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EB-5 Program Reauthorized

The EB-5 Program is Reauthorized

President Biden signed legislation today with the effect that the EB-5 program is reauthorized, in particular its Regional Center component, effective now through September 30, 2027.  The program is part of the EB-5 Reform and Integrity Act of 2022 (the “Act”), which itself is part of the Omnibus spending bill signed by the President.

 

The reauthorization of the Regional Center program follows an almost 9 month lapse, when prior efforts failed to extend the program beyond July 1, 2021.  The Regional Centers aspect of EB-5 have allowed foreign investors a special opportunity to invest in high-profile developments that they likely would not otherwise find accessible.  The EB-5 program had its controversies and numerous parties had worked to place safeguards to prevent fraud and encourage investment in areas that followed from the original intent of the program.

 

The EB-5 program allows foreign investors to invest a specified amount of capital into a U.S. enterprise that creates American jobs, in return for permanent residency.  With passage of the EB-5 Reform and Integrity Act of 2022, changes were made to the program to presumably improve its implementation.  The new legislation emphasizes compliance with EB-5’s intent along with enforcement procedures.   Program sponsors under EB-5 will face greater scrutiny in recordkeeping, investment types, audits, and investor communications.   The minimum EB-5 investment amount now increases to $800,000 from the current $500,000 for Targeted Employment Areas and Rural Areas,  and, changes to $1.05 million from the current $1.0 million for Non-Targeted Employment Areas.  These changed minimum investments apply to both regional center and direct EB-5 investments.

 

With the news that the EB-5 Program is reauthorized, a backload of foreign investors who were in the midst of processing last June, will hopefully soon see progress in the processing of their investment / visa applications.

 

The EB-5 Immigrant Investor Visa Program was created in 1990 by the Immigration Act of 1990.

GoBOLD Adventures

New Adventure Recreation Company Launches

Sustainable Environment Associates (SEAS) and Adventure Entertainment Cos. have launched GoBOLD Adventures™, an adventure recreation design-builder, and operator.   As the new adventure recreation company launches, GoBOLD is focused on new locations in several formats, from all-new destination facilities to augmentation of quality existing venues.

 

The convergence of these companies provides the comprehensive expertise in developing and operating adventure destinations. GoBOLD Adventures is comprised of international experts in multiple disciplines specializing in creating unique “bucket list” destinations.   GoBOLD’s projects range from scenic natural destinations in the U.S., to national and regional parks, remote island resorts, and jungle or desert glamping.

 

The two companies each brings an extensive capability in outdoor recreation and facility operations.   SEAS is associated with Pangaeon, through the leadership of international adventure recreation specialist, Paul Bierman-Lytle.   The Adventure Entertainment Cos. LLC are an owned affiliate of StoneCreek Partners LLC.  GoBOLD Adventures (GoBOLD Adventures.com) brings the development and facility management experiences of the two companies  within one operating organization.

 

The GoBOLD Adventures website includes information about the company’s locations and career opportunities.   As the new adventure recreation company launches, the company’s senior management intends a focus on expansion of the senior management and local rep teams for select global regions.

 

 

Rep. Haaland Nominated to Lead Interior Dept.

Rep. Haaland Nominated for Interior Department

Rep. Haaland is nominated to lead the Interior Department.   With Senate confirmation, Rep. Haaland will become the first Native American to serve as Cabinet secretary.

 

President-elect Joe Biden nominated Rep. Debra Haaland to helm the U.S. Department of the Interior, a federal agency forever linked with the history of Native Americans since the nation’s founding.   The Albuquerque Journal has reported that Haaland’s nomination reflects Biden’s commitment to address the historical mistreatment of Native Americans including violations of treaty obligations.

 

The Interior Department administers roughly 500 million acres of public lands and plays a key policy role on tribal issues.   In her role, Rep. Debra Haaland’s Interior Department will oversee two key tribal offices – the Bureau of Indian Affairs (“BIA”) and the Bureau of Indian Education.  The U.S. Interior Department was first established in 1849, actually established after the BIA was first established in 1824 – the oldest agency within the Department of the Interior.

 

Rep. Haaland is a Laguna Pueblo member and is well-known for her leadership roles in tribal government, administration, and economic development programs and enterprises.  Laguna Pueblo is a federally-recognized tribe of Native American Pueblo people situated to the west of metro Albuquerque, New Mexico.   The Laguna Pueblo tribal reservation includes approximately 500,000 acres of land situated in Cibola, Valencia, Bernalillo and Sandoval counties.

 

A full article regarding U.S. Rep. Haaland being nominated to lead the Interior Department, is available at the Albuquerque Journal:  Haaland gets historic Cabinet nomination

 

 

Rep. Haaland is Nominated to Lead the Interior Department

The U.S. Interior Department administers roughly 500 million acres of public lands, involving a myriad of environmental, energy, and public access issues and concerns.

North America's Borders Remain Closed

North America’s Borders Remain Closed

North America’s borders remain closed through January 21, 2021, limiting border crossings to “essential trade only” between the U.S., Canada, and Mexico.   The mutually-agreed extension has been made on a month by month basis during 2020, and has been in place since March of this year.

 

The border closure is due to Covid-19 cases on both sides of each border, and the interest of each country in protecting their citizens.   The national health agencies and ministries, and health officers, for each country are part of the decision-making for these restrictions.  Each country is looking to relevant data and protective health measures that seem to be working.

 

So-called border crossing due to “essential trade” activity is allowed under the provisions of the agreed restrictions, between the U.S. and Canada, and between Mexico and the U.S.   While essential economic development and various business activities continue, cross-border tourist activities to any number of visitor destinations have been decimated.

 

Presumptive President-elect Joe Biden’s administration will be part of the next consideration of these border restrictions.  Biden is set to take office on January 20, and the current border restrictions come due for consideration on January 21st.

 

A full article in Travel Pulse from December 11, 2020 indicating that North America’s borders remain closed, is available at this link:

 

US, Canada and Mexico Land Border Restrictions Extended

Planned Community Consultants

Golf Courses Remain a Focus for Redevelopment

Golf courses remain a focus for redevelopment and repurposing as property owners explore greater highest-and-best use for their golf assets.

 

The interest in such redevelopment is straight-forward.  Golf courses were overbuilt in the U.S. and in some global regions, and the 2008 recession decimated many golf owner’s financial resources.   At the same time golf participation has steadily declined year over year, at least through 2019 (there is an exception in 2020 due to Covid-19).  With this confluence of economic difficulties and ever-changing consumer preferences for their leisure-time activities, in many instances golf course assets offered a tantalizing opportunity for adaptive re-use and repurposing.  For many cities and communities with increasing interest in local economic development and specific agendas such as affordable (if not more inclusionary) housing, these golf assets are particularly ripe for highest-and-best-use consideration.

 

The mega project proposed by Hines for Riverwalk Golf Course in San Diego, will likely spur even greater interest in golf course redevelopment.   Golf courses are often situated within attractive residential communities, with reasonable roadway access and ingress/egress for feasible re-purposing as residential projects.   Hines found such an opportunity with the Riverwalk site in a decidedly “best case” way – the Riverwalk golf course just happens to be so well-located within its region that it can support substantial mixed-use redevelopment.  Hines has proposed such a mega redevelopment project there, which could see in excess of $1 billion in new development.

 

For more information about golf course redevelopment, we have started tracking such projects as part of our ongoing client project research.   We expect golf courses to remain a focus for redevelopment, for some time to come.   StoneCreek Partners also tracks other major real estate asset classes, with some of our research and tracking published here online.   The link is available  here:

 

Golf Course Redevelopment – the Latest

 

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