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  • Blogging: $600 Million Northeast Kingdom Development by EB5Investors Staff

    Bloggings On EB-5

    by EB5Investors Staff

    $600 Million Northeast Kingdom Development

    Bill Stenger and partner of Jay Peak, Ariel Quiros, announced the two new chief executive officers of two companies, as a part of the partnersí EB-5 plan, that will create over 600 jobs in the Northeast Kingdom. Stenger and Quiros are excited about the leadership for the two new companies.

    First, AnC Bio Vermont, a biotech company, will be headed by Dr. Ike Lee, a Harvard Medical School graduate and president of AnC Bio South Korea. AnC Bio Vermont will be separate from the South Korean company. Lee believes that, rather than being isolated, the company will be at an advantage at its location in Newport. The company may be able to attract scientists who wish to work in a rural setting but cannot often find jobs in rural areas. In fact, he hopes they may be able to attract scientists who left Newport for areas like Silicon Valley. He also hopes to have the opportunity to develop new technologies with the University of Vermont and introduce them to the market. Additionally, he voiced that the Newport location will be advantageously close to the biotech centers of industry for both the United States and Canada in Boston and Montreal.

    Second, Menck USA, a German company manufacturing windows that are energy-efficient, will be headed by Todd Bachelder. Bachelder believes that Vermontís long-time tradition of woodworking and the regionís history as a supplier of wood will be beneficial to the company. It will also help the company find the right people to fill positions; thus why many window manufacturers are attracted by the northern region of the United States. They will be moving into a 90,000-square-foot property once occupied by a high-end ski wear producer, Bogner of America, Inc.  

    Stenger and Quiros formed the most ambitious development project in the state of Vermont and what has become known as what may perhaps be the largest EB-5 project in the United States. Stenger often expresses the sentiment that the projects are about creating jobs for U.S. workers. He himself has been involved in five EB-5 projects, including Jay Peak, the $25 million Pump House Indoor Waterpark, the Renaissance Block in downtown Newport, the Newport Marina and Conference Center, the Burke Mountainís development and the Newport Airport.

    The Jay Peak EB-5 projects, including Jay Hotel ($75 million) and the Pump House Indoor Waterpark ($25 million), have been finished. Additionally, Burke Mountainís development has started the process of permitting for the first phase, which will include a lodge and two hotels to begin in the summer and open in December.

    The EB-5 Program is a federal program in the United States overseen by the United States Citizenship and Immigration Services (USCIS). Under EB-5, a foreign investor may obtain a conditional green card in exchange for a $500,000 investment in a Targeted Employment Area (TEA) (generally a rural area or area of high unemployment). The investment must create 10 full-time job for U.S. workers within a two year period. If proven to have done so, the investor may obtain a green card of him or herself and his or her family members (including spouse and children under the age of 21). To learn more about the EB-5 Program, visit EB5Investors.com.

    About The Author

    EB5Investors.com is a site for those interested in learning more about the eb-5 visa program and potentially looking for a regional center or immigration attorney.

    The opinions expressed in this article are those of the author(s) alone and should not be imputed to ILW.COM.
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