Former Mayor Richard M. Daley,. seen here in May 2015.
Former Mayor Richard M. Daley and his son are aiming to cash in on a federal program that offers green cards to wealthy foreigners with a deal that could bring their company $15 million, records obtained by the Chicago Sun-Times show.
Tur Partners — which Daley formed with his son Patrick Daley after leaving office — is seeking permission from the U.S. Department of Homeland Security to solicit $150 million from foreign investors to help finance construction of a downtown skyscraper through a controversial visa program known as EB-5.
The Daleys hope to land as many as 300 foreign investors, most likely from China, according to the application Patrick Daley submitted to the U.S. Department of Homeland Security on Sept. 22, 2015. Each would put up $500,000 for the skyscraper project and also pay a $50,000 administrative fee that would bring the Daleys’ company $15 million, the application shows.
In return, the foreigners would be eligible to be granted visas allowing them and their immediate families to move to the United States and live here forever.
The Daleys would then lend the money put up by the foreigners to Magellan Development Group, a Chicago company that’s building Vista Tower, which would be the city’s third-tallest skyscraper, on Wacker Drive near Lake Shore Drive. Magellan also has plans for another tower nearby.
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