An airport operator in Stowe is pulling out of an agreement with the Vermont EB-5 Regional Center.
Stowe Aviation had planned to use EB-5 immigrant investor funding, along with other private capital, to support infrastructure improvements, including a new terminal at the state-owned Morrisville-Stowe State Airport. The company signed an agreement with the state regional center in May 2014.
The airport is near Stowe Mountain Resort, a popular ski destination.
Russell Barr, an attorney and the owner of the company, says he hoped the airport expansion would help build the tourism economy in Lamoille County. He had originally planned to raise $14 million from 28 immigrant investors for the $30 million proposed expansion, which included an aircraft maintenance operation, a flight training school and an air charter.
Through the EB-5 program, immigrant investors can obtain a green card in exchange for a $500,000 investment in a development located in an economically depressed rural area. Each investment must result in the creation of 10 jobs.
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