Why Reno – The Resurgence of Northern Nevada’s Economy

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The resurgence of Northern Nevada’s economy and new found growth spurt, has begged the question, “Where can one find relevant information on Reno, Sparks and the Lake Tahoe area?” In efforts to answer and fill an informational void, the Economic Development Authority of Western Nevada (EDAWN), Nevada Association of Employers (NAE), Northern Nevada Human Resources Association (NNHRA), and Reno Sparks Association of Realtors (RSAR) have banded together and created a new website. The site, WhyReno.org, was launched in early March 2017.

Companies and individuals alike whom are new to the area or considering relocating will find great information regarding the incredible quality of life experiences and exceptional job opportunities available. There is simply much more to the Northern Nevada area than downtown Reno and area ski resorts. In fact, the new and improved job market is thriving and housing opportunities are not only affordable but commuters enjoy short travel time and light traffic compared to California cities.

WhyReno.org is designed to be a toolkit and informational resource center where users can customize links and print content. The site incorporates media and marketing material from local contributors as well as the Reno-Sparks Convention and Visitors Authority (RSCVA), University of Nevada Reno, governmental agencies and many other area experts. Additionally, the site will house informational videos on the economy and images highlighting area beauty.

While the information is not entirely unique, the site will act as a one-stop location to access a large variety of information from a plethora of economic development, governmental and area websites. The best media from these multiple sources will be housed together for convenience purposes in efforts to assist companies, realtors and business leaders to spread the word about the many benefits Northern Nevada has to offer.

If you are looking to start or relocate your business in beautiful Northern Nevada, please contact the Nevada State EB-5 Regional Center (NVEB-5). NVEB-5 may be able to assist your business venture with additional capital through EB-5 Program participation.

Learn more about how companies or project developers seeking additional capital can grow their business or launch a new venture that creates US based jobs at: NVEB5.org.

Call: 1.885.498.6360
or
Email: Admin@NVEB5.org

 

Sponsored Project Update – March 2017

The Nevada State EB-5 Regional Center (NVEB-5) has sponsored a unique mixed use project which is currently under construction and novel to the area. Project completion is slated for late Fall of 2017 and great progress has been made despite unusually harsh winter weather conditions. Rough framing of the first building is nearing completion with roofing expected to be completed by the end of March. Foundation and steel beam framework has begun on the large secondary building which will house the office and retail tenant spaces.

Brief Project Overview:

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The three story Project is a mixed-use facility in Carson City, Nevada, just minutes from iconic Reno, Nevada, and the world-renowned and majestic Lake Tahoe.

Located in the heart of the historical downtown area, the project is currently under-construction, and will be graced by handsome and historically-inspired architectural features. This includes items such as a rich exterior, combining complex dimensional building elevations, with luxurious design details that complement and embrace the style of Nevada’s capital city. Replete with rich woods, brilliant metals, brick and stone, the distinctive ambiance of the complex will shine brilliantly against the stunning backdrop of the Sierra Nevada. The resulting three structure development will include retail/commercial, professional office space, and high-end apartments with garages.

As the efforts of the Carson City Public Works Department, to redevelop the downtown corridor with pedestrian friendly walkways and venues, have recently been completed, the Project will enjoy center stage from that city-driven focus on economic stimulation. This unique complex will be a destination that amplifies this new focus and encourages local commerce and tourism.

If you are an immigrant investor interested in more information about this exceptional project, please contact NVEB-5. NVEB-5 will provide you with information about participation in the EB-5 Immigrant Investor Program and help direct you to the project owner for more details about the NVEB-5 sponsored project.

Contact Us

Phone: 775-600-4090

Toll Free: 855-498-6360

E-Mail: admin@nveb5.org

Nevada #1 in Entrepreneurial Startups

Kauffman Foundation’s annual Startup Index has ranked the state of Nevada highest for Startup Density, at an amazing 107.4, amongst all 50 states. .This index is the gold standard for identifying and tracking startup density which is defined as the number of newly established employer businesses to the total employer business population (in 1,000s). Additionally, startup businesses are defined as firms less than 1yr. old, employing at least 1 person besides the owner.

Understanding the value of startups to the area, the Economic Development Authority of Western Nevada (EDAWN), investigates what aspects influence entrepreneurs in selecting the region for their start. Through monthly video, these topics are explored in the series Rethink Reno.

This month, Ryan Adams, President and CEO of Artech is interviewed.

