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Jennifer@Srock.net
October 2012 PhoenixMart Rumors
I recently spoke with former City of Casa Grande councilman and current candidate for Pinal County Supervisor, Steve Miller. He has been keeping in touch with the Pres. of AZ Sourcing who is behind the PhoenixMart project.
The EB-5 immigrant investor program I’ve discussed in my blog posts have been fulfilled by the Chinese which is the part of the story most of the public is hearing that may be taken out of context. PhoenixMart rumors have it that the project has met the funding requirements. However, the project was not just being funded by the Chinese. As I mention in the blog, only 1/3 was coming from the Chinese. Another 1/3 was to come from the U.S. and another 1/3 from Europe.
It is typical for people of the U.S. to wait until after an election to make any major financial decision. A small portion of the 1/3 needed from the U.S. is there but, there’s speculation the rest wouldn’t come until some time after the election.
The other issue is the 1/3 coming from Europe. With the European economic crisis, there aren’t many investors to fill the 1/3 needed to fund PhoenixMart at this time either.
Although permits are being Steve miller put it, ” I wouldn’t hang my hat on PhoenixMart. I don’t see it going away. I just don’t see it in the near future”. He goes on to explain that the government timeline for the EB5 program doesn’t begin until ground breaking. To begin construction, all investors MUST be in place for them to break ground.
The lack of certainty in today’s economic markets is going to be the cause of further delay of PhoenixMart.
