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December 2, 2011

New York City Regional Center was busiest nationally in Chinese market in 2011; EB-5 financing via NYCRC seen by city as potential funding for engineering campus, Willets Point

Atlantic Yards Report

Speaking of Willets Point, its future "redevelopers" might be the latest beneficiaries of the ol' green cards-for-dollars scheme.

As I reported 12/17/10, the New York City Economic Development Corporation (NYC EDC) proposed that the NYCRC and Forest City Ratner meet to discuss a potential collaboration, and that the NYC EDC has an agreement with the Regional Center that provides a finder’s fee for projects that it refers and are ultimately are financed through their program.

Now NYC EDC sees EB-5 as an integral part of its arsenal, as it gives developers access to low-cost capital while costing the city nothing. The discount comes because the investors are willing to forego much or any return on their $500,000, since they're looking to gain a green card and, after parking their $500,000 for some five years, their money back.

Request for Proposals (RFPs) for both the Willets Point Development Phase 1, released 5/9/11, and the Applied Sciences Facility in New York City, released 7/19/11, list the EB-5 program via the NYCRC as part of a suite of potential economic development benefits....

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Posted by eric at December 2, 2011 9:54 AM