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More than a Half-Billion Dollars in Economic Development Initiatives Announced

Vermont’s governor, state officials, the state’s Congressional delegation and the owners of the Jay Peak Ski Resort announced nearly 850-million dollars in economic development initiatives that will lead to at least five thousand jobs in Vermont’s Northeast Kingdom.

Officials announced development projects at two ski resorts, in the city of Newport and at the Newport airport that will lead to thousands of jobs and millions in investments in one of Vermont’s most economically depressed areas. Jay Peak owner and developer Bill Stenger announced the plans at Jay Peak, where major expansion work is on-going.

All of the development is being funded through the EB-5 program, which allows foreign investors to achieve U.S. citizenship.  Vermont Senator Patrick Leahy was able to achieve Congressional approval to extend the program for three years just before the current recess.

Vermont Senator Bernie Sanders says one of the critical components of this development project is the diversity of jobs being brought to the Northeast Kingdom.

Among the companies planning to locate in the Northeast Kingdom are a German window manufacturer and a Korean biotech company.