Good Morning. My name is Larry Behar; I am the Senior Attorney at the Behar Law Group in Fort Lauderdale, Florida. Today we are at the magnificent Jay Peak Resort situated in Jay Vermont, which is, located 5 miles from the Canadian border.
The state of Vermont was certified as a regional centre in 1998 and the Jay Peak Resort is skilfully and carefully developed the EB-5 program, particularly in the last 5 years.
Today I would like to show you the developments that have taken place in the transformation of the Jay Peak Resort in the last 5 years at this incredible location. Founded in 1955, the Jay Peak Resort was the home to skiers, over 300,000 skiers annually on the hill, which you just saw. However, in 1998, when the state became a regional centre, Bill Stenger and his investors decided to transform the direction and opportunity, which was Jay Peak, and everything that you saw and are seeing behind me have been built in the last 5 years since 2007. I’d like you to be able to observe the various components that have been carefully and sequentially built by Bill Stenger and his partners as well as the funding from the EB-5 investors of which, at this time there are well over five hundred and sixty approved investors in EB-5.
The project, which you will see on my right hand side, is known as the Tram house. The Tram house is a replica of an Austrian Swiss Chalet and contains 57 fully furnished condominium apartment units, which contains 4 Kitchens, Bathrooms, Terraces and views on the mountains and golf course. It was founded by the initial 35 investors, who inserted $17.5 million into the project, to be able to qualify for
There are 4 main conditions that are essential to be successful EB-5 project:
Number One - Skilled and Knowledgeable Management, and here at Jay Peak there is no doubt that the skilled management of having operated this mountain for over 30 years is very clear and apparent.
The second is the Job Creation. Job Creation here in the State of Vermont is essential as supported by Senator Patrick Leahy, the Senior Senator from the State of Vermont. Job Creation is a priority in the State of Vermont and Jay Peak has made it a priority in its development.
The third component is the Exit Strategy - how will the investors be able to get their funding back at the end of their 5-year cycle. Here once again, Jay Peak has proven it is without a doubt the quintessential regional centre project in The United States, fore it is now projected that the first cycle of investors will be receiving their funding back to them at the end of the 5-year cycle through a buy-out structure that the partners are looking to develop in January 2013.
And the fourth condition, which is essential, is the Fluid US Immigration Residency Process. To date, the Jay Peak Resort has benefitted not only from a close relationship with USCIS but has had a proof well over 560 investors within these project approvals.
To my left you’ll also see, the conference centre, which was built subsequently by a group of 150 investors well over $75 million. It comprises of 150 condo-hotel apartments as well as a pump house, which has a gigantic a Water Park located adjacent to hotel and which receives well over a thousand visitors per day. Both those units are a major attraction to the market places in Boston, Montreal, Philadelphia and New York, all within driving distance in the area.
The objective and the vision of Bill Stenger and his partner’s was to create a Four Season Destination and with this beautiful sunshine in the State of Vermont you can see that we are really blessed with an unique opportunity. The conference centre has been used by major corporations from around the region who were looking for corporate retreats and who were looking to be able to develop a unique bonding opportunity with its employees.
The next phase included the construction of the golf club house, which is located next to the award winning championship 18-hole golf course. That golf club house is now home to many employees who are being able to work there on a daily basis. In addition, the golf course maintenance and crew have been very very vigilant. The team here and Jay Peak, the staff, have been absolutely superb. In addition to this development, the Golf Villas and Mountain Side Villas have now been developed and are now under full construction. We expect to have those completed in the very near future.
In addition, at the very top of the hill, which you saw a few minutes ago, there will also be a restaurant, which will be able to provide a panorama from the top of Mount Jay, which is an award winning Ski Hill and which receives Skiers from around the world. The hill has also been upgraded with new cables, new cable gondolas and all the equipment necessary to provide 12000 lifts per hour along the hills of Jay Peak with over 47 ski runs and trails throughout the region and the expansion continues with the mountain learning centre.
New phases will include the Bio-tech Centre. The Newport Hotel and Marina in downtown Newport, with direct shuttle service between the Jay Peak Resort and Lake Memphremagog, one of the most beautiful natural lakes in North America,which comprises an American side and a Canadian side. The town of Newport looks forward to development of the Jay Peak Water Front River Project.
In addition, the Jay Peak Resort partners will receive over 600 investors in its new phases over the next two years and we dare say that they will be very successful in this development.
We congratulate the partners and the investors in the EB-5 program at Jay Peak Resort and we look forward to many years of successful development of this magnificent project.
- Vermont EB5 Regional Center
- Jay Peak - AnC Bio Vermont
- Jay Peak - Q Burke Mountain Resort, Hotel and Conference Center L.P.
- Jay Peak Resort - Golf & Mountain Suites
- Jay Peak Resort - Hotel Jay & Conference Center
- Jay Peak Resort - Penthouse Suites
- Jay Peak Resort - State Side Hotel and Baselodge
- Jay Peak Resort - Tram Haus Lodge
- Larry J. Behar
- State of Vermont vs Bill Stenger & Ariel Quiros
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Ariel Quiros & Bill Stenger
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