Foreign investors seeking a direct route to a U.S. Green Card via the EB-5 immigrant investor program are offered the unique opportunity to invest as little as US$500,000* in a first-rate American Charter School project. The investment will take the form of a loan made to an experienced developer, Academica. Well-established in the region and headquartered in Miami, Florida, Academica has extensive experience in developing and operating charter schools and currently serves over 100 schools in Florida, Georgia, Texas, California, Utah and Nevada.
In the form of a subsidy per student, Somerset Academy, Inc. will receive a source of steady income from the local government and the state of Florida to cover for the school operating costs. As they do for all schools across the state, the government will remain responsible of overseeing the school’s financial and academic performance.
Description of the school and location
The school located at 9385 Boynton Beach Blvd in West Boynton Beach, Palm Beach County, FL. This school, known as the Somerset Academy Canyons, opened in August 2013 for grades 6-9. This project represents an expansion of that school, and the addition of grades 10-12. The school is already at its capacity of 700 students; this project will add space for an additional 1,400 students.
* Plus management and legal fees
Total Project Cost:
$23 million (estimate)
Investment by Promoter:
$6 million (estimate)
Loan from Investors:
34 Immigrant Investors
EB-5 Visa’s Job Creation Requirement:
340 jobs (10 jobs per investor)
Assessor’s Prediction for Job Creation:
$500,000 – investment in the project
$55,000 - management and legal fees (I-526 petition)
Note: The investment will remain in escrow until the approval of the I-526 petition and will only be released in the project in case of an approval.
Construction Date: 2014-05
Construction Date: 2014-06
Construction Date: 2014-07
Construction Date: 2014-08
Construction Date: 2014-09
Construction Date: 2016-05