Minnesota House of Representatives

Accessibility menu

Menu

Minnesota House of Representatives

State Representative Joe Mullery

403 State Office BuildingState Office Building
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4262

For more information contact:

Posted: 2012-05-04 00:00:00
Share on: 



E-Update

PROMISING NEW ECONOMIC DEVELOPMENT TOOL

There is a potential new development tool available for the Northside. The federal EB5 program brings in money from foreign investors; the investor is then granted a green card and can live in the United States. Minnesota is one of only five states that have not chosen to participate in this program.

I have been urging the Department of Employment and Economic Development (DEED) to set up the program in Minnesota. EB5 is targeted at economically depressed areas with high unemployment, such as the Northside.

This morning, I was the only legislator to attend a DEED meeting with others from around the Midwest interested in launching the EB5 program in Minneapolis. An investor puts in at least $500,000 into a business that creates 10 new jobs. Evidently, it doesn't work very well for high tech and bio tech high salary jobs, but does work well for light manufacturing and food processing. Many people on the Northside are unemployed and may qualify for such jobs.

I have met with Cathy Polasky, Minneapolis Director of Economic Policy Development about this and other workforce opportunities, and she also supports EB5. I will continue to press the Commissioner of DEED to institute this job-creating program in Minnesota and establish the Northside as one of the two "Regional Centers".

News Items

Audio & Video

Galleries

No image galleries found

Minnesota House of Representatives  ·   100 Rev. Dr. Martin Luther King Jr. Blvd. Saint Paul, MN   55155   ·   Webmaster@house.mn