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| Crowdfunding a $500 Million Ferris |
| Crowdfunding a $500 Million Ferris Wheel, With a Wall Street Spin
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| UNITED STATES OF AMERICA
, 8-September-2015
4:53:7 AM |
| Investing in stocks is at times compared to a thrill ride - a rocket ship taking off, or a roller coaster rushing down.
The comparison may be more apt than usual for a new investment - a 630-foot Ferris wheel under construction on Staten Island - that soon will be marketed via a Wall Street version of crowdfunding.
Project leaders of the New York Wheel, which has already raised about $450 million in equity and debt, plan to seek another $30 million through North Capital Private Securities, a Utah broker-dealer that intends to sell some of the new shares via its 99Funding online crowdfunding platform and other crowdfunding sites.
Crowdfunding on websites such as Kickstarter has allowed people and organizations to raise money for various projects from supporters who don't have any formal economic interest in the ventures.
Numerous online venues, often in partnership with smaller and midsize securities firms such as North Capital, have adopted provisions of the Jumpstart Our Business Startups Act of 2012, or JOBS Act, which loosened restrictions on stock sales by business startups.
Jim Dowd, founder and chief executive of North Capital, said he believed the $500 million New York Wheel project "is going to be the largest transaction we're aware of that has crowdfunding."
The sale of these new shares is possible under a JOBS Act provision that went into effect in 2013, allowing private stock sales to "accredited" wealthy investors who meet certain income or net-worth tests.
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