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Washington state EB-5 regional center gets extension

September 23, 2010 @ 5:33 pm
Posted by Exclusive Visas

A Washington state regional center has had trouble with fundingAn EB-5 regional center in Washington state was recently given more time to purchase city property.

Twin Development recently announced that it could not meet a September 30 deadline to purchase the old AMC theater from the city of Federal Way, Washington, according to the Federal Way Mirror. However, the city council voted 4-3 to extend the deadline.

"We’ve been talking to various investors and [finding financing has] been tougher that we thought, admittedly," Twin Development partner Steve Smith said at the city council meeting.

The news source reports that it is the seventh time that the deadline has been pushed back.

Twin Development has been working on the funding for a $350 million development that would feature three skyscrapers, which some believe could be the key to revitalizing the city.

However, three months ago the developers were told that the city would walk away from the deal if the September 30 deadline wasn't met, reports the news provider

"We need to have a backbone and put an end to this now," council member Jim Ferrell, who voted against the extension, said at the meeting.

The developers will now have until March 31 to secure the funding.

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