Explanation
BACKGROUND: The Columbus-Franklin County Finance Authority in conjunction with nine other public-sector organizations engaged in economic development has joined to support the MidAmerican Global Ventures, LLC, an Ohio limited liability company, located in Columbus, Ohio, in establishing at least one EB-5 Regional Center. Congress established the EB-5 Program (Immigration Investor Program) to bring new investment capital into the country and to create new jobs for U.S. Workers. Immigrants who invest capital in job-creating businesses in the United States receive conditional permanent resident status for a two year period. After the two years, assuming investment and job creation commitments are met, immigrants become unconditional lawful permanent residents 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.
MidAmerican Global Ventures, LLC, was formed to create a public private partnership to promote foreign investment, and will file a USCIS regional center application under the EB-5 Program in 2014. EB-5 Regional Centers are designated and approved by the US Citizenship and Immigration Services (USCIS) to promote economic growth within a defined geographic area by arranging, aggregating and administering EB-5 investments. MidAmerican Global Ventures, LLC will seek one or more designations as an EB-5 Regional Center for all or portions of up to 56 counties in central, northwestern and eastern Ohio.
The City of Columbus seeks to partner with the Columbus-Franklin County Finance Authority to authorize the Finance Authority to exercise all such legal authority as the City may possess for the purpose of assisting in the establishing of the MAGV EB-5 Regional Center or Centers.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a contract with the Columbus-Franklin County Finance Authority to provide support to MidAmerican Global Ventures, LLC for the purpose of establishing the MAGV EB-5 Regional Center or Centers in support of the economic development and job-creation purposes; and to declare an emergency.
Body
WHEREAS, in order to assist the Columbus-Franklin County Finance Authority in making the Finance Authority Loan to fund cost of the Projects for the public purposes established in Article VIII, Section 13of the Ohio Constitution, the City is willing to authorize the Columbus-Franklin County Finance Authority to exercise, with respect to the Projects, all such legal authority as the City may possess under the City Enabling Acts, including Chapter 165 of the Ohio Revised Code (all terms used as defined terms are used with the meanings given in the agreement hereby approved); and
WHEREAS, the City of Columbus will expressly authorize the Columbus-Franklin County Finance Authority to utilize any funds previously provided to the Finance Authority by the City for the purpose of funding cost of the projects in the furtherance of VIII/13 Public Purpose; and
WHEREAS, the City hereby requests that the Columbus-Franklin County Finance Authority assist MidAmerican Global Ventures, LLC in establishing the MAGV EB-5 Regional Centers, including acquiring at least one designation of an EB-5 Regional Center for the territory within the City or the County of Franklin; and
WHEREAS, the City also request that the Columbus-Franklin County Finance Authority make the Finance Authority Loan to MAG Ventures to assist in the funding of costs of the EB-5 Regional Center Project and other Projects for the VIII/13 Public Purpose; and
WHEREAS, it is understood and agreed that the agreement authorized herein is solely a power-sharing agreement under the Power-Sharing Provisions, and the City of Columbus shall have no obligation whatsoever hereunder or under the agreement to pay any amounts to the Columbus-Franklin County Finance Authority or the MidAmerican Global Ventures, LLC; and
WHEREAS, emergency action is necessary to allow the Columbus-Franklin County Finance Authority to move forward in a timely manner in assisting MidAmerican Global Ventures, LLC in establishing the MAGV EB-5 Regional Center or Centers; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to enter into a contract with the Columbus-Franklin County Finance Authority, all for the immediate preservation of the public health, peace, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized and directed to enter into a contract with the Columbus-Franklin County Finance Authority to provide support to MidAmerican Global Ventures, LLC for the purpose of establishing the MAGV EB-5 Regional Center or Centers in support of the economic development and job-creation purposes identified in the preamble hereto.
Section 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.