Mount Snow Turns to EB-5 Program for Expansion

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Publish Date

01/24/2014

SAM Magazine--West Dover, Vt., January 24, 2014--A 120-million-gallon water storage pond for snowmaking and a new 36,000-square-foot base lodge for guest services are two of the projects Mount Snow will fund through EB-5, an immigrant investor program. The projects, newly approved under the Vermont EB-5 Regional Center, total $52 million in investments.

The West Lake Project will increase Mount Snow’s current snowmaking water storage by nearly 500 percent. This increase in available water will allow Mount Snow to open more trails early in the season and recover more quickly from inclement weather. It will also bring existing water withdrawals into compliance with state and federal regulatory standards. Additional project components include three pump houses, pipelines, a new conveyor lift and other snowmaking improvements.

Carinthia Ski Lodge, a new three-story, 36,000-square-foot skier service building located at the base of the Carinthia Slopes at Mount Snow, is the first phase of a redevelopment of the Carinthia Base Area. The new lodge will include a cafeteria, restaurant, bars, retail shop, convenience store, ski/snowboard rental, ski school and ticketing. Future development at Carinthia will include more than 100 ski-in/ski-out residential units.

The EB-5 program, run by the U.S. Citizenship and Immigration Services (USCIS), encourages foreign investment into approved projects that create American jobs. For each investor a minimum of 10 jobs must be created, or in some cases preserved. If the requisite number of jobs are created within two years, the investor will receive a permanent green card.

Mount Snow’s offering is under the oversight of the state of Vermont EB-5 Regional Center, the only USCIS designated regional center owned, controlled and supervised directly by a state government. Vermont has a long record of successful EB-5 projects, including successful projects at Jay Peak and Sugarbush resorts.

“We are excited about the future growth and re-development at Mount Snow,” says Richard Deutsch, V.P. of Peak Resorts, the parent company of Mount Snow. “The EB-5 Program has proven it’s a successful way to raise capital and create jobs. We’re looking forward to bringing this success to the southern part of the state.

“This is the first phase of what we hope will be many successful projects at Mount Snow,” Deutsch continued. “With a state-approved master plan for the redevelopment of up to 900 units and 200,000 square feet of skier service space, we expect to have many future projects at Mount Snow.”


Comments

EB5

Since we are selling Citizenship the $ should go to Ski Resorts. Not that the USA has cash other needs. Lets hope the Resort helps their Race Club buy more B-net

Mount Snow EB-5

The livable wage critique of Mount Snow is bogus. The region around Mount Snow was devastated by Hurricane Irene and there has been limited new economic activity in the area post Irene. There is nothing wrong with creating entry level jobs which will allow workers to climb the economic ladder. Livable wage advocates want to guarantee an economic outcome but generally have no understanding of the risk that is undertaken by companies willing to create a new enterprise that will employ people particularly in an adverse capital marketplace. This is where the EB-5 program has been able to provide capital to projects that traditional lenders have been unwilling to lend.

Misuse of EB-5

The EB-5 program can be used to create good jobs that build communities. Unfortunately, here it's being used to build infrastructure to support more low-wage seasonal jobs in a market that can't support the low-wage seasonal jobs it already has. Mount Snow, like many other resorts already uses the H2b and J1 programs to hire foreign workers because they claim they can't find enough American workers (at the sub-living wages they are offering). With the EB-5 program they'll be giving green cards to foreign investors to create more of these low-wage seasonal jobs that will be filled by more foreign workers. EB-5 is a great program for the foreign investors and the corporate business, but when used for projects like this, it does nothing to build livable-wage jobs in impoverished areas. The EB-5 program needs a complete makeover to prevent this kind of abuse and assure the investment dollars are used where they will create permanent full time jobs that will be filled by American workers making a livable wage.

Congrats!

This is huge! Well done!

CONGRATS Mt Snow!

Congrats Dick!! A Long time coming - Good luck landing the funds and building the project out.....looking forward to seeing successful projects continue to flourish in the Mount Snow Region! Paul C. TPW Vacations www.tpwvacations.com

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