[AUDIO] AnC Bio to break ground, but project still pending financial review by DFR

in Newport/News by


Click play on video above to listen to parts of the interview.

On Monday, Newport Dispatch News spoke with Susan Donegan, the Commissioner of the Department of Financial Regulation about the latest developments in the AnC Bio project in Newport.

Although developers announced on Monday that they will break ground on the project in Newport City in May, in this interview, Donegan points out that any construction on the facility will have to be done with previously raised money, or money raised outside the EB-5 program, since the project is still pending a financial review that is being done by the Department of Financial Regulation.

Donegan says that any EB-5 money raised with the recently updated and approved private placement memorandum, a legal document detailing risks and terms of an investment agreement, will be placed in safe escrow until after the financial review.

When asked how long the financial review will take, Donegan said, “It’s going to take a while.”

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