In 2010, The LEDC Regional Center was approved by the USCIS, a division of the United States Department of Homeland Security, to raise capital via the EB-5 program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States. The Lansing Regional Center is first and only municipally managed Regional Center in Michigan. Currently, all investments must be made within the City of Lansing's boundaries.
Since its designation by USCIS, the LEDC Regional Center has worked closely with the City and private developers, to provide loans for real estate projects in the City of Lansing that create jobs in areas of high unemployment.
STRONGER TOGETHER: AN EFFECTIVE PUBLIC-PRIVATE PARTNERSHIP
Under the leadership of Mayor Virg Bernero, The City of Lansing’s Economic Development Corporation (LEDC) created the Lansing Regional Center, which is managed and operated by the Lansing Economic Area Partnership (LEAP). The LEDC contracts with the Lansing Economic Area Partnership, a nationally renowned economic development organization, to manage the LEDC Regional Center. This structure providesEB-5 investors and their development partners with several unique advantages:
Shared Risk - The City of Lansing often co-invests directly in the LEDC Regional Center projects through tax abatements, grants, brownfield tax increment financing, and other programs. These investment resources are administered by LEAP and approved by the Lansing City Council in partnership with Mayor Virg Bernero. Leadership – Under the leadership of Mayor Virg Bernero, LEAP works closely with the Mayor’s Executive Team to expedite the necessary zoning and site plan approvals to keep the project on schedule. Timing is everything. Reputation – LEAP has access to proprietary sources of potential EB-5 transactions and investors. Through the Lansing Regional Centerpartnership, these opportunities are pooled, and LEAP selects only one out of every 25 potential transactions to evaluate through the LEDC Regional Center. With every LEDC Regional Center investment, the reputations of the EB-5 Investor, the City of Lansing, and LEAP are at stake. We are selective and all our reputations depend on it. Family – We are not naive, we understand that this is a real estate business transaction. However, we also recognize that EB-5 investors are often looking to secure citizenship for themselves and loved ones. So the success of the development means a lot more than a rate of return, it’s tied to the aspirations of the EB-5 investor and their family.
Both LEAP and the City are deeply committed to the LEDC Regional Center’s success.