A January article in Ski Magazine by Joe Cutts, titled ‘Mountain of Money’, highlighted Jay Peaks Resort ceaseless construction. The owners of Jay Peak have taken advantage of the federal EB-5 Immigrant Investor Program. Wealthy foreigners who are willing to invest $500,000 in specially designated low-employment zones are rewarded with a green card for themselves and their families if their investments are determined by regulators to save or create jobs.
The article states that since 2008, Jay Peak CEO Bill Stenger has taken advantage of the legislation and attracted $275 million in EB-5 investment. With the money he has received from foreign investors, Jay Peak has constructed three hotels, new lodge facilities, an indoor waterpark, ice arena, a parking garage, golf clubhouse, a family center, a new ski slope, and 200 free-standing condos.
Sugarbrush, Mount Snow, and Trapp Family Lodge are all Vermont resorts that have used, or hope to use EB-5 financing.
Typically EB-5 projects require a detailed market feasibility study to justify the project and an economic impact study to analyze the number of jobs, tax revenues, and indirect and direct output for the project.