Title
Approving a resolution supporting the proposed creation of a regional center for EB5 visas in the City of Pflugerville and its Extra Territorial Jurisdiction (ETJ).
Summary
At their meeting on November 10, 2011, the Pflugerville Community Development Corporation (PCDC) Board approved a similar resolution supporting the creation of a regional center and targeted employment area for Pflugerville and its ETJ for the EB5 visa program. In order to obtain an EB5 visa, a foreign national must undergo a national security background check, invest at least $1,000,000 and create at least 10 jobs in Pflugerville. The Texas Investment Regional Center L.L.C. would like to create a Targeted Employment Area for the EB5 visa program in Pflugerville and its ETJ. The company will recruit investors from China to invest and create jobs here in Pflugerville. Mr. Floyd Akers, PCDC Director, has asked to present a resolution to the City Council for its consideration. If approved, both resolutions would be presented to the Governor's Office and forwarded directly by them to the Department of Homeland Security division of Citizenship and Immigration for approval. Please find the resolution attached as well as a letter from the Texas Investment Regional Center.
Deadline for City Council Action
N/A
Projected Future City Council Action
N/A
Fiscal Impact
N/A
Staff Recommendation
Take action as desired.
Drafter
Trey Fletcher, Assistant City Manager