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Final approval vote on annual financing for Harbourside scheduled
A vote on final approval to spend up to $350,000 a year for public financing for the $150 million Harbourside project in Florida has been scheduled for December 21 at 6:30 p.m., the Palm Beach Post reports.
The vote will be taken before the Community Redevelopment Agency, according to the news provider. Another planned aspect of the discussion will be whether or not to pay $1,600 in airfare to send Director of Finance Mike Villella to China along with the project's developer.
The developer, Nick Mastroianni, is planning the January 5 trip to China as part of an effort to continue to find foreign investors in the project by way of the federal EB-5 visa program. The EB-5 visa program gives foreign nationals an opportunity to earn U.S. green card eligibility by making an investment of $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs.
Of the 4,218 visas issued through the program in fiscal 2009, 1,979 were issued to investors from China, giving the country the highest number of successful EB-5 investors for that year.
The EB-5 visa program, which was created two decades ago to boost foreign investment, has become increasingly popular since September 11 and the recession, according to the news provider. Foreign investors have viewed the program as an easier path to gain citizenship despite tighter American immigration rules.
These foreign investors are also crucial for developers as American banks have become less and less willing to lend money to certain projects, Mastroianni told the news provider.
Andy Lukasik, the town manager, explained that Villella's presence on the trip was an important part of demonstrating the solidarity between the region and the Harbourside project itself.
"[Villella's] role will be to show prospective investors the town is behind the project," said Lukasik, who is also the executive director of the Community Redevelopment Agency.
The 9-acre waterfront project, which received approval two years ago, could potentially generate approximately $800,000 a year in property taxes, the news source said. The Harbourside plans include a public amphitheater, parking garages and marina, town records indicate. The property is planned to be built on the site of the Burt Reynolds & Friends Museum, according to the Post.