News Search

Push to The Latest: No
SAM Magazine—Jay, Vt., Oct. 2, 2012—Jay Peak and Burke Mountain resorts will get a share of a $500 million investment of EB-5 visa funds that will transform the economy of the state's “Northeast Kingdom." The overall development plan will bring new industries and a hotel/conference center to the town of Newport and expand the region's airport, in addition to the expansions at Jay and Burke.

SAM Magazine—Jay, Vt., Oct. 2, 2012—Jay Peak and Burke Mountain resorts will get a share of a $500 million investment of EB-5 visa funds that will transform the economy of the state's “Northeast Kingdom." The overall development plan will bring new industries and a hotel/conference center to the town of Newport and expand the region's airport, in addition to the expansions at Jay and Burke.

Bill Stenger, president of Jay Peak and a longtime proponent of the EB-5 program that Congress in September extended for three more years, said that most of the funds for the varied developments will come from the EB-5 program, which has already injected $125 million into Jay. The program allows foreigners to invest a minimum of $500,000 in U.S. projects that create new jobs; in return, if the job creation proves sustainable after two years, the investors receive permanent visas for themselves and their families.

The new development plan apportions $170 million to Jay Peak Resort to fund new lifts, trails and hotel complex by 2015. Burke will receive $108 million, including $1 million in snowmaking upgrades for the upcoming season, along with four new mountain lodges, also slated for completion in 2015. Burke's snowmaking improvements include a new 800 hp compressor and more than 100 efficient, low-e and fan snow guns, some of which are replacing outdated, older models.

Stenger and Jay Peak co-owner Ariel Quiros purchased Burke earlier this year.