Pennsylvania Turnpike project to get foreign cash
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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 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.