; and (bb) shall be valid for a 2-year period. (III) Designations and renewals The Secretary shall establish a process by which regional centers may request a designation under subclause (I) or (II). A designation under either such subclause shall be issued not later than 60 days after a request by a regional center and a designation under subclause (II) may be renewed for additional 2-year periods if the area continues to meet the definition of a targeted employment area. An alien investor who has made the required amount of investment in such an area during its period of designation shall not be required to increase the amount of investment based upon expiration of the designation. The Secretary shall establish a fee for the adjudication of a designation request at a level that is sufficient to ensure the full recovery of the costs of providing such adjudication within the required timeframe. Nothing in this clause shall be deemed to prohibit an investor from filing a petition before such designation is made. . (c) Adjustment of minimum investment amount (1) In general Section 203(b)(5)(C) of such Act ( 8 U.S.C. 1153(b)(5)(C) ) is amended— (A) by redesignating clause (iii) as clause (iv); (B) by striking clauses (i) and (ii) and inserting the following: (i) Minimum investment amounts Except as otherwise provided in this subparagraph, the amount of capital required under subparagraph (A) shall be— (I) $1,200,000 (except as provided in subclause (II))