EB-5 sports complex project proposed in Illinois
An EB-5-funded sports complex planned in the village of Lakewood, Illinois, would feature baseball fields, bicycle trails and restaurants meant to draw families from across the region, the Chicago Tribune reports.
Through the EB-5 visa program, foreign investors can become eligible to obtain a U.S. green card by investing $1 million (or $500,000 in some areas) in a project that either creates or maintains at least 10 full-time jobs.
The sports complex would be situated on 165 acres of land and could cost between $42 and $52 million to build, according to WGNTV.com. The majority of the money would be paid by investors through the EB-5 program.
Included in the investors are up to 92 foreigners who will likely come from China and South Korea. Of the 4,218 visas issued through the EB-5 visa program in fiscal 2009, 1,979 were given to investors from China, giving the country the highest number of successful EB-5 investors that year.
"It's hard to imagine a better project than this project," Erin Smith, Lakewood Village president, told the news source. "This project is motherhood and apple pie. We're investing in health and wellness and active lifestyles for our children."