The Silver State Goes for the Gold!

Northern Nevada continues to poise itself as a hub for business growth and entrepreneurship particularly in the areas of manufacturing and technology. Included in this boon are not only Tesla and Switch, but eBay, Immy and Koch Business Solutions to name a few. The many advantages and new incentives for doing business in the Northern Nevada area are driving the revitalized interest in the state. See Much Ado About the Silver State.
Some of the many businesses relocating to Northern Nevada include:

Jet
Zulily
Chewy.com
Dragon Fly Energy
Mary’s Gone Crackers®
PetCo
ITS Logistics
Ebay
Switch
Immay!
Koch Business Solutions
Tesla

In turn, as new businesses start up or relocate to the area, real estate demands increase as well. At their recent meeting and discussion panel, the Northern Nevada Development Authority (NNDA) explored this increased demand and need for local commercial development particularly in Carson City, Nevada. While the city has some vacancies, the options tend to be inadequate and obsolete in regards to structural limitations. High tech and modern commercial and industrial facilities are needed and one way to remedy the situation is to attract qualified investors to finance such projects.

Read the complete article in Northern Nevada Business Weekly.

Carson City needs more commercial development to meet demand and keep the economic recovery going, said a panel of industry insiders Wednesday, July 27.

“Building capacity to look to our future is probably the most important thing we’ve got going,” said Rob Hooper, executive director, Northern Nevada Development Authority, at the group’s monthly breakfast held at the Carson Nugget.

“We don’t mean the building is in bad condition. We mean that in today’s market manufacturers are looking for 24 to 36 foot clear heights. The buildings we have, it’s rare to find over 16,” said Brad Bonkowski, principal, NAI Alliance, and a Carson City supervisor.

 

Building a Stronger Nevada Economic Conference

Western Nevada Development District (WNDD) is a local non-profit organization which strives to promote and enhance collaboration towards the goal of the development of workforce and infrastructure for economic vitality. As part of their efforts, WNDD organizes an annual Nevada Economic Development Conference.

This year’s conference, Building a Stronger Nevada, will be held at the University of Nevada, Reno September 20 – 22, 2016. The conference works to gather experts who will reveal focus on Northern Nevada’s revitalizing economy and emergence as a player in the world economy.

The Conference is a multi-track format that has something for every aspect of business, industry and community leadership. Included are various Institutes exploring a variety of topics and on-site Tours of area businesses, facilities and points of interest. The Institutes will cover Agribusiness, Small Business/Entrepreneurship, Economic Development/Vitality, Energy, Infrastructure/Transportation, Manufacturing, and Work Force Development.

Additionally, guest speakers will present on topics such as sustainable transportation, regional development, urban growth and cyber security and innovations.

Guest Speakers include:
Diarmuid O’Connell –Tesla Energy in Nevada
Dr. Sam Cordes – Purdue University
Dr. Robert Lang” Megapolitan American
Brett Kelsey – Americas for Intel Security

The Conference provides phenomenal opportunities to network and glean insight into business growth, relocating to Northern Nevada and investing in area projects.

For more information, visit: WNDD.org

Tapping into the EB-5 Program

Nevada's Captol

While utilizing the EB-5 Program can seem a bit overwhelming and daunting at first glance, its mission is simple: The EB-5 Regional Center Program is a Modern Economic Development Engine.
Since 2008 alone, the EB-5 Program has spurred over $14.6 billion of foreign direct investment into the U.S. economy. The Program utilized globalization to address the need for more flexible and affordable financing for economic development projects throughout the United States. In addition to helping regional projects acquire much needed capital, EB-5 Projects must create U.S. based jobs.

$14.6 BILLION and Growing!

As the overall economy has rebounded since the “Great Recession,” Northern Nevada has begun to establish itself as hub for business growth and entrepreneurship, while technology based companies are streaming to the area with Tesla, Switch and EBay setting the stage. However, some key counties within the State of Nevada are still struggling to reach pre-2008 growth and wage numbers. To address this void, the Nevada State EB-5 Regional Center (NVEB-5), a non-profit regional center, was created to serve three Northern Nevada counties including: Carson City, Douglas County and Lyon County.

