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November 29, 2011

The EB-5 files: federal agency stonewalls request for info on job creation by immigrant investors, reveals misleading claim about arena bonds, withholds a letter made public elsewhere

Atlantic Yards Report

So, how exactly did Forest City Ratner and the New York City Regional Center (NYCRC) aim to convince federal overseers and potential investors that the plan to seek $249 million in funds from 498 green card-seeking immigrant investors was kosher?

We may never know, since the federal agency overseeing the EB-5 program is keeping most key information under wraps. For example, the document explaining how that investment would produce--as required by federal law--at least ten jobs per $500,000 investor was redacted, deemed a trade secret.

Other documents deemed trade secrets have already been made public by other parties, suggesting that the United States Citizenship and Immigration Services (USCIS) has a rather heavy hand when it comes to transparency.

No way to evaluate job-creation claim

So, while the EB-5 program is justified as supporting job creation, there's no way to evaluate that claim when it comes to the Brooklyn Arena & Infrastructure Project--said to consist of the arena, infrastructure, and a new railyard--marketed to immigrant investors.

And that's quite curious because the arena was and remains already funded. That makes it questionable that immigrant investors could get credit for jobs created not merely by their investment but by the entire $1.448 billion project, a project that did not need their money to proceed.

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NoLandGrab: If by "trade secret" they mean "complete and utter bulls**t," then by all means, it's a "trade secret."

Posted by eric at November 29, 2011 11:53 AM