Port Authority Receives EB-5 Regional Center Designation - Designation from US Citizenship and Immigration Service Allows Port Authority to Offer EB-5 Financing for Job-Creating Projects
TOLEDO, Ohio, September 26, 2014 – The Toledo-Lucas County Port Authority has received its designations to operate an approved EB-5 Regional Center by the U.S. Citizenship and Immigration Services (USCIS). Regional Centers act as a vehicle in which foreign direct investment can be made into qualifying projects in the United States, and provide a permanent visa for the investor based upon achieving certain benchmarks for the investment, including job creation.
Posted on Friday, September 26, 2014
“We’re thrilled to announce that northwest Ohio now has an EB-5 Regional Center,” said Paul Toth, President and CEO of the Toledo-Lucas County Port Authority. “By having this service available in northwest Ohio, we are now able to assist in attracting and leveraging foreign investment to the area in hopes to drive economic development and bring jobs to the region.”
For the last two years, the Toledo-Lucas County Port Authority and its regional development partners have considered the establishment of an EB-5 Regional Center to support development projects in the region. The cost to establish and operate a Regional Center is substantial, and it requires an expertise that doesn’t currently exist in northwest Ohio. As a result, the Port Authority teamed up with MidAmerican Global Ventures, LLC to form a public-private partnership to create a regional center that will encompass northwest Ohio, central Ohio and southeast Ohio.
In addition to MidAmerican Global Ventures, LLC, the Regional Center collaboration includes the Columbus-Franklin County Finance Authority, Finance Fund, the University of Toledo and several other strategic partnerships.
Congress created EB-5 or the Employment-Based Fifth Preference Program in 1990 to stimulate foreign investment and job creation in the United States. Qualified foreign investors are eligible for an employment-based visa, called an EB-5 visa, if they make a minimum investment of $1 million in a commercial enterprise that creates at least 10 new full-time jobs. In rural areas or areas with high unemployment, investors must invest at least $500,000 and create 10 jobs.
It is the mission of the Toledo-Lucas County Port Authority to continuously focus on job creation by leveraging our strategic geographic position, resources and economic development proficiency to provide increased business opportunities—built upon and around our innovative transportation and logistics expertise—while promoting our community and region within the global marketplace. We will accomplish this through unmatched speed and efficiency of service, collaborative and strategic partnerships, community stewardship and the continued generation and execution of new ideas and innovations. www.toledoportauthority.org – 419.243.8251
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