Dick Deutsch, vice president of business and real estate development at Peak Resorts, shed some more light on Mount Snow's West Lake snow-making pond and Carinthia Base Lodge projects that are currently held up.
The ski resort is depending on money raised through the EB-5 program, which encourages foreign investment in projects anticipated to create jobs in the United States. It provides investors with citizenship.
"The way our memorandum is written is that when our first investor is approved by the (U.S. Citizenship and Immigration Services) then the funds that are in escrow get released," Deutsch said. "Not only does the USCIS approve the investor and their source of funds, but the USCIS also approves our project. So they kind of happen at the same time."
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