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Man who brought major EB-5 project to Alabama to step down
Neal Wade, the director of the Alabama Development Office (ADO), will step down from his post at the end of October.
The most public of Wade’s actions as the director of the ADO was the attraction of a hybrid car company to Alabama through the use of the EB-5 visa program, according to the Montgomery Advertiser.
HK Motors plans to build a $1.5-billion hybrid-car plant in south Alabama using funds from the EB-5 visa program. It is intended that this facility produce 1 million cars each year and estimates put the number of jobs that the facility will create at around 4,000, according to AL.com. Furthermore, it is believed that pay for these jobs will start at $15 an hour, reports the news source.
The EB-5 visa program allows foreign nationals a chance to become eligible for U.S. green cards. If foreigners invest $1 million (or in some specially designated areas, $500,000) in an American business or project and that investment leads to the creation or preservation of 10 jobs, the investor becomes green card eligible.
Wade, who is leaving his post after seven years, said that he loves Alabama.
“I will always have a special feeling for Alabama,” he told the Advertiser. “I love this state.”