A bottleneck in processing EB-5 visa paperwork by the US Customs and Immigration Service is having a direct impact on two Mount Snow projects.
According to Mount Snow VP Dick Deutsch, $52 million in funds from foreign investors is being held in escrow while their applications await final approval from the USCIS. “We started work last summer in anticipation of the service approving the project in a normal timeline,” Deutsch said. “The normal timeline is supposed to be 12 to 16 months; we’re now in our 23rd month of waiting for our project approval.”
The West Lake snowmaking reservoir itself has been completed, but infrastructure including an inflatable dam, pump houses, and some of the pipeline to move the water to Mount Snow has yet to be installed. Deutsch says work won’t halt on the project, but it will move at a slower pace until the funding is released. “We’ve already put many millions of our own money into the project in anticipation of the funding being released from escrow,” Deutsch says. “Unfortunately we haven’t gotten a date certain from USCIS. They don’t give any dates.”
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