CanAm Enterprises (CanAm) was thrilled to attend the invitation-only celebration of the Philadelphia Industrial Development Corporation’s (PIDC) 60th anniversary as the City of Philadelphia’s economic development arm.
CanAm would like to take this opportunity to congratulate PIDC for its 60 years of service to Philadelphians and Philadelphia businesses. CanAm has had the privilege of partnering with PIDC for more than 15 years. “I’d like to extend my sincere congratulations to the PIDC on its 60thanniversary, marking a period of tremendous success. Coming from Philadelphia, I am very grateful to PIDC and its efforts over the past 60 years – they have done so much for this city that I love. It was an honor to be there with everyone at PIDC to celebrate this milestone,” said Tom Rosenfeld, CanAm’s President and CEO, who attended the event.
Six decades ago, as Philadelphia was at an economic crossroads, PIDC was modeled as a new form of partnership – a public-private economic development model – one which proved to be essential to Philadelphia’s future development. In the true spirit of hard-working Philadelphians, PIDC brought together the pioneers of government, industry and small business, City Hall, and the Chamber of Commerce to establish a foundation of a corporation which became an essential part of Philadelphia’s economic growth.
Over the subsequent years, PIDC continued to play an important role in transforming Philadelphia. In 1995, the city’s economy had to face another challenging change as the last aircraft carrier – the John F. Kennedy – left the docks at the U.S. naval base that was preparing for closure. To counter the significant job loss for Philadelphians, PIDC proposed an ambitious master plan to redevelop the 1000-acre naval base into a modern urban business campus while maintaining the history and legacy of the Philadelphia Navy Yard.
In addition, PIDC partnered with CanAm Enterprises in 2001 to establish the PIDC Regional Center so that EB-5 immigrant investment could be a source of low-cost capital to qualifying commercial, retail, industrial or non-profit firms that create significant job growth in the City of Philadelphia. In fact, the 60thanniversary of PIDC also marks 15 years of the very successful CanAm-PIDC partnership, which has raised $679 million in EB-5 capital from more than 1,300 foreign investors to fund 30 projects in Philadelphia. “As a Philadelphia native, I am exceptionally proud of our partnership with the PIDC, we’ve created one of the most successful regional centers in the United States and brought over 17,000 jobs to Philadelphia,” Mr. Rosenfeld added.
As of 2018, more than 17,000 jobs have been created in the Philadelphia region as a result of the EB-5 investment, a substantial number of have been in the Philadelphia Navy Yard. Among the other EB-5 investments made through the CanAm-PIDC regional center are a new technology payment system for Southeastern Pennsylvania Transportation Authority, the renovation of Aker Philadelphia Shipyard, the expansion of the helicopter manufacturer, Agusta Aerospace Corporation, the construction of a Marriott Courtyard hotel in the Philadelphia Navy Yard, and the expansion of the Pennsylvania Convention Center.
About PIDC Regional Center
The PIDC Regional Center is a partnership that was established in 2001 between PIDC and CanAm Enterprises to sponsor investment opportunities in qualifying projects that meet the requirements of the U.S. Immigration Investor Program (EB-5 Program).
Overseen by the U.S. Citizenship & Immigration Services (USCIS), the EB-5 Program provides foreign nationals the opportunity to become conditional residents for two years upon making an investment of $500,000 in a designated targeted employment area in a new commercial enterprise. Each unit of investment must create at least ten new direct or indirect jobs for U.S. workers. Once the job creation requirement is met, the conditions are removed, and investors may obtain permanent residency in the United States.
CanAm Enterprises, with over three decades of experience promoting immigration-linked investments in the US and Canada, has a demonstrated track record of success. With over 60 financed projects and $3 billion in raised EB-5 investments, CanAm has earned a reputation for credibility and trust. To date, CanAm has repaid more than $2.26 billion in EB-5 capital from over 4,530 families. CanAm manages several USCIS-designated regional centers that stretch across multiple states. For more information, please visit www.canamenterprises.com.