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...
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