William “Buck” Johns
August 15, 2010 1:00 AM
VICTORVILLE • With just two weeks left on Inland Energy’s one-year contract to raise funds for Victorville through the EB-5 visa investor program — and only $8.5 million out of $25 million ready to loan to the city — staff is asking City Council to give the Newport Beach-based developer six more months.
Victorville awarded the contract to Inland in August 2009, granting William Buck Johns’ company exclusive rights to seek foreign citizens willing to lend the city $500,000 each in exchange for green cards.
That agreement permits Inland to raise EB-5 funds through Aug. 28, though the company promised in December to raise all $25 million by mid-May.
Now the City Council is being asked to extend Inland’s agreement until Feb. 28.
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Inland’s contract extension is up for a vote during the meeting starting at 7 p.m. Tuesday in City Hall, at 14343 Civic Drive.
Brooke Edwards may be reached at (760) 955-5358 or at bedwards@VVDailyPress.com.