Almost everyone in the Upper Valley knows of the success of the destination site, Jay Peak, which was revitalized by Bill Stenger using the EB-5 program. What kids will tell you is that Jay Peak is FUN! Vermont and New Hampshire officials are on their way back from a summit in Shanghai, China on EB-5 programs. The graph below shows the importance of Asia.
Started in 1990, the federal EB-5 program grants green cards to foreign investors who inject $500,000 or more into the nation’s economy and create 10 jobs. As VT Digger details:
Brent Raymond, who directs the Vermont EB-5 regional center, told VTDigger that he’s mainly promoting two already approved EB-5 projects in the state: the DreamLife retirement resorts project, signed off by Lawrence Miller, the state’s secretary of Commerce and Community Development, in November 2012, and Bill Stenger’s well-known $600 million Jay Peak Resort expansion. Raymond left Wednesday to attend the Invest in America 2013 Summit and Exhibition from March 15-18 in Shanghai, a major convention which focuses on foreign investment in America and real estate development, mostly in the context of the EB-5 visa program.
These investment summits are effectively regional marketing meetings for investors. But the Upper Valley is very appealing to Chinese investors seeking low cost land, a high quality of life, and proximity to the East Coast financial centers. VT’s EB-5 Head Raymond’s Summit goal is also long term and pragmatic. Again, he explained in VT Digger :
Raymond doesn’t have a target dollar figure he’d like to secure in promised investments. He said the Invest in America 2013 Summit is more about making a first impression on investors and holding initial meetings prior to rigorous background checks on investors and the source of their funds. “The Chinese represent 90 percent of EB-5 investment in the nation, followed by South Korea, Taiwan, Iran and Venezuela,” said Raymond. “The Vermont regional center is well-known in China, but still, we’re competing against a couple hundred other regional centers and need to continue to market. This is a group of people we need to be in front of.”
These programs offer real promise in attracting new, well-capitalized families to the Upper Valley. A new committee in the Upper Valley League, working to implement positions in the League of Women’s Voters aims to: Secure equal rights and equal opportunity for all. Promote social and economic justice and the health and safety of all Americans. (http://uppervalleyleague.org/socialpolicy.html). Discover Newport VT reveals the true merit of Mr. Stenger: “EB-5 has worked for Jay by creating hundreds of jobs and growing a failing economy. Stenger says he sees Jay Peak and recently purchased Burke Mountain’s growth as vehicles to boost the region and the state. But that is only part of the equation for his success. “It is done through listening and ordinary hard work,” Stenger said. “Nothing else.” He bristles at being called a visionary for Vermont. However, in an economy where corporations cut staff to boost margins, EB-5 program implementers have helped to create jobs in Vermont and the Upper Valley more generally. Now 64, he spent decades talking to mentors, staff, friends, colleagues, family and even lift line strangers. Newport VT resident Stenger embodies the idea that all of the people brave and passionate enough to speak up inspire him; and he has become the ambassador for their creativity and courage. “I am a collector of ideas,” he said. “It comes from paying attention to the market and hearing what people want to make the experience better.” Let’s applaud Bill, entrepreneurs and people with vision and the drive to accomplish it!
Invest In the Upper Valley with Celina Barton 