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wrap this up. Let's git 'er done.
Posted on 11/30/2014 7:28:45 PM PST by Phillyred
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.!" (The website language has been toned down following inquiries by The Inquirer, to remove suggestions of government guarantees for investors. Now, the site says, "Pennsylvania Turnpike Commission enjoys an A+ rating," a reference to the Standard & Poor's rating on turnpike revenue bonds, which aren't involved in this financing plan.) 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. The deal offers something for everyone: The turnpike will get cheap money, saving about $35 million over traditional borrowing costs over five years. The turnpike will pay a 2 percent annual interest rate, about half the current rate for municipal-bond borrowing. The foreign investors and their families will get a quick path to legal residence in the United
(Excerpt) Read more at philly.com ...
The price of a welfare state.
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Does China admit dual nationality?
Answer: China does not recognize dual nationality. The Article 3 of China Nationality Law holds that the country will not admit the dual nationality of a Chinese citizen. Moreover, the Article 9 of that law declares that as soon as a Chinese takes a foreign citizenship, he will automatically lose his Chinese citizenship.
So are these Chicoms or demonstrator / dissidents moving here?
With all the taxes and tolls there is no money to build a road?
Outstanding.
Pay your toll and pick up some Szechuan Chicken at the same booth.
It’s not even a road, it’s an interchange.
Doesn’t the Blue Route already connect I-95 with I-76 (the turnpike)?
It has some beautiful streams, mountains and valley's...but in the last ten years it has been all down hill..
We have a State Senator name Robert Casey, who is up for re election come 2016, that is if he comes out of hiding..the only time he is seen is when he needs a photo op...sorta like Hussein obama does..
Hoping the GOP can find a strong candidate to run against him, and I will willing walk the hills and valleys campaigning for him or her!!!..
I hope the voters are listening, but with Philly and Pittsburgh triple voting, our chances are slim.. P.S. if I am wrong on that turnpike fee increase amount, some one in the area please correct me, I have quite using the pike, use it only when necessary..
Those dang Chi-coms buy everything these days.
Sure sign of a country in decline, mired in unaffordable debt.
Other countries offering residency for large investment are all broke also.
Where is the TEA party (Taxed Enough Already) when it is the only thing which might save the country for future generations.
I’ve looked at two different maps and both show an existing connection between I-276, the eastern-most portion of the PA turnpike and the New Jersey Turnpike which is I-95.
Somebody help me please.
No. In that area, the turnpike is I-276. The turnpike is I-76 until the Valley Forge interchange, then you either exit onto the non-toll I-76 into Philly (aka the Schuykill Expressway) or continue on the turnpike as I-276, which eventually connects to the NJ turnpike.
The Blue Route (I-476) does connect I-76 to I-95, but at the point it connects at I-76, it is not the turnpike.
Thanks; I lived in Broomall until ‘79, the Blue Route wasn’t finished until many years later and in any case I haven’t been there in 12 years.
They cross, but there is no interchange.
We’ve got this bridge in New York City, the Brooklyn Bridge - I’ve been told it’s for sale - it’s been a great investment for generations of suckers...I mean, investors!
Sell ‘em Breezewood!
It connected everytime I took it.
truckers chuckle
“It connected everytime I took it.”
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That’s impossible; everyone knows that you can’t get there from here.
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