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SUMMARY: CITY AND COUNTY RECEIVE DESIGNATION TO ATTRACT INTERNATIONAL INVESTMENTS TO CREATE JOBS

Economic Development planners for the City of Akron and Summit County have combined forces to obtain a new tool to promote growth of new jobs in the city and county.

Effective immediately, Summit County is among a small number of jurisdictions in the U.S., and possibly, the first in Ohio, to receive a designation by the U.S. Department of Homeland Security to become a Regional Center that will provide incentives to international investors.

The designation will be marketed internationally as CMB Summit LLC Regional Center, under the so-called “Immigrant Investor Pilot Program,” with the expectation that it will attract investment for Akron’s Goodyear project.

“This is an opportunity for us to raise funds to build Goodyear’s new campus,” said Summit County Executive Russ Pry.

“Not only does the project retain jobs at Goodyear, but this new investment will create jobs for residents throughout Summit County.”

Each year, the federal government offers just three thousand EB-5 visas to foreign residents who invest at least a half-million dollars in American business. Under U.S. immigration policy, an approved international resident whose investment will create ten full-time jobs in the U.S. can get a conditional visa to come to this country, and ultimately secure permanent residency.

Akron and Summit County’s partner in the designation is “CMB Export,” a federally licensed regional center with offices in Moline, Illinois. It first employed these provisions in the immigration law by rehabilitating communities devastated by the closure of California Military Bases (CMB)

“This is just one more way that we are reaching out to the world to keep our own people employed,” said Akron Mayor Don Plusquellic. “This program continues our efforts to attract foreign investment to Akron and create new jobs for residents of our community.”

Under the federally-regulated program, a foreign investor must have the cash on hand, and has to be approved by the U.S. Citizenship and Immigration Services before a conditional visa can be issued. Additionally, the Department of Homeland Security may investigate the source of the investor’s money. Eventually, the investor has to prove to the government that the chosen investment did, in fact, create 10 jobs, directly or indirectly. After two years, if the jobs have been created, the investor can apply for a permanent visa.

For further information about the program, go to www.uscis.gov. For information about CMB Export, go to www.cmbeb5visa.com.