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Peak Resorts looks to raise funds for $94 million expansion

The program calls for at least 10 jobs to be created for every $500,000 invested.
Courtesy: St. Louis Business Journal 

Peak Resorts Inc., the Wildwood-based owner and operator of ski resorts, has begun raising $55.5 million for the second phase of expansion at its flagship Mount Snow ski resort in Vermont through the federal EB-5 program.

The projects, slated to cost $94 million, will include a previously announced new ski-in/ski-out hotel-condominium at the base of the Carinthia Slopes with 102 two-and three-bedroom luxury units, and the renovation and relocation of a residential building at Mount Snow, according to a regulatory filing Tuesday.

Through the federal EB-5 program, managed by the United States Citizenship and Immigration Services (USCIS), foreign investors in U.S. companies can be granted visas, usually so the investor’s family can attend school in the U.S. The program calls for at least 10 jobs to be created for every $500,000 invested.

Peak is looking to raise $55.5 million for the projects by selling limited partnership interests in an entity organized by a Peak subsidiary to up to 111 EB-5 investors for a minimum of $500,000 per investor, the minimum required by EB-5 program rules. An estimated 12.7 jobs will be created per investor, according to a brochure included in Peak’s regulatory filing.

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