Brooklyn politician will not join EB-5 China trip
After it was indicated that he might be accompanying a businessman on a trip to China to drum up interest in the EB-5 visa program, the Brooklyn Borough President has decided to stay in New York.
Marty Markowitz has decided not to accompany developer Bruce Ratner on his EB-5 trip to China, where the businessman will try to draw investors for his ambitious Atlantic Yards project, reports the New York Post.
The city's Conflict of Interests Board had approved the trip but Markowitz decided to stay, although a spokesman said it was not because of public pressure, reports the news source.
Markowitz "supports the group's mission, wishes it great success and is confident the project will excite even more investors as it moves forward," said Markowitz spokesman Mark Zustovich.
Ratner and his company, Forest City Ratner, is hoping to obtain $250 million in investments through the EB-5 visa program to help finance the $4.9 billion Atlantic Yards development, which includes a basketball arena that could be the potential home of the New Jersey Nets.
Under the EB-5 visa program, if a foreign national invests $1 million (or in some places $500,000) in an American business and that investment leads to the creation or preservation of 10 jobs, the investor becomes U.S. green card eligible.