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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.

 

 

Marne-la-Vallée Master Plan

Marne-la-Vallée Master Plan

The Marne-la-Vallée master plan was part of an overall new town economic development plan to relieve urban development pressures on Paris.  Our work noted here was conducted by a predecessor company in which our co-founder was a partner.   Our work in connection with the Marne-la-Vallée master plan included the land use planning and strategic business planning support for client Walt Disney Co.

 

The strategic business planning work included product concepting and financial analysis for various sections of the master land use plan, including specific feasibility issues raised by client’s  strategic planning department.  Work performed also included overall land development consulting analysis such as land residual valuations – a means of depicting build-out value for various master plan and build-out scenarios, as well as financial studies of alternative routings of planning golf course facilities.

 

Marne-la-Vallée is a new town, an economic development strategy for the greater Paris region of France.   It is about a 50-minute drive (by auto) from the center of the Marne-la-Vallée new town master plan which includes Paris Disneyland, over to central Paris (at or about Pont Neuf).   By metro the trip is about one-half the time by automobile.  The Marne-la-Vallée project was one of five new towns envisioned in the early 1960’s, and emerged among these other concept new towns as the largest.

 

The new town was intended to take some of the urban development pressure away from Paris and place a new focus in a new location.  Paris Disneyland was the business “anchor” for propelling the start and growth of the new town region.   From a population of Marne-la-Vallée has a current population of more than 280,000 residents.  The Marne-la-Vallée master plan called for a potential of 500,000 residents at full build-out.

 

Other major institutions that located in this new town include Université Paris-Est Marne-la-Vallée and École des Ponts ParisTech, among numerous others.  The Descartes Cluster is also situated in Marne-la-Vallée new town, the largest concentration in France of research centers (50+), higher education organizations and businesses involved in green technologies and city sustainability.

 

The master planning process for Paris Disneyland (then Euro Disneyland) was comprehensive and wide-ranging. Disney’s overall project included master-planning of a major regional theme park and themed entertainment district in the vicinity of the theme park.

Tribal economic development, a partial, view, for Morongo reservation lands.

Economic Development Plan – Tribal Lands

Morongo Band of Mission Indians  |  As land development consultants, StoneCreek Partners prepared a tribal economic development plan for the Morongo Indian reservation that encompasses almost 50 square miles of land.  The work occurred at a time when tribal gaming operations were housed in a temporary prefabricated building situated in Cabazon (California) along Interstate 10 on the periphery of Palms Springs.  The economic development plan included an analysis of regional economic growth by sectors, the feasibility of potential business projects, and the specific suitability and infrastructure availability throughout the reservation.

 

The tribal economic development plan included a master plan and land development strategy for all lands along the interstate that leads in and out of Palm Springs.  Phase 1 conceptual plans included relocation of the tribe’s existing casino into the heart of a new master-planned development.  Casino Morongo Resort & Spa, a 304-room hotel with 113,000-square-foot casino, was subsequently constructed by Perini Building Company.  With its grand opening in 2004, the Morongo destination gaming resort became one of the largest tribal gaming facilities in the U.S.  The Morongo Indians had their start in the gaming business in 1983, when tribal members started a bingo hall.

 

The Morongo Indian Reservation was established in 1876, one of nine reservations created by a Presidential executive order of President Ulysses S. Grant.

 

 

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