California city plaza project seeks to utilize EB-5 visa program
After being delayed by scandal and the struggling financial market, California's Temple City Plaza project may be receiving assistance from the federal EB-5 visa program, the Pasadena Star-News reports.
According to the news provider, the project is currently expected to be a commercial development with a price tag between $20 and $30 million.
Randy Wang, the owner of the property, obtained EB-5 regional center status in October from the U.S. Citizenship and Immigration Services (USCIS). This is the first step in the process that would allow the project to receive financial support from foreign investors.
Through the EB-5 visa program, foreign nationals can obtain U.S. green card eligibility by making an investment of $1 million (or $500,000 in some areas) in an American project or company that either creates or maintains at least 10 full-time jobs.
An EB-5 regional center is defined by the USCIS as "any economic unit, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment."
"Given we're in a down economy," city manager Jose Pulido told the news source, "this is an alternative funding source."