Rendell pushing to use Chinese loans for Convention Center

Philly.com ^ | 11/18/08 | Marcia Gelbart

[Born Conservative]

After being rebuffed during the summer, Gov. Rendell is again pushing the Convention Center Authority to consider using a loan program backed with Chinese funds to generate millions of dollars for the center. Rendell raised the subject during phone calls last week with some of the authority's board members, according to several people familiar with the proposal.

While no details have been finalized - including the interest rate, amount to be lent, and how the center would use the money - Rendell is hoping to persuade the board to embrace the loan program in a resolution to be introduced as early as tomorrow, the sources said.

Sponsored by the federal government and known locally as the "Welcome Fund," the loan program offers green cards to wealthy immigrants who want permanent residency in this country.

In exchange, those immigrant investors - who are also vetted by the U.S. customs and immigration services - help finance regional economic development projects by issuing low-interest loans.

[2banana]

While no details have been finalized - including the interest rate, amount to be lent, and how the center would use the money - Rendell is hoping to persuade the board to embrace the loan program in a resolution to be introduced as early as tomorrow, the sources said.

And what is the domination of these bonds? If not in dollars (yuan) - that is how Argentina and Iceland went bankrupt...

[fortunecookie]

While no details have been finalized - including the interest rate, amount to be lent, and how the center would use the money - Rendell is hoping to persuade the board to embrace the loan program in a resolution to be introduced as early as tomorrow, the sources said. Sponsored by the federal government and known locally as the "Welcome Fund," the loan program offers green cards to wealthy immigrants who want permanent residency in this country.

So Rendell doesn't know what it will be used for, which makes it hard to pinpoint how much to borrow, but hey, it will bring in wealthy, grateful (legal) immigrants. And how does that benefit us PA residents? (While jobs flee our state and he wants more in taxes to cover deficits in Philly...)