KANSAS CITY, Missouri – Port KC continues its commitment to spurring Kansas City’s economy through job creation and development with two new development finance options – Advanced Industrial Manufacturing (AIM) Zones and an EB-5 Regional Center.
The Missouri Legislature recently approved a bill that enables port authorities to establish AIM Zones which allows 50% of state withholding tax on new jobs within the zone after development or redevelopment begins. The money collected would be used toward infrastructure, improvements, operations and construction within the zone. Any state port authority can create a zone within its port district.
You can read more about the AIM Zone law here.
The second new incentive, EB-5, is a unique alternative financing tool created to stimulate the U.S. economy through low-cost, non-recourse, five-to six-year term financing for construction and development of new projects which offers a number of advantages to developers.
“Port KC is pleased to add the AIM Zone and the EB-5 development finance tools to assist further job creation and investment,” said Michael Collins, President & CEO of Port KC. “Both project financing programs can easily be leveraged with other development finance sources to serve as gap funding and lessen the need for local public subsidy.”
Under this program, qualified foreign investors are eligible for a permanent visa if they make a minimum investment of $1 million in a commercial enterprise that creates at least 10 new U.S. full-time jobs. In rural areas with high unemployment, investors must supply at least $500,000 and create 10 U.S jobs within two years.
The second new finance incentive, EB-5, will be established in partnership with the Ozark Mountains Regional Center, an approved EB-5 Regional Center by the U.S. Citizenship and Immigration Services (USCIS). Once the partnership is finalized the EB-5 regional center will become the Mid-Continent Regional Center.
“We are extremely pleased and excited to establish a partnership with Port KC that will provide more financing options for worthy development projects in Kansas City thereby growing and strengthening the job market and opportunities for the region as a whole” said Spencer Thomson, President of Ozark Mountains Regional Center.
Port KC believes that this new capital source will add value to the development community and to the prosperity of the region by filling a funding gap, providing a new and vital source of capital while creating and supporting jobs.
More information about all of Port KC’s development finance tools can be found here.
Port KC’s mission is to foster the economic vitality of Kansas City, Missouri through transportation, trade, commerce, and development.