CanAm is pleased to announce that its Jefferson Energy Terminal EB-5 project received Exemplar I-526 Petition approval from the U.S. Citizenship and Immigration Services (USCIS) on May 24, 2021.
Jefferson Terminal is an energy infrastructure expansion project sponsored by Fortress Transportation and Infrastructure Investors. Strategically located at the Port of Beaumont, TX, the project will include expanded terminal and rail, inbound and outbound pipeline connections, and marine and storage facilities.
“The opportunity to obtain USCIS pre-approval of the Jefferson Energy Terminal project provides a great deal of assurance and predictability to both our project and our investors,” said Tom Rosenfeld, CanAm’s President and CEO.
CanAm knows how much uncertainty there is in the EB-5 Program, both for the projects that depend upon EB-5 financing and for the immigrant investors waiting to learn whether their investments will make them eligible for conditional permanent resident status. CanAm diligently prepares and submits Exemplar I-526 Petitions for its projects so that the businesses relying on EB-5 financing and the investors contributing such capital can receive assurance as soon as possible that USCIS has deemed credible and reasonable the underlying project business plan and job-creation methodology, and therefore is likely to defer to its favourable determinations when adjudicating the investors’ related individual I-526 petitions.
Walter S. Gindin, CanAm’s Director of Legal Affairs, adds, “We strive to make sure that each submission to USCIS seeking pre-approval of a new project addresses any possible concerns that USCIS may have. We work closely with each project during our due diligence process to make certain that all the project-related information necessary to obtain approval of the Exemplar I-526 Petition Business Plan, Economic Impact Analysis, and supporting documentation is included in our Exemplar filings, to preempt any follow-up by USCIS in a Request for Evidence or Clarification. Our track record attests to that.”
“With the EB-5 Program reauthorization deadline approaching, being able to tell a prospective investor that a project has been pre-approved by USCIS is hugely meaningful,” states Jeffrey DeCicco, the CEO of CanAm Investor Services, the FINRA-registered broker-dealer affiliated with CanAm. “These investors are making an incredibly important decision for their families. Being able to tell them they only have to worry about documenting their source of funds because the project has been pre-approved takes an enormous amount of worry off the table.”