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Regional Center New Investors Deadline


By Adel5079 - Posted on 19 January 2010

As we know as soon as a new regional center gets its Certificate of occupancy no more investors can be added to this project. The question is if the project is getting only a temporary certificate of occupancy, can we still accept investors for it?
Thank you.

Adel Elmankabady, ALC, RECS, CSP, CIIIS
Principal, Georgia Center for Foreign Investment and Development (GCFID)
1300 Peachtree Industrial Blvd., Suite 3216
Suwanee, GA 30024
Cell: (678) 640-9810
E-Fax: (678) 218-1715
Email: Adel5079@aol.com

www.GCFID.com

I know what "Certificate of Occupancy" is in relation to a building or house, but kindly elaborate what a "Certificate of Occupancy" is in context of a regional center? I am surmising that the specific regional center EB-5 project you are talking about involves construction of a building and such building has obtained a "Certificate of Occupancy".

Definition of "Certificate of Occupancy":

A Certificate of Occupancy is issued whenever a new building is constructed within the city limits of the local government. In some cases, a building that is constructed in an outlying area of a county or parish may also require a Certificate of Occupancy before the facility can actually be occupied or otherwise utilized by people. Inspections are conducted to ensure that the basic construction, wiring, plumbing, and other elements of the building are up to code, and can be certified as being safe for occupation.

In the event of additions or construction upgrades to existing buildings, it is often required to obtain a Certificate of Occupancy from the local government once the changes are complete. As with new buildings, each aspect of the edifice will be inspected to ensure that all elements meet local specifications. Once the inspection is complete and the building department or inspection unit signs off on the building, the certificate will be issued.

Assuming a regional center EB-5 project involving a renovation or construction of a building has already obtained a "Certificate of Occupancy", such occurrence is neutral as to whether the regional center EB-5 can allow additional investors. The relevant question is whether there is additional work that needs to be done for the building, and whether the additional investor's funds will be utilized towards such work.

You probably needs to analyze the facts of your scenario under the EB-5 law.

Some conflate "regional center investment project" and "regional center". I think that's the case here. The writer is probably talking about a regional center investment project in which the direct jobs are the ones belonging to the building's tenants, but without more information, it's impossible to be sure.