Victorville Regional Center developer asks for six more months to produce funds
The saga of the Victorville Regional Center in California continues, as the developer has asked the city council for more time to secure funding for its projects.
Inland Energy has just two weeks left before the one-year deadline to produce the funding it had promised, according to the Victorville Daily Press. The developer has secured just $8.5 million of the promised $25 million to date.
The company has appealed to the Victorville City Council, asking for six more months.
The Victorville Regional Center has been the source of controversy for several months. In May, the U.S. Citizenship and Immigration Service issued the center a rare notice of “intent to terminate,” describing a number of the proposed projects as defunct.
The city responded by submitting detailed documents to the federal agency showing the projects’ progress, however it has yet to receive a reply.
The EB-5 visa program was created in 1990 in an attempt to attract foreign capital to American businesses by offering U.S. green card eligibility. If foreign nationals invest $1 million (or in certain areas like Victorville, $500,000) in a U.S. business and that investment leads to the creation or preservation of 10 jobs the investor becomes eligible for a U.S. green card.