Question:
How to get TEA designation in California city? The project will be in a small city in Santa Barbara County with a population of five thousand residents per the Census. The city is not designated a TEA by the CA state government to our knowledge. The city is not listed as one of the four cities in Santa Barbara county in California's List of Designated Metropolitan Statistical Areas, Counties and Cities. Based on the city's census tract, the city is not a designated high unemployment census tract using CA's list of 2012 unemployment data. The city's census tract is not directly bordering another city’s census tract per the 2010 census tract map of Santa Barbara County on census.gov.
Answers:
It is quite obvious you are analyzing the EB-5 rules and policies as they relate to TEA's correctly and effectively. To have a marketable EB-5 project the NCE/JCE has to be in a TEA so the minimum investment requirement is USD $500,000.00. By retaining an experienced EB-5 attorney and law firm such as ours we would make sure the desired geographical area is a TEA and this can be achieved by combining contiguous census tracts. We would proceed by obtaining a written designation by the state of California. We continue to represent some of the largest development companies in the U.S. for EB-5 purposes. The first step will be to introduce you to credible intermediaries who have a successful history of sourcing the foreign national investors. The goal is for you to enter into an agreement with the intermediary to provide your project with the required EB-5 funding then we can assist you in preparing the EB-5 compliant documentation.
We would assist you in corresponding with the appropriate state agency to determine of the area is a rural area or if the census tract can be combined with other contiguous tracts to create a TEA. We would also coordinate with an experienced EB-5 economist.