BDN reports “Chinese investors have begun signing up to spend $500,000 each to help pay for a long-awaited connection between the Pennsylvania Turnpike and I-95.
In exchange, the investors hope to get permanent residency in the United States for themselves and their families.
Agents for the novel financing plan have been pitching the proposal in China since September, touting the project’s financial stability and showcasing photos of Gov. Corbett and Turnpike Commission officials breaking ground for the construction in Bucks County.
“Guaranteed by U.S. Government, Class A+ Repayment Credit!” proclaimed the Chinese-language website promoting the investment last month. “A key expressway-connecting hub project in U.S.A.!”
More than 100 investors have applied so far to invest in the I-95/turnpike connection. The Turnpike Commission is counting on 400 wealthy foreign investors, mostly from China, to provide $200 million for the $420 million project.
The rest of the money will come from federal and turnpike funds.
The heavily indebted Turnpike Commission is borrowing the $200 million from foreign investors under the federal Immigrant Investor Program that grants “EB-5″ immigration visas to foreigners who provide at least $500,000 to U.S. projects that create 10 or more American jobs.”
Read more HERE.
Is this another “looks good on its face” project?