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By Jim Mackinnon
Beacon Journal business writer
POSTED: 05:32 p.m. EDT, Jul 06, 2009
Akron and Summit County are seeking major foreign investors for the Goodyear headquarters project.
As part of that, the city and county are taking part in a federal program that dangles high-level visas, offering the potential for permanent residency, as carrots to entice that investment.
Public officials are hoping to expand the program beyond the Goodyear project.
Summit County is believed to be the first jurisdiction in Ohio that has been designated by the U.S. Department of Homeland Security as a ''Regional Center'' that will provide incentives to international investors, the city and county said in a news release.
Under the federal program, potential immigrants need to invest at least $500,000 in a U.S. project that creates at least 10 jobs.
The new tool is aimed at promoting job growth in Akron and elsewhere in the county while initially revolving around the Goodyear project, according to the release.
The designation will be marketed internationally as ''CMB Summit LLC Regional Center'' under what is called the Immigrant Investor Pilot Program.
Industrial Realty Group, also known as IRG, the California developer behind the $900 million Goodyear headquarters project, told local public officials about the federal program, according to Summit County Executive Russ Pry.
IRG is using the same approach in redeveloping the former McClellan Air Force Base near Sacramento, Calif., now called McClellan Park. IRG and its other partners in the McClellan Park group are seeking $6 million in foreign investment.
''It's another tool in the toolbox,'' Pry said. ''It opens up the ability to bring in foreign investors.''
Pry said he was not sure how much foreign investment will be sought for the Goodyear project.
The money will be spent on the private side of the development, including the redevelopment of Goodyear's current buildings and in the proposed retail development across the street from the site of the as-yet unbuilt headquarters building off Martha Avenue, he said.
The county government wants to look into using the program in other Summit County communities as well, Pry said.
A Moline, Ill., company, CMB Export, will oversee the foreign investment as Akron and Summit County's partner in the program. The company is a federally licensed regional center and first used the investment program to help communities in California hurt by the closing of military bases in that state, including McClellan.
CMB's responsibilities include seeking investors and then pooling their money into a fund for each specific project, said Adele Roth, an Akron development official.
Work began about a year ago to take part in this program, she said.
The federal government annually offers 3,000 EB-5 visas to foreign residents who invest at least $500,000 in American business, according to the city and county.
A foreign investor must have the cash on hand and has to be approved by the U.S. Citizenship and Immigration Services before getting a conditional visa. The Department of Homeland Security may investigate where the investor got his or her money, according to the statement.
The investor has to prove to the government that the investment directly or indirectly created at least 10 full-time jobs. After two years, the investor can apply for a permanent visa.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Akron and Summit County are seeking major foreign investors for the Goodyear headquarters project.
As part of that, the city and county are taking part in a federal program that dangles high-level visas, offering the potential for permanent residency, as carrots to entice that investment.
Public officials are hoping to expand the program beyond the Goodyear project.
Summit County is believed to be the first jurisdiction in Ohio that has been designated by the U.S. Department of Homeland Security as a ''Regional Center'' that will provide incentives to international investors, the city and county said in a news release.
Under the federal program, potential immigrants need to invest at least $500,000 in a U.S. project that creates at least 10 jobs.
The new tool is aimed at promoting job growth in Akron and elsewhere in the county while initially revolving around the Goodyear project, according to the release.
The designation will be marketed internationally as ''CMB Summit LLC Regional Center'' under what is called the Immigrant Investor Pilot Program.
Industrial Realty Group, also known as IRG, the California developer behind the $900 million Goodyear headquarters project, told local public officials about the federal program, according to Summit County Executive Russ Pry.
IRG is using the same approach in redeveloping the former McClellan Air Force Base near Sacramento, Calif., now called McClellan Park. IRG and its other partners in the McClellan Park group are seeking $6 million in foreign investment.
''It's another tool in the toolbox,'' Pry said. ''It opens up the ability to bring in foreign investors.''
Pry said he was not sure how much foreign investment will be sought for the Goodyear project.
The money will be spent on the private side of the development, including the redevelopment of Goodyear's current buildings and in the proposed retail development across the street from the site of the as-yet unbuilt headquarters building off Martha Avenue, he said.
The county government wants to look into using the program in other Summit County communities as well, Pry said.
A Moline, Ill., company, CMB Export, will oversee the foreign investment as Akron and Summit County's partner in the program. The company is a federally licensed regional center and first used the investment program to help communities in California hurt by the closing of military bases in that state, including McClellan.
CMB's responsibilities include seeking investors and then pooling their money into a fund for each specific project, said Adele Roth, an Akron development official.
Work began about a year ago to take part in this program, she said.
The federal government annually offers 3,000 EB-5 visas to foreign residents who invest at least $500,000 in American business, according to the city and county.
A foreign investor must have the cash on hand and has to be approved by the U.S. Citizenship and Immigration Services before getting a conditional visa. The Department of Homeland Security may investigate where the investor got his or her money, according to the statement.
The investor has to prove to the government that the investment directly or indirectly created at least 10 full-time jobs. After two years, the investor can apply for a permanent visa.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Comments
Click here to post your comments
Akron, oh
Posted 05:59 PM, 07/06/2009
Nothing could go wrong with this plan, I always wanted to work for the Chinese or Russian mob.
Tallmadge, OH
Posted 06:52 PM, 07/06/2009
So what happens to the jobs that Akron area people already hold? Do these foreign visa people who work for next to nothing compared to USA workers take away the good paying jobs? What a bad deal for the people of Summit County and those who work for GY. How could the Democrooks Mayor Donny Boy and Executive Puss Pry agree to do this?
The Goodyear project is in deep trouble and this is yet a sign of impending doom for the citizens of Summit and the people who work at GY.
Posted 07:57 PM, 07/06/2009
...And the sky's falling, and the earth is really flat, and London Bridge is falling down, and Elvis is still alive and there was no Holocaust and...and...and...Oh yeah, crop circles really ARE the work of aliens.
Akron, Oh
Posted 08:43 PM, 07/06/2009
Let me do some math.. 900 million cost, divided by $500,000.
Equals 1800 investors applying for potential EB-5 visas out of 3000 nationwide. Yielding 18,000 out of the country/immigrant jobs.
I am very glad that the .33% income tax increase scam of issue 17 was voted down.
GOOD LUCK with this one also!
Go Go GOODYEAR! GONE..
Posted 06:40 AM, 07/07/2009
believe this or not: i'm still making money on their stock and still glad to be out of the rubber jungle.thanks for the service goodyear!
Akron, OH
Posted 07:15 AM, 07/07/2009
Let's look at the upside of this.
Since the city hall hero has already bled the taxpayers dry on this project, they have to get some fundin' from sum-where else.
Akron, OH
Posted 09:02 AM, 07/07/2009
@OldManGrump, what part of "promoting job growth" do you not understand? They are not replacing existing jobs as your post suggests. They are not looking to attract line worker these are foreign investors that are contributing at least $500k and creating at least 10 new jobs. You are totally missing the point of the entire article.
Independence, OH
Posted 09:41 AM, 07/07/2009
GSMR: All this will do is attract Indian investors who want to open a Mr. Hero or Subway franchise.
$500k is too low of a threshold, it should have been somewhere around $5mil, come with a capital investment grant from the city/county, and a tax credit if the foreign investors open up in an existing Akron building and restore it instead of building new one.
Akron, OH
Posted 09:52 AM, 07/07/2009
If they start 10 jobs, I do not care what type of business they start. This complex will need restaurants just like any other.
Akron, OH
Posted 10:09 AM, 07/07/2009
@ AkronLaw
I agree, the threshold should be set higher
