City of Oakland looking into EB-5 program to finance new ballpark for Oakland A’s

Categories: Immigration Lawyer Blog San Diego

City of Oakland Mayor Jean Quan has been wooing Chinese investors to put their money behind the Victory Court ballpark for the Oakland A’s MLB team. The ballpark investment would also include a Coliseum City project, which includes hotels, a convention center, shops and new facilities for the Raiders and Warriors, as well as a ballpark alternative.

The California Supreme Court recently cleared the way for state lawmakers to seize redevelopment money. As a result, the City of Oakland is looking for additional sources to fund a new baseball park for the Oakland A’s. May Quan recently said that Chinese investors are very interested in the EB-5 program and are always looking for new investments to put their money in.

EB-5 visas has picked up dramatically in the last decade. EB-5 financing has paid for numerous developments across the country and attracted Bay Area names like former San Francisco Mayor Willie Brown and the developer of Jack London Square, Jim Falaschi. The $8 million Tribune Tower deal in Oakland that completed in December was financed with EB-5 money.

An EB-5 lawyer can explain how the EB-5 program offers greencards to foreign investors who invest $500,000 to $1,000,000 + in the U.S., and help create U.S. jobs. The U.S. Bureau of Citizenship and Immigration Services approved a record number of EB-5 applications last year — 1,403. The agency received 3,858 applications, also an all-time high.

Source: Oakland Tribune article