(NECN: Anya Huneke, Jay, VT) - Bill Stenger has his hands full at the moment. As owner of jay peak resort in Jay, Vermont. He is overseeing a multi-phase, hundred-million dollar expansion project.
That he hopes will help Jay Peak thrive as a year-round destination. He is building at a time when many businesses are shrinking. But Stenger has an advantage. He has not only a vision... But also, thanks to a collection of investors, the money to make it happen.
Bill "They provide us with the equity to build something that otherwise we would never have been able to do."
'They' are all non-U.S. citizens - living in England, Canada, India, and Mexico, among other countries - who are looking to become permanent residents of this country.
They're participating in something called the 'EB-5 visa program'-- that enables foreigners to invest in projects that will create jobs in the U.S.-- either a million dollars... Or 500-thousand, if the project is in a rural or high-unemployment area.
It is truly a win situation for everybody. They get their green card, we get the capital to invest in job creation, and the state gets jobs where it wants to see them."
All told, Jay Peak's expansion project is expected to create 2,000 jobs-- some at the resort and some in surrounding communities... which is crucial in this section of Vermont, where unemployment is the highest in the state.
Bill: "That's the biggest and most important byproduct of
everything we're doing is job creation and the economic influence that this kind of investment is having- especially in a time like we're in now."
The federal EB-5 program has been in place, though under-utilized, since 1990, and was modeled after a similar program in Canada. Several years ago it was modified, and has since gained traction, with *businesses* across the country becoming EB-5 'regional centers.' Vermont is unique in its participation. It is the only state to be a designated regional center.
Kevin Dorn\VT Sec. of Commerce "The vast bulk of Vermont is characterized as a rural area- and EB-5 investor opportunities exist throughout the state."
Commerce secretary Kevin Dorn says that puts Vermont at a competitive advantage. Although only two businesses - Jay Peak and Sugarbush resorts - are currently using the program. Many other upcoming projects - from manufacturing to housing - could be candidates. And, he says, having the state involved in oversight helps attract investors.
Kevin "It gives the state of Vermont's EB-5 programs a high level of acceptability in the investment world."
The investors, Dorn says, have no obligation to move to the community they're helping, and do risk losing their money if the venture fails.
Kevin "But clearly having that green card out there connected to it is a powerful incentive to take even more of a risk." "Essentially someone is buying their green card?" "It has been characterized that way - but it's really not. It's someone investing in the U.S. in an important job creating activity in the US for which they expect a return- and also get a green card."
Bill "We allow people into the U.S. who are specially educated, have various unique skills... this is a time where we need capital."
We also - based on rising unemployment numbers - need jobs.
Bill "This project is one of the few bright spots on the economic horizon in this part of the state..."
Which workers involved in the Jay Peak project say they are thankful to have.
Chris Bertrand\Project Engineer "It's a big deal... a lot of construction companies have laid off people in the area and for us to be up here is really important."
Commerce officials say - over the next 5-10 years - the state has the potential to raise hundreds of millions of dollars in investment capital through the eb-5 visa program.
Bill "I think the Vermont regional center is the gold standard of the country right now in terms of organization, quality, and brand."
It's a program Bill Stenger has showcased and helped grow in Vermont, knowing it can help his business, and the state's workforce - do the same.
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so much for the Obama stimulus money, guess they couldn't get a loan from the billions given to the bank for such a thing
stevenshelton 7 months ago