Originally published on www.seattle.bizjournals.com
The city of Federal Way is now eligible to participate in a federal program that grants green cards to foreign nationals investing between $500,000 to $1 million in businesses or development projects that create at least 10 jobs per investor.
“This is a potentially great new source of capital investment in our City Center,” said Federal Way Economic Development Director Patrick Doherty in a release announcing Federal Way’s designation as a regional center for the EB-5 visa program.
The city has been seeking outside investment to help redevelop its city center into a mixed-use, transit-oriented high-density residential development.
According to the release, the city sought the designation at the request of a number of firms with access to foreign capital that were interested in using the financing tool to pay for redevelopment programs in downtown Federal Way.
Federal Way is the seventh city in Washington state to be designated a “regional center” for investment under the United States Citizenship and Immigration program.
Copyright © 2009, American City Business Journals, Inc.
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