Seattle Waterfront Improvement Fund – A Success!
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.