The presence of the SEC . . . will be good because you can say to overseas investors; this program (or this project) has been vetted by the United States Securities and Exchange Commission.
Murrieta, CA (PRWEB) June 24, 2013
The city of Murrieta, and its twin city Temecula, are booming with EB-5 funded projects. In fact, both cities boast EB-5 developments that sit across from their respective city halls. Murrieta Mayor Rick Gibbs and the city council have shown support for such projects and the regional center that has made them happen, American Redevelopment Solutions Regional Center.
The Mayor says, “It’s a partnership between the regional center, the city and the investor. Working closely with regional centers like Ron Darling’s, we were able to work very closely together to have investors come to Murrieta. We will give them a tour, we will explain the land use policies for the city of Murrieta, the needs of the city.”
Olivewood Retail Plaza is one of ARS’s most recently completed projects in the city. It consists of six buildings on six acres and tenant occupancy has begun. ARS president Ron Darling says that 22 of the project’s EB-5 investors have received their green cards. Another ARS project in the works in the city is the Murrieta Educational Center, however, the project is a little behind schedule due to the USCIS’s RFE (Request For Evidence). Darling says, “We’ll respond to the RFE this month and hopefully we will get a response in a reasonable amount of time and we can proceed with marketing the project.”
The Truax Building in Old Town Temecula is another ARS project and it sits adjacent from Temecula’s city hall. Darling says, “That is a four-story, class-A office building and it’s about three quarters complete. It’s about half subscribed at this time.”
The Ynez project is also being developed by ARS in Temecula and according to Darling, it is on track, fully subscribed and sold out.
The issue of transparency is currently a hot topic in the EB-5 industry and Darling explains why it is so important and why he supports the SEC becoming more involved with the EB-5 program, saying that providing transparency and accuracy to investors is vital to them knowing what they are investing in and having reasonable expectations. He adds, “Every EB-5 investment is nothing more than an unregistered security that needs to comply with all of SEC’s rules….we welcome SEC oversight and making sure the industry stays self-policing.”
Mayor Gibbs agrees saying it is important for overseas investors to feel comfortable that they are dealing with reputable people. He cites his first trip to China where a potential investor questioned whether or not he really was the Mayor of Murrieta. Gibbs proved himself by showing him the city’s webpage with his name and title as Mayor. Gibbs says, “The presence of the SEC….will be good because you can say to overseas investors; this program (or this project) has been vetted by the United States Securities and Exchange Commission.”
According to Gibbs, regional centers need the assistance of cities for their expertise about the city. Although the regional center is the expert in the policies of the USCIS, it is the city that has the vision of its future and the projects that will compliment it.