PHILADELPHIA (AP) – Agents for the Pennsylvania Turnpike Commission are signing up Chinese investors who are promised permanent residency under a U.S. law in exchange for loaning money to help finance a connection between the turnpike and Interstate 95.
The Philadelphia Inquirer reported Sunday (http://bit.ly/1y4QwVR ) that more than 100 investors have applied so far.
The heavily indebted turnpike commission is hoping to net 400 wealthy foreign investors to provide $200 million for the $420 million project.
Agents began pitching the proposal in China in September.
The Delaware Valley Regional Center, the firm created to make the deal, has a first installment deadline of $50 million by April.
The turnpike commission hopes to save about $35 million over traditional borrowing costs over five years. Brokers and lawyers will collect millions in commissions and fees.