These small communities are still plagued by high unemployment rates, low industry diversification, low number of skilled workers and low wages compared to national averages and the metropolitan areas of Las Vegas and Reno. NVEB-5 works to combat these shortfalls through economic development by way of foreign capital investment into qualified new and existing business ventures. In turn, these projects create quality U.S. based jobs which ultimately fuel the future prosperity of these rural Northern Nevada communities.

If you are a company or project developer seeking additional capital, contact NVEB-5 to discuss an exceptional opportunity to grow your business or launch a new venture that creates U.S. jobs.

For more information, contact NVEB-5:

Call: 1.885.498.6360

Or

Email: Admin@NVEB5.org

Source: IIUSA: Invest in the USA

NVEB-5 Sponsored Project Breaks Ground in Carson City, Nevada

The Nevada State EB-5 Regional Center, Inc. (“NVEB-5”), a USCIS-designated regional center under the EB-5 Regional Center Program (the “Program”), is sponsoring a real estate development project in Carson City, Nevada structured to be an EB-5-qualifying project. As the project’s Program sponsor, the Regional Center will review and monitor the Offering to confirm that the Project is in compliance with EB-5 rules and policies. NVEB-5 will be reporting to USCIS when and as required. Each investor will be required to invest a minimum of $500,000, since the Project is located in an existing “Targeted Employment Area.” According to the project’s economic analysis, it will create 42 permanent new jobs, comprised of direct, indirect and induced jobs.

The mixed use project is located in downtown Carson City, Nevada within the geographic designation of the NVEB-5 Regional Center, and broke ground on July 6, 2016. Carson City will soon be graced by a handsome, architectural historically-inspired design staying true to the open, inviting nature that is unique to the community.

The architecture features rich exterior textures and luxurious design details that complement and embrace the style of Nevada’s capital city. Against a stunning backdrop of the Sierra Nevada Mountains, the building’s rich woods, brilliant metals, brick and stone will create a distinctive sense of place.

The complex will be a destination that amplifies the appeal of the soon-to-be-completed pedestrian-friendly Carson City Downtown, which is projected to be completed in the fall of 2017. Conveniently located near majestic Lake Tahoe, Reno and the San Francisco bay area, the project is sure to attract new businesses and residents, and existing businesses looking to expand into the region. The Curry Street Project will help promote downtown revitalization and economic growth for the entire community.

Investing in EB-5 Programs…Good Business

For foreign capital investors who are looking to invest in viable US based projects, there is no one simple benefit to participation in the EB-5 Process. Instead, the unique blend of benefits and flexibility are numerous, making the EB-5 Immigration Program an ideal option for a number of qualified applicants. Additionally, participation can be the potential gateway to obtaining permanent residence in the US along with your spouse and some family members without the traditional waiting list.

Sound promising? The basic qualification for EB-5 participation is that the person investing in the EB-5 project has access to between $500,000 and $1,000,000 US. The amount will ultimately depend on the physical location of the project. No experience within the particular industry, education or training is required. Instead, the foreign capital investor should have an interest in business management.

One option for investors would be to consider an EB-5 franchise opportunity where the investor contributes capital into the project. Successful EB-5 project investments produce job-creating businesses through regional centers approved by the United States Citizen and Immigration Services (USCIS). Per the USCIS, the regional center is an economic entity that maybe a public or private entity which works to promote economic growth, regional productivity, job creation and capital investment. Qualified projects must produce at least 10 new US based jobs.

Another option is to purchase a struggling, existing business. The business must grow at least 40% and meet the standard EB-5 requirements. Additionally, the business must demonstrate distress with documented annual net loss of 20% and have been in business for at least 2 years. All funds for this option must be invested directly into the business and US based jobs must grow or remain constant with the level at time of original contribution.

Additional benefits to the investor may include:

• Retirees who are self-sufficient and want to reside in the United States
• Parents who want a child to study in the United States and obtain in-state tuition
• Foreign nationals who are reaching the 6 year limit for their H-1B visa status
• A foreign national investor in a US business who does not want to be active in the day-to-day operations of the business
• Spouses of permanent residents
• Foreign nationals with an urgent need, or desire, to become a permanent resident
• Foreign nationals who need/want to relocate to a stable region
• Many other foreign nationals who may have no other options for legal status in the United States

The many benefits of the program encourage both investors and projects to explore the various options available, and the program continues to grow and expand. In 2015, more than 8,700 I-526 petitions were approved by USCIS, accounting for over $4.378 billion in foreign direct investment. With a 77.8% increase over 2014, last year (2015) was the first year that the EB-5 Program showed its capacity to attract over $1 billion in capital investment per quarter, catalyzing local economic development across the U.S.. This equates to approximately $12 million in foreign direct investment every single day during 2015. Since the Great Recession, the program has blossomed from $3.2 million in 2008 to over $4.3 billion last year, experiencing over 1,260% growth and attracting a total of over $13.05 billion in capital investment to the U.S. in the past seven years.

