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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.

Seneca Allegany Resort & Casino, New York State

The Seneca Allegany Resort & Casino is located in Salamanca (western New York State), nestled in the foothills of the Allegany Mountains. The gaming resort features an on-site casino, spa, more than 400 guestrooms, and various dining options.

 

Gaming and hospitality veteran Timothy J. Brown served as Vice President of Resort Operations for this major casino resort, during 2006 and 2007.

 

Seneca Allegany Resort & Casino is owned by a subsidiary of Seneca Gaming Corporation (SGC), a wholly-owned, tribally chartered corporation of the Seneca Nation of Indians.   The Seneca Nation of Indians was officially established in 1848 with their own constitution and elective government.

 

Timothy Brown and Adventure Entertainment Cos. (“AEC”) have formed a joint venture to provide full-service consulting, project design-development management, and location-based entertainment to casino and gaming resort facilities.  AEC is an operating unit of StoneCreek Partners LLC.

 

 

 

Economic Development Consultants for Tribes

Economic Development Consultants for Tribes

Our work as economic development consultants for tribes and other indigenous nations has expanded with additional services and new regions covered.

 

StoneCreek Partners’ client work with Native American tribes and pueblos, as well as Native Hawaiians, now includes Canadian First Nation tribes and organizations.   Over the years, StoneCreek Partners has also worked with indigenous nations in addition to those in North America, including those sovereign nations in the MENA region and the Pacific Rim.

 

The Covid-19 pandemic of 2020 has increased the interest in economic development plans that can reliably produce economic results – increased jobs, new investment, and enhanced quality of life.   And sooner than later.   Our economic sector analytics have an increasingly granular focus on real estate investment asset classes.    This is due to some types of investment now being in question, and relatively new asset classes commanding investor attention.

 

Our consulting focus is on projects that can be made to happen, and less on broad programmatic objectives.

 

Another focus is on the feasibility of specific projects.   As we act as economic development consultants for tribes we explore how development might occur in a particular region, focusing more on projects that can be made to happen, and less on broad programmatic objectives.   With specific projects identified, strategic partners can be identified and pursued.

 

Today’s economic development strategies can include all manner of visitor destination strategies, location-based entertainment, sports mega-complexes, life sciences projects, and other development can prosper within specific locations and markets.  Our experience with design management, development, facilities management, and with overall dealmaking and transactions allows us to take economic strategies through implementation.

 

What is a charrette? Charrettes explainedStoneCreek Partners is a business planning and development firm, with expertise that includes commercial real estate, hospitality, location-based entertainment, and direct-to-consumer technologies. StoneCreek Partners has provided economic development planning and program implementation support to Native American tribes and their sovereign development companies, as well as to similar city, county, and state organizations.

 

Our firm’s essential value to clients is our hands-on experience in designing, developing, and operating projects and businesses. StoneCreek Partners is led by co-founder Donald Bredberg and his substantial experience as an executive with The Irvine Company, NBCUniversal, and the Riyadh-based family office of Newfield Enterprises International.

 

The firm was first established in 1984 in Los Angeles, and is now headquartered in Nevada.  Our economic development consulting for tribal nations and other indigenous nations got started shortly after the firm’s founding.

 

Additional information about our economic development consulting practice is available at this link:

 

StoneCreek Partners – Economic Development Consultants

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