On Friday September 13th, IIUSA President David Andersson was among seven prominent EB-5 Program stakeholders to testify before the Washington State Legislative Committee on Economic Development and International Relations. The purpose of the hearing was to examine the EB-5 Program’s overall economic impact in the state of Washington and whether
lawmakers might be able to promote even more Program participation through policy or legislative changes. The President’s testimony highlighted how his Regional Center, Whatcom Opportunities Regional Center, Inc, was developed and has implemented EB-5 for the public good.
In addition to Andersson, IIUSA members Greg Steinhauer, President of American Life Inc. Regional Centers, and Glen William Bachman, President of Path of America Regional Centers also testified regarding the regional economic revitalization that has occurred due to their respective EB-5 regional center projects. Both gentlemen spoke about how EB-5 is being implemented by their Regional Centers to revitalize Seattle and surrounding areas.
After the hearing’s conclusion, the 13-member Legislative Committee traveled a short distance and toured the Everett, WA EB-5 Pagoda Village, a combined hotel, residential and farmer’s market that Path America is developing with Snohomish County in Everett, Washington. There are 11 IIUSA-member Regional Centers that serve the state of Washington, third most behind California (25) and Texas (12).
The three-hour hearing taped by TVW, Washington’s public affairs network, is available for viewing on the network’s website – click the link below to view the hearing in full.