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EB-5 investment invited for Kentucky riverfront area
Years after city officials in Dayton, Kentucky, voted to erect a floodwall to protect the city from the destructive and economically crippling effects of the Ohio River, city planners are turning to the EB-5 visa program and other investments to develop the flood plain area.
The developer DCI Properties-DKY Cincinnati, has already laid out plans with the city of Dayton to construct about 2,000 homes, roughly 480,000 square feet of retail, restaurant and entertainment space, as well as 450,000 square feet of commercial space, SoapBoxMedia.com reports.
In addition, the state of Kentucky, Dayton and Campbell Counties, and C&M Investment Group have already approved Tax Increment Financing (TIF) as a major source of funding for the project, which will be used to improve roads, bridges, public transportation, public buildings and facilities.
Dayton city administrator, Dennis Redmond, told the news source, “We like to refer to this initiative as the Dayton Development Project, because it will encompass not only the undeveloped riverfront, but the entire community.”
In addition to TIF, the developers have invited EB-5 investors to throw their support for the project.
Redmond commented, “As a global community, we welcome residents and investors alike, both domestic and foreign.”
Investors would be required to help finance with (the) project with an investment of at least $500,000, in exchange for access to full U.S. residency.