Mount Snow, in West Dover, Vermont, announced last week that its $52 million EB-5-funded business plan to upgrade snowmaking and build a new lodge got a federal green light.
The funds will be used to complete the resort’s West Lake snowmaking project, which is expected to increase water storage capacity sixfold, and to build the new Carinthia Ski Lodge, a three-story, 36,000-square-foot building.
“We are pleased that we received the EB-5 project approval and look forward to the funds being released from escrow soon so that we can resume our Mount Snow development projects,” Timothy Boyd, president and chief executive officer of Peak Resorts, Mount Snow’s parent company, said in a statement released Wednesday.
A concrete sign that foreign investor business is carrying on as usual, the announcement came on the heels of news the federal government filed fraud charges in mid April against the owners of Vermont’s Jay Peak Resort for allegedly misappropriating in a “Ponzi-like fashion” more than $200 million of foreign investments raised through the United States’ EB-5 Immigrant Investor Program.
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