EB-5 News

FRISCO TEXAS INTERNATIONAL DEVELOPMENT CENTER APPROVED AS AN EB-5 REGIONAL CENTER

Regional Center to stimulate economic growth in three North Texas counties

Frisco, Texas, September 26, 2013 – Today the Frisco Economic Development Corporation (FEDC) announced its latest tool to help generate new investment, create permanent jobs and spur development in both Frisco and in surrounding areas. The Frisco Texas International Development Center (FTIDC) was recently approved designated as an EB-5 Regional Center under the United States Citizenship and Immigration Services’ (USCIS) Immigrant Investor Pilot Program.

EB-5 Regional Centers facilitate the use of non-U.S. investment to spur job creation, while simultaneously affording eligible non-U.S. investors the opportunity to become lawful, permanent residents of the United States. The Regional Center Program is administered by the USCIS, an agency overseen by the Department of Homeland Security.

The FTIDC’s approval permits it to facilitate investment by non-U.S. investors in development projects and businesses that are located in Collin, Dallas or Denton county. The FTIDC is wholly-owned and controlled by the FEDC.

"We have one of the fastest growing economies in the United States and our workforce, educational institutions and quality of life makes the three-county region attractive to
investors,” said Jim Gandy, President of the FEDC and the FTIDC. “The FTIDC will create even more opportunities to invest in North Texas.”

Under the EB-5 Regional Center Program, an investor and the investor’s immediate family can obtain permanent residency in the United States by investing a minimum of $1 million into an investment sponsored by a regional center such as the FTIDC, evidencing that the investment generated at least ten full-time, permanent jobs in the United States, and maintaining their investment in the program for a minimum of two years. An investor is also permitted to invest only $500,000 if that investment is within an area designated as either ‘rural’ or an area of high unemployment, and referred to as a Targeted Employment Area (TEA).

“In Frisco we like to think regionally, and the FTIDC can only add to the positive trend in economic growth we are experiencing here in North Texas,” said Mayor Maher Maso. “There is also the potential benefit of some foreign investors choosing North Texas to call home as they put down roots on their path to permanent residency, and possibly, eventual U.S. citizenship.”

The FEDC contracted with Frisco-based Strasburger & Price, LLP for legal services during the federal approval process for the FTIDC.

“The FEDC worked diligently to meet the stringent requirements of the EB-5 program in order to receive approval of the FTIDC as a regional center under the program,” added Jason T. Barnes, Partner, Strasburger & Price. “We are confident that prospective immigrant investors will view the FTIDC as an exceptional resource to identify high quality opportunities for investment, while also having the comfort of knowing that the FEDC is monitoring compliance with the program throughout the process.”

The EB-5 Regional Center Program was established by Congress in 1992 to stimulate economic growth through foreign investment. Currently there are more than 430 EB-5 Regional Centers operating in America.

For more information on the Frisco Texas International Development Center, visit www.FriscoTXEB5.com or call 972-292-5140.

Media Contact:
Darcy Schroer
Frisco Economic Development Corporation
972.292.5155 (o) 214.326.4275 (c)
dschroer@friscoedc.com