BRINGING FOREIGN INVESTMENT TO THE PEORIA REGION
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Global Trade Strategy Group Presentation to the EDGE Board April 24, 2009 PowerPoint PPT Presentation


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BRINGING FOREIGN INVESTMENT TO THE PEORIA REGION REGIONAL CENTERS AND IMMIGRANT INVESTOR PILOT PROGRAM (EB-5). Global Trade Strategy Group Presentation to the EDGE Board April 24, 2009. Global Trade Strategy Group Members. Chris Atkinson Bryan Boland Jim Foley Ted Gambogi Craig Hullinger

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Global Trade Strategy Group Presentation to the EDGE Board April 24, 2009

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Global trade strategy group presentation to the edge board april 24 2009

BRINGING FOREIGN INVESTMENT TO THE PEORIA REGIONREGIONAL CENTERS AND IMMIGRANT INVESTOR PILOT PROGRAM (EB-5)

Global Trade Strategy Group

Presentation to the EDGE Board

April 24, 2009


Global trade strategy group members

Global Trade Strategy Group Members

  • Chris Atkinson

  • Bryan Boland

  • Jim Foley

  • Ted Gambogi

  • Craig Hullinger

  • Monica Li

  • Julia Madras

  • Kip McCoy

  • Greg Miller

  • Beatriz Poloney

  • James Ryan

  • Susan Stenger

  • Shari Stout

  • Peter Wong

  • Suresh Sethuraghavan


Eb 5 program background

EB-5 Program Background

  • The immigration Act of 1990 creates Employment-Based visa program (EB-5)

    • Requires foreign nationals to invest $1million ( $500k in Targeted Employment Areas or Rural Areas) and create 10 full time jobs

    • Grants two year conditional green cards that convert to permanent status when investment and job creation criteria are met

  • Congress modified EB-5 in 1993 to include a Pilot Program for Designated Regional Centers

    • Allocated 3,000 visas annually

    • Renewable every 5 years

    • Same investment requirements and green card benefit

  • The Pilot Program was scheduled to expire in 1998, but has been extended without interruption twice, most recently to September 30, 2009. Currently various groups are lobbying to make the Program permanent.


Benefits of eb 5 program

Benefits of EB-5 Program

EB-5 program: Grants foreign nationals conditional green cards that convert to permanent status when investment and job creation criteria are met.

  • New Source of Capital:

    • $1 million per investor; 3,000 visas available annually

    • Utilize new investment to partner with local financing of companies and projects

  • Economic Growth:

    • Each $1 million investment creates 10 direct jobs

  • Aligned with Peoria Economic Growth Strategies:

    • Designates the specific areas and targeted industries

    • Creates new business or invests in existing business

  • Revenue for EDC / Heartland Partnership


Approved regional center models

Approved Regional Center Models

  • 28 regional centers approved as of end of 2008

  • Three Organizational Models:

    • Private, for profit investment sponsor

      • Capital Area Regional Center JOB Fund, LLC

      • DC Metro Area and American Life, Inc., Seattle

    • Outsource management of regional center to private equity found

      • City of New Orleans/Nobel Outreach LLC

    • A private non-profit development organization partners with a for-profit investment promotional company

      • Philadelphia Industrial Development Corp. partners with CanAm Enterprises who is exclusive promoter of 4 separate regional centers


Regional center success stories

Regional Center Success Stories

  • Philadelphia Industrial Development Corporation (Philly Fund)

    • Established Regional Center February 28, 2003

    • 525 applicants approved

    • $200 million raised

    • Thousands of jobs

    • Targeted industries: tourism, trade, technology, higher education, transportation, The Navy Yard

    • Website: http://www.phillyfund.com/

  • South Dakota International Business Institute

    • Established in 2004

    • 300 petitions

    • $150 million annual investment

    • 3,000 jobs per year

    • Targeted industries: dairy and meat processing

    • Website: http://www.sdeb5.com/default.asp


Next steps

Next Steps

  • Feedback from EDGE Board

  • Continue benchmarking

    • Regional Centers

    • Legal firms

    • Investment firms

  • Prepare white paper / proposal outlining the application requirements for a local Regional Center

    • Items include geographic focus; amount/source of capital commitments; projections; RC organizational structure; how RC will promote economic growth; industry focus

  • Develop and finalize a budget and timeline for the Regional Center process

  • Present above at next EDGE meeting and, with positive feedback, begin soliciting sponsors to establish a Regional Center


Thank you

Thank you.


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