To learn more about the EB-5 Immigrant Investment Program visit:

USCIS.gov or NVEB-5.org

Or call the Nevada State EB-5 Regional Center direct at: 855.498.6360

Source: Lee Li, policy analyst for IIUSA – Regional Center Business Journal IIUSA , January 2016

Much Ado About The Silver State

As Nevada continues its post-recession comeback, Northern Nevada sets its sights on establishing itself as a hub for business growth and entrepreneurship. As of late, the region has seen unprecedented growth in technology based industries such as Switch, EBay, Immy and Koch Business Solutions. The many advantages and new incentives for doing business in the Northern Nevada area are driving the revitalized interest in the state.

Benefits of Silicon Valley without the Cons

Location is Key!

The strategic location of the Northern Nevada region allows companies to benefit from being central to the 11 western states. Additionally, Reno/Sparks is hub to national/international air travel, rail, and intersects 2 major highway systems. Large Metros such as San Francisco, Seattle and Los Angeles are mere minutes away by air travelers and convenient for trucking and rail services as well.

Further, the Northern Nevada area, comprised of Reno, Sparks, Tahoe, Carson City, Gardnerville and Fernley has access to millions of square feet of industrial space with the ability to add millions of additional feet in very short periods of time. As the 7th largest state in the union, the state has enough, yet untapped, private land available for manufacturing and technology based companies for decades to come.

Business Benefits!

Northern Nevada offers companies looking to relocate or establish a business many exemptions, abatements, deferrals and tax benefits giving Nevada the honor being the 3rd Most Business Friendly Tax Climate in the US. This distinction was given by The Tax Foundation which is an organization dedicated to providing unbiased tax information to the public.

Financial benefits of operating your business in Nevada include:

Tax Structure

• NO corporate income tax
• NO personal income tax
• NO franchise tax
• NO unitary tax
• NO inventory tax
• NO inheritance tax
• NO estate tax

Financing

The revitalized regional economy brings businesses better financing options as well. In addition to traditional business loans and government business loans such as Small Business Administration (SBA) loans, the region has access to business capital through the EB-5 Investor Program. The EB-5 Program is a powerful tool to new and existing ventures looking to expand. Communities across the US have experienced firsthand the benefits of the program and have seen how the once underutilized program has developed in to a multifaceted economic development instrument. Through the EB-5 Program, billions of dollars have helped grow local economies.

Northern Nevada is home to its very own EB-5 Regional Center located in Carson City. The Nevada State EB-5 Regional Center offers companies and project developer’s access to supplemental capital, which can be added to their project’s capital stack, through the EB-5 Immigrant Investor Program.

NVEB-5 is a United States Citizenship and Immigration Services (USCIS) approved EB-5 Regional Center serving three key counties in Northern Nevada. NVEB-5 administrates USCIS compliance responsibilities and facilitates communication between USCIS, the participating project and foreign investors. Simply, NVEB-5 is principally focused on growth of existing businesses and new business ventures through foreign capital investment. The benefits to qualifying projects are numerous such as supplemental project capital and flexible terms and loan structures.

Work Force

Northern Nevada is the home to a Tier 1 University, The University of Nevada, Reno (UNR). Serving over 20,000 students, UNR provides students with undergraduate and advanced degrees in hundreds of principles. Degree programs vary from medicine to engineering to wildlife ecology and conservation. There is virtually a degree for everyone.

The extensive research and development done at the university yields a highly accomplished staff focused on state-of-the-art technologies and practices for its students.

Additionally, the university and faculty are flexible and innovative in their approach to bridging education and business. Through unconventional tactics, companies (such as its programming with Supernap – a division of Switch) are encouraged to develop curriculum specific to their requirements which in turn are taught to students at UNR. This partnership is effective, yielding a highly specialized and skilled workforce.

Quality of Life!

Quite simply the quality of life experiences available in Northern Nevada are second to none. There is a strong sense of community throughout the region which offers a balanced life pace with focus on family.

