The federal government says the company that owns Mount Snow can open its own EB-5 regional investment center.
Peak Resorts announced Thursday that United States Citizenship and Immigration Services approved the company’s request to operate the privately managed Great North Regional EB-5 Center, which will handle foreign investment for its northeast resorts.
“We are delighted that USCIS has approved our new regional center, ” Peak Resorts president and CEO Timothy Boyd said in a press release. “The Great North Regional Center is a central piece of our growth strategy and will provide us with enhanced control and strategic oversight as we commence phase two of our development at Mount Snow as well as for future projects.”
The EB-5 program foreign allows investors to qualify for U.S. residency after investing at least $500,000 in development projects.
Mount Snow recently completed a $30 million snowmaking project that was paid for with EB-5 money and work is underway at the southern Vermont resort on another EB-5 funded $22 million ski lodge expansion.
The company says it hopes to add another 700 units using EB-5 investments.
Vermont’s statewide EB-5 center has come under fire due to the alleged massive fraud at Jay Peak, and the federal government wants want to shut down the state center.
The state wants the federal government to phase out the state center over time.
In the press release Boyd says the privately managed center will give the company “enhanced control and strategic oversight” of future foreign EB-5 investments.