What is the EB-5 Immigrant Investor Pilot Program?
According to USCIS:
The Immigrant Investor Pilot Program was created by Section 610 of Public Law 102-395 (October 6, 1992).
The Pilot Program began in accordance with a Congressional mandate aimed at stimulating economic activity and creating jobs for U.S. workers, while simultaneously affording eligible aliens the opportunity to become lawful permanent residents. Through this innovative program, foreign investors are encouraged to invest funds in an economic unit known as a Regional Center.
The capital investment requirement for any EB-5 investor, inside or outside of a Regional Center is $1 million. The capital investment requirement for an EB-5 investor in a Targeted Employment Area (TEA) or a Rural Area (RA) is $500,000. Each investment must also create a minimum of 10 fulltime jobs.
Presently up to 3000 immigrant visas are set aside each year for the Pilot Program. The Regional Center
A Regional Center is defined as any economic unit, public or private, engaged in the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment.
An important advantage to obtaining Regional Center designation is the indirect nature of the job creation, which is less difficult to achieve than the direct creation of 10 new jobs. The requirement of creating at least 10 new full-time jobs may be satisfied by showing that, as a result of the investment and the activities of the new enterprise, at least 10 jobs will be created indirectly through an employment creation multiplier effect. Targeted Employment and Rural Areas (TEA) & (RA)
A TEA is a geographic area or political subdivision located within a metropolitan statistical area or within a city or town with a population in excess of 20,000 with an unemployment level at least 150% of the national unemployment rate. TEAs within a state are identified and designated by the governor (and for a TEA within the District of Columbia, designation is made by the Mayor). Typically a Regional Center seeks to encompass one or more TEAs.
A RA is a geographical area that is outside a metropolitan statistical area, or part of the outer boundary of any city or town having a population of 20,000 or less as shown by population indicators. In certain areas involving a sparsely populated state, an approved statewide Regional Center likely encompasses both TEAs and RAs.
Projects
Midwest EB-5 has many projects. Currently, our primary area of focus is the Short Vine Entertainment project. This project is conentrated in a district located adjacent to the Univerisity of Cincinnati. This area is rich with culture and a booming business area. Business growth is fast and we are striving to make it a better community.
This project is concentrated around being business into the area. As business is brought in we are concentrating on reviving the life on Short Vine. To accomplish this we are remodeling buildings and building additional buldings. We are providing an ideal enviroment for business to flourish on Short Vine.
For more information visit the Short Vine Entertainment Project Website
Management Team
Gary Chan – Director of Investor Relations for MERC
Gary Chan is an American businessman of Chinese decent. He has spent significant time in the United States (LA, New York, Portland, Cincinnati, and Pittsburgh) and China (Hong Kong, Beijing) and has established a vast network in each location. Gary has established the America 101 program to help investors in the program integrate into life in the US. Gary and his team helps clients adjust to American life in personal and business areas.
Prior to joining the team, Gary spent time with JPMorgan Chase in their Equities Division and General Electric in their Leadership Development Program, a diverse program made up of participants from around the world to train future leaders within the company. Gary received his masters and bachelors degrees from Carnegie Mellon University and attended the Hong Kong International School.
Terry Chan – Project Business Management
Terry Chan is one of the core team members at CincyTech USA, a public-private partnership whose mission is to provide services for high-growth startup technology companies in Southwest Ohio. CincyTech does this through management assistance, seed-capital investments and connections to partners who share a common mission.
CincyTech is supported by the State of Ohio’s Third Frontier Project and by corporations, foundations and research institutions in Southwest Ohio including Cincinnati Children’s Hospital and the University of Cincinnati. Its work focuses on companies in information technology and life sciences.
In his capacity at CincyTech, Terry has been part of a team that has driven $5.5 million in 17 companies; reviewed 1,800 business plans; provided substantive advice to 136 companies. In addition, he has helped local startups raise another $58.3 million in co-investment from early- and seed-stage investors. Those 17 companies have created 250 direct jobs and over 500 indirect and induced job from the $5.5 million invested. Terry Chan brings his job creation expertise to the project, where he is responsible guidance of the office development, lease up of the office space, and managing and ensuring job creation and tenant selection.
