EB-5 VISAS FUND JAY PEAK, BURKE MOUNTAIN DEVELOPMENT
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include a new 800 hp compressor and more than 100 efficient, low-e and fan snow guns, some of which are replacing outdated, older models.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.