13, 2010 10:49 AM