County’s EB-5 application encounters minor obstacles
An upstate New York county's bid to become an EB-5 regional center has hit a snag but officials are still confident that they can establish a center.
Franklin County was in the process of putting its EB-5 regional center application together for the U.S. Citizenship and Immigration Service but some modifications the federal agency made to the program has slowed the county's work down, according to Adirondack Daily Enterprise.
The county had initially put aside $115,000 for the application, but the USCIS has added a $6,000.
Mark Barie, the man helping the municipality put its application together, said that if it was submitted before November 22, the county would not have to pay the fee. However, he added that such a development was unlikely.
Additionally, the USCIS is now requiring prospective EB-5 regional centers to submit a general business plan with their applications.
Despite the potential setbacks, Barie said that he expects the application to be ready by year's end.
The EB-5 visa program gives foreign nationals a chance to earn U.S. green card eligibility. If a foreigner invests $1 million (or in some areas $500,000) in an American business and that investment leads to the creation or preservation of 10 jobs, the investor and his family become eligible for U.S. green cards.