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Council President Arnie Fielkow Queries Economic Development Funds and Other Economic Development Programs During Monthly Economic Development Committee Meeting

January 13, 2010

New Orleans, LA, Jan. 13, 2010 – New Orleans City Council President Arnie Fielkow received details of several economic development programs occurring around the city during Tuesday’s joint meeting of the Council’s Economic Development and Budget Committees.

Administration officials and program administrators overseeing the New Orleans regional EB-5 Visa Green Card Program — a federal plan which provides a method for foreign nationals who invest money in the United States to obtain a green card – provided the committees an update on the program. According to the representatives of NobleOutReach LLC, the company contracted with the city for administering the program, almost 60 different investment prospects have occurred through the program in the nearly four years since its inception in New Orleans. Although still in a pilot program status, Councilman Fielkow encouraged administrators to continue their efforts saying any incentives for additional investment can only be a boon for the city.

“This is nothing but good,” said Fielkow. “We need investment in New Orleans and anything that can be made by investors rather than taxpayers can only be a positive.”

Fielkow also requested administration officials provide a detailed accounting of the net, available funds in the city’s Economic Development Fund as of Dec. 31, 2009. Fielkow asked the administration for the detailed information following their request for a $2.3-million appropriation from the EDF for French Quarter sanitation.

“It is important that before we move forward with this request, we have a firm grasp of all available money within the Economic Development Fund,” said Fielkow. “We must be sure we have enough funding moving forward to foster significant economic development efforts in the city.”

Jaime Guillet
Council President Arnie Fielkow
Ph: (504) 650-1063
Cell: (504) 957-2035

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