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Can foreign investors rescue North Minneapolis?

New proposal would match Asian employers with Black workforce
 
By Charles Hallman

Staff Writer

 

Is foreign investment the key to economic development in North Minneapolis? The jointly created Twin Cities Regional Center (TCRC) by Asian Media Access and Project Sweetie Pie hopes to attract private foreign capital to the city’s North Side that would create a global cultural and technology district to create jobs. The TCRC proposal was introduced October 29 to a mostly Asian audience last week at the Asian American Pacific Islander (AAPI) Community Summit at the University of Minnesota Urban Research and Outreach-Engagement Center (UROC). It includes the federal employment-based (EB-5) investment program by the U.S. Citizenship and Immigration Services, which allows foreigners to come to the U.S. and invest at least $500,000 to a Targeted Employment Area (TEA). North Minneapolis has been designated as a TEA, declared Asian Media Access Founder-Executive Director Ange (pronounced An-gee) Hwang, who pointed out last week that 35 foreign investors would be needed to raise $16.8 million dollars

in TCRC’s first phase. Continue Reading →

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