520 Replacement Bridge!!!
May 29th 2015 proved to be a very fortunate day when one of our investor from 520 Replacement bridge EB5 Project received their Green-Card.
520 Replacement bridge program was started with the objective of rebuilding the old floating bridge with modern design to withstand earthquakes and stronger cables to resist the waves. The concept is to improve traffic safety by replacing SR 520’s aging and vulnerable bridges, while making other key highway improvements to enhance public mobility and transportation options throughout the corridor. Construction is occurring in separate, phased project based on funding and other factors.
We at Access the USA, LLC, a Washington State limited liability company managed the project as a general partner. The EB-5 bond model was designed by the Access the USA dba Washington Regional Center patent pending. The company provided supplemental financing for the 520 Bridge Project in order to close the gap between the US$4.65 billion needed by the State of Washington to fund portions of the Project for which it is financially responsible. AUSA provided some of this financing by raising up to US$4.2 million from immigrant investors through the EB-5 Program and using the Offering proceeds to purchase Project Bonds. The total jobs estimate to be created by this project is 10,700 for the first year and 13535 for the second year. The project is located in a TEA area which gave us the advantage of investing $500,000 per investors, per regulations.
We considered the project to be a successful EB-5 investment. The bonds issued by the washington state are Government owned and are rated as AA+ with a default rate of 0.0109%. EB-5 immigration related shares for the AUSA’s project is approximately $41,500,000. The bonds have high liquidity that provides the investors with an easy exit strategy. After five years of holding the bonds, when all the investors successfully received approval of their I-829 application, the bonds have the option to be sold on the U.S. bond market or transfer directly into the investor’s name. The project is managed by professional contractors employed by the government. The government involvement makes the project success easily trackable and available for reviews. Transparency was a big part of our project’s success.
Our investors have started the process of receiving their Green Card. We are proud of the contribution we were able to make in fulfilling our investors American dream.
EB-5 Visa Program received a last minute renewal on 30th September, 2015. This temporary bill extend the program until December 2015. There are speculation about changes to the program for the next renewal in December. Stakeholders believe the investment amount could go up to between $800,000 and $1.2 million.
As of May 11, 2015 we have successfully raised funds for the Seattle Waterfront Improvement Project purchasing bonds for each foreign investor involved! This is great news for our team and for our investors’ future.
The Seattle Waterfront Improvement Project was initially created as a way to transform the Seattle waterfront into a destination area for locals and visitors alike as part of the re-construction of the area scheduled for 2016 following the removal of an earthquake-vulnerable viaduct nearby. Twenty-six blocks along the downtown waterfront will be transformed into plazas, lush landscaping, and a pedestrian promenade of parks with a mesmerizing view of the Olympic Mountains above Puget Sound and the improved Elliott Bay Seawall.
The Washington State Legislature approved the construction work for the Seattle Waterfront for $420 million USD in 2011, with $290 million USD being funded by Unlimited Tax General Obligation Bonds. The overall project is projected to generate more than 3,900 jobs – a surplus of what is required for the EB-5 program – with most jobs created between now and 2017. The project is located within a targeted employment area (TEA), so it allowed us the ability to invest $500,000 per investor, per TEA regulations.
Seattle Waterfront Improvement LLC is the Washington based limited liability company involved in the improvement project. The company contributed to the financing by raising money from immigrant investors through the EB-5 Program and using the offering proceeds to purchase a portion of the municipal bonds issued by the City of Seattle. The EB-5 bond model was designed by Access The USA and was promoted by the World Trade Center of San Francisco in partnership with USCIS registered Western Washington Regional Center to create this offering. The team created the Seattle Waterfront Improvement Project as the investment vehicle to purchase and hold the bonds for a minimum of five years for EB-5 investment purposes. The bonds offered by the City of Seattle and are AAA rated, city backed, tax free municipal bonds. Investment grade bonds offer an exit strategy and have liquidity on the secondary market. After all the LP investors have successfully received approval of their I-829 application, the bonds may be sold on the U.S. bond market.
This project is a great opportunity for the the investors to achieve their dream of immigrating to the United States and help the City of Seattle meet its infrastructure needs.