Looking for ways to help make Rochester's $6 billion makeover a reality, Destination Medical Center leaders are considering whether to tap into a federal economic development program that raises money from wealthy foreign investors seeking a path to U.S. citizenship.
The DMC Economic Development Agency plans to study whether it would make sense to use the EB-5 program to help fund local construction projects. The EDA's Executive Director Lisa Clarke said EB-5 is one of many financing tools being considered.
"The DMC Development Plan identified the federal EB-5 program as one of many potential investment sources to support DMC projects. As part of the implementation phase of the Development Plan, the EDA will begin to explore EB-5, and other sources of project funding, as part of the comprehensive business and economic development strategies for DMC," Clarke said in an emailed statement.
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