Disagreement over which funds should be secured first scuttled plans for foreign investors to help fund downtown's convention hotel.
It was a chicken-or-the-egg scenario.
Plans to use a complex foreign investment program known as EB-5 to help pay for a convention hotel in downtown Des Moines were scuttled because of a disagreement over which funds should be secured first.
Chicken: A $75 million construction loan from Bankers Trust.
Egg: $20 million from foreign investors bundled by CMB Regional Centers, a Quad Cities-based firm.
The $110 million hotel is still on track. Instead of using foreign investors, Polk County announced earlier this month that it will loan nearly $30 million to the project. County officials said the loan, paid for with gaming revenue, will be cheaper and carry less risk.
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