World Trade Center board gets update on foreign investment program

Since getting its certification as an EB-5 Regional Center, the World Trade Center for Investment LLC has been working to get the word out about how the new center can help projects create jobs and attract investment, World Trade Center Savannah vice president Brynn Grant told her board Tuesday.

Also known as the Immigrant Investor Program, EB-5 was created by Congress in 1990 to stimulate the U.S. economy and create jobs through an influx of funds from foreign investors.

It’s basically a federally approved way for well-heeled foreign investors to bankroll projects in the United States that will create jobs and stimulate the economy.

In return, the investor gets temporary visas for his or her family with a potential fast track — four to five years — to permanent U.S. residency.

“Since we received our designation in January, we’ve made presentations to various interested groups,” Grant said. “In late May, we hosted a luncheon on EB-5 for bankers, developers and brokers.

“So many people have so many questions — they had heard of it, but didn’t know how to access it or if it would be a match for their project,” she said, adding that they did the same presentation the next day for the Savannah College of Art and Design.

The Savannah World Trade Center for Investment is a joint operation of the World Trade Center Savannah and the Savannah Economic Development Authority, created for the purpose of supporting an EB-5 center here. Also known as the Immigrant Investor Program, EB-5 was created by Congress in 1990 to stimulate the U.S. economy and create jobs through an influx of funds from foreign investors.

As with any government program, there are multiple levels of qualification and vetting, both to become a regional center and to be an investor. WTC Savannah and SEDA applied for the designation under the name Savannah World Trade Center for Investment in October 2014.

Currently, the program is looking at two specific projects, according to SEDA president and CEO Trip Tollison.

“One has terms drafted, their lawyers have OK’d it and we’re just waiting on signatures,” he said. “We also have another project in discussions and when the time is right, we’re hoping to talk to the mayor and his folks about the new arena.”

In response to a question from WTC Savannah board member and former Savannah Mayor Edna Jackson about getting information out to the public, Grant said the organization has a website almost ready to roll out and printed materials to help people understand the EB-5 concept.

“We pursued this project because it will create jobs and attract capital to our area, both of which are primary goals for SEDA and the World Trade Center,” she said.

In other WTC Savannah business:

• Tollison reported that he and WTC board chairman Scott Center attended the World Trade Center Association assembly in Algiers, noting that, while it was not as well-attended as most annual meetings, the networking was excellent and they were able to make a number of strong connections, including spending time with Scott Ferguson, the incoming president and CEO of the World Trade Center Association.

• Grant reported that WTC held a luncheon for the approximately 100 businesses from the Southeast chapter of the German-American Chamber of Commerce in Savannah for its annual meeting

• Leigh Ryan, WTC director of trade services, reported that the World Trade Center will meet with a delegation from the Japanese Embassy in Washington, D.C., in July to talk about trade opportunities.

http://businessinsavannah.com/bis/2016-06-14/world-trade-center-board-gets-update-foreign-investment-program

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