OGDENSBURG -- Ogdensburg City Councilor Nick Vaugh says that a visa program for foreign investors will attract needed investment and job creation in Ogdensburg.

"Ogdensburg the region must examine how we can take advantage of the federal EB-5 Visa program that awards visas to foreign investors who create American jobs," Vaugh said.

Under the general EB-5 program, a foreign investor who commits $1 million to a U.S. company creating 10 permanent American jobs can receive a two-year conditional U.S. green card. If after two years, the company remains viable and the jobs remain intact, the investor and family would receive permanent green cards. For investments in targeted unemployment zones, where the jobless rate is 150 percent of the national average, or in designated rural areas, the foreign investment requirement drops to $500,000.

"This EB-5 program could attract the investment needed for the development and overall revitalization of our community," said Vaugh.

"This is an opportunity, a piece to the total community development puzzle, as we look to redevelop, market, and reinvigorate our city by creating jobs," Vaugh said.

To establish a region, a government or private-entity sponsoring group would pay a $6,230 application fee. It is then estimated another $100,000-$200,000 is needed for staffing, attorney, and accountant fees to ensure compliance with federal regulations.

Each Regional Center program must be pre-approved by CIS (Citizen and Immigration Services) in order to be eligible to qualify for EB-5 Green Cards.

36 states have established EB-5 regions, including the state of Vermont as a region.

Some counties in New York State have also created region investment centers, such as Clinton, Essex, and Franklin counties. Most were created and are managed by private entities.

"Interest must also be gauged among the OBPA, SLC IDA, area universities, and local chambers of commerce," said Vaugh.