With an affordable cost of living, emerging municipalities and endless recreational opportunities, Northern Nevada is the perfect place to call home.

With so much to offer new and expanding companies, it is no surprise that Northern Nevada has become the new Silicon Valley.

Check out what all the “Ado” is about:

The New Nevada from EDAWN on Vimeo.

 

EB-5 Regional Center’s Granted a Stay

EB-5 Regional Center Program Extended Until September 30, 2016

House and Senate Leadership has recommended that the EB-5 Regional Center’s Program be extended until September 30, 2016. This new development allows for the program to continue without interruption or changes until the end of the third quarter of 2016.
Referred to as a “clean extension,” the revised language to the bill, which is part of the larger Omnibus appropriations bill, will mean that all policies and procedures currently in effect will remain unaltered. It is anticipated that further language will be developed within the next 10 months to create meaningful reforms to the EB-5 Program.
“The Nevada State EB-5 Regional Center will continue to work diligently to provide local business exceptional opportunities to grow their existing business or build new ventures by attracting foreign capital investment. I encourage companies considering start-up, expansion, or relocation to explore the many benefits of the EB-5 Program. Additionally, we look forward to positive reformation of the EB-5 Program in the coming months,” said Lynn Beteag, Administrator of the NVEB-5.
NVEB-5 is located in Carson City, Nevada and works to provide sound solutions for local businesses and viable opportunities for foreign investors.
For more information visit: NVEB5.org or call 855.498.6360.
Read more about the extension….

On Dec. 15, 2015, one day prior to the expiration of the EB-5 program on Dec. 16, House and Senate leadership have recommended that the EB-5 program be extended until Sept. 30, 2016. The language for extension will be included as part of the larger omnibus appropriations bill that is anticipated to be passed on Friday. This “clean extension” will mean that nothing to the program will change, such as minimum investment amounts, definitions for Targeted Employment Areas, or other reforms. All I-924, I-526, and I-829 petitions will continue to be accepted, processed, and adjudicated as normal, until a new reform bill is passed or until the program’s sunset on Sept. 30, 2016.

 

The EB-5 Investment Coalition, with the support of key members of the EB-5 industry, have worked tirelessly to advocate the EB-5 program and to recommend reform measures that will be beneficial to the greater EB-5 industry. Over the last year, five bills seeking to reform the EB-5 program have been introduced in both the House and the Senate, all proposing different measures for reform and improvement. When the EB-5 program was due to expire on Sept. 30, 2015, it was temporarily extended through a temporary government funding bill, a “continuing resolution,” until Dec. 11, 2015. In November 2015, a discussion draft produced by the House and Senate Judiciary Committees was widely circulated through the EB-5 industry, expanding upon S.1501, a Senate bill that was introduced in June 2015. Members of the EB-5 industry, including EB-5 IC, provided feedback and comments to the discussion draft, with the intent of making the EB-5 program workable while also advocating for strong integrity and enforcement measures. While negotiations were extensive and significant changes were agreed upon through the efforts of EB-5 IC and its partners, including the Real Estate Roundtable and the Chamber of Commerce, there were still many changes needed to make the bill workable. As it became clear that certain points of the discussion draft needed further negotiation, comment, and study, EB-5 IC and its partners, recognized the need for more time to work on different aspects of the bill, and sent a letter to the House and Senate leadership, requesting a one year extension with integrity measures.

 

As the deadline of Dec. 16 quickly approached, the House and Senate leadership recognized the need for more work on the bill as voices of the EB-5 industry were heard, and as a result, an extension of the EB-5 program until Sept. 30, 2016, will be included with the omnibus appropriations bill, along with the other expiring immigration programs (R-1 visas for religious workers, the Conrad 30 waiver program for J-1 medical workers, and the E-verify program.)

 

EB-5 IC Board Members Laura Foote Reiff and Jeff Campion recognize the equally tireless work of key Congressional leaders by stating:  “We thank our champions in Congress; House and Senate Leadership and Chairmen and Ranking Members of the House and Senate Judiciary Committees. We especially thank senators Cornyn, Flake, and Schumer, and congressman Pete Sessions – who ensured that our voices would be heard.”

 

The next 10 months will be critical in ensuring that members of the EB-5 industry work together with Congress to ensure that meaningful reforms take place that will protect all stakeholders of the industry.  EB-5 IC will continue to work tirelessly with its partners to ensure that all interests are represented.