JLC Infrastructure, a joint venture comprising Magic Johnson Enterprises and Loop Capital Markets LLC, will become an MWBE (minority- and women-owned business enterprise) investor with LaGuardia Gateway Partners, the firm that is building the western half of LaGuardia (LGA).
The deal marks the first time in New York’s history that there will be an MWBE firm investing equity in a public-private construction project.
In a statement New York Governor Andrew Cuomo’s office said JLC Infrastructure’s investment in LaGuardia Gateway Partners represents a “necessary shift,” moving from MWBE firms providing goods and services for value to the first-ever opportunity for a MWBE firm to create wealth by investing in the nation’s largest public-private partnership at LGA. In 2014 Governor Cuomo set a goal for MWBE procurement at 30 percent.
Jim Reynolds, managing partner of JLC Infrastructure, said the current LGA is “not worthy of the great state of New York.”
“Today I am proud to be joining Governor Cuomo and the LaGuardia Partnership as an MWBE investor to build an entirely new airport for New York that will provide the service that New Yorkers expect,” Reynolds said. “This beautiful, state-of-the-art new facility will transform the experience for those traveling through New York and provide a magnet for economic growth and jobs in New York.”