Micro, Mini and Sugar Bear programs as well as some summer camps will
be located in the adventure center and the other lodge will provide
skier services such as tickets and season passes, guest lockers, adult
ski and ride, rentals and repairs, public restrooms, and a cafe.
BREAK GROUND
The 7.5 million dollar project will be undertaken by Pizzagalli
Construction Company, the company that constructed Phase 1 of the
Lincoln Peak project. That phase included the Clay Brook residences,
Timbers Restaurant and the new Gate House Lodge, completed in December
2006.
The new lodges will be ready for the 2010-2011 ski season, with
completion expected by next November. Sugarbush will break ground on the
project in mid-April. The "sprung" buildings that are currently housing
skier services and rentals will be disassembled in the coming days.
GREEN CARD PROGRAM
Phase 2 of the Lincoln Peak project is funded in part through a federal
and state EB-5 visa program whereby foreign investors provide funds for
projects in exchange for permanent residency (green card) status.
Through this program, investors provide $500,000 and receive permanent
residency status for themselves and their families.
The program allows individuals from outside the country to invest in
projects that either save or create jobs in the United States, in
exchange for permanent residency status. The state spent years working
to have Vermont designate a regional EB-5 center so that businesses
would have access to capital in order to grow the local economy.
STATE AND FEDERAL CRITERIA
Such projects must meet state and federal criteria and the Sugarbush
project (the EB-5 Sugarbush Fund LP) meets the approval of the U.S.
Citizenship and Immigration Service and is endorsed by the state of
Vermont. The names and identification of investors is not immediately
available on the website explaining the program
(http://economicdevelopment.vermont.gov/Programs/EB5/tabid/389/Default.aspx)
and company spokesperson JJ Toland said it was his understanding that
investors' identities were private. James Candido, economic development
specialist for the Vermont Department of Economic Development, which
oversees the EB-5 program in Vermont, was not available by press time
for further details about investors and the program.
NEXT CHAPTER
"We're excited to begin this next chapter in Sugarbush's history," said
resort owner and president Win Smith.
"We knew from the start that we needed to take a measured and deliberate
approach with each stage, and the timing is ideal for Phase 2. After a
successful winter, we feel confident about proceeding at this time. We
are also delighted to be able to create jobs, which will benefit the
local economy," he added.
There is a final part of Sugarbush's plans for redeveloping Lincoln
Peak, another series of residences to be built to the north of the base
of the resort's beginner chair.
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