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Real Estate
The Real Estate Council Learns how visas create jobs in Dallas
By Juliette Coulter, The Coulter Group
Sep 20, 2010
Dallas, Texas – On September 7, members of the Real Estate Council assembled in The Tower Club for the TREC Fireside Chat on “Visas = Jobs, Capturing Foreign Investment,” sponsored by The Old American.
While overlooking downtown Dallas from the Tower Club, members learned about the new City of Dallas Regional Center (CDRC) Initiative from a panel of four industry professionals:
Karl Zavitkovsky, City of Dallas, Director of the Office of Economic Development;
Jason Barnes, Chairman of Civitas Capital Management, Partner, Strasburger & Price;
Jack Matthews, President of Matthews Southwest, and a developer using CDRC funding;
and Dallas City Councilmember Ron Natinsky, chairman of the Economic Development Committee.
Karl Zavitkovsky opened by defining the CDRC program. Started in 2009, the CDRC is an economic development initiative launched by the City of Dallas. It is designed to open a new source of foreign, private capital that can be aligned with the Dallas Public/Private Partnership Program to fuel the City of Dallas’ economic growth strategy.
“This program allocates 10,000 visas per year to foreign investors," Zavitkovsky explained. "Each investor must make a minimum investment of $5,000, and is promised to generate 10 permanent jobs over a two-year span. The City of Dallas will work hand-in-hand with Civitas Capital Management, LLC to serve as the third party manager of CDRC.”
Once an investor is identified, they are matched with an offering. Each investor goes through a thorough, 20-page application as part of the rigorous screening process, as explained by Jason Barnes, chairman of Civitas Capital Management.
Barnes said, “Civitas Capital Management spearheads this process by evaluating and approving investment opportunities, indentifying and aggregating foreign investment capital, investment management, and immigration compliance.”
Attracting investors to the Dallas market is proving to be an easy selling point. The City of Dallas has a powerful message, even overseas, because of its growing economy.
According to Dallas City Councilmember Ron Natinsky who chairs the Economic Development Committee, “The real thing that works is when they come here, meet the people, and are impressed by what they see. They see a city-on-the-go and leave fired up about Dallas.”
The investor gains a green card, their money back over a span of two years, and a return on capital.
According to Jack Matthews, president of Matthews Southwest, “Returns can be as low as 5% and as high as 12%. The goal is to bring economic development to Dallas, and in turn, bring jobs. This initiative has the potential to benefit, not only the investors, but the City of Dallas as a whole.”
For more information about TREC and attending future informative programs, visit www.recouncil.com.
About TREC:
Founded in 1990, The Real Estate Council is a dynamic organization of 1,300 commercial real estate professionals representing more than 500 companies in the Dallas area. TREC pursues industry advocacy efforts on local and statewide public policy issues and works to improve the quality of life in Dallas with initiatives that address housing, education, job creation and the environment. Since 1990 TREC’s investments in the community have totaled $75 million in pro bono professional expertise and added asset value supported by $8 million in cash. TREC is a leader of efforts shaping the future of Dallas including the original $1.5 million investment that spearheaded Woodall Rodgers Park, as well as $6.3 million in pro bono legal and title services and $250,000 in funding that helped create Dallas’ Urban Land Bank. Find out more at www.recouncil.com or by calling 214.692.3600.