Vermont’s Jay Peak puts EB-5 to work, woos South Korean manufacturer

first_imgThe owner of the Jay Peak Resort is using a little-known federal visa program to finance an ambitious expansion project that’s expected to generate hundreds of jobs in the Northeast Kingdom. Bill Stenger, who purchased the resort last year, persuaded 35 citizens of other countries to put up a total of $17.5 million toward the cost of a 57-suite hotel scheduled to open early next year. The incentive for the investors is the prospect of gaining the right to live and work in the United States indefinitely. Known as the EB-5 program, this initiative also covers the immediate families of those who invest at least $500,000 in a job-creating venture in designated parts of the US with chronically high unemployment. Britain accounted for 60 percent of those who invested in the initial phase of Jay Peak’s expansion. Stenger says the resort has attracted investments from residents of a wide range of countries including Brazil, China, India, Korea, Mexico and Scandinavia, as well as Canada and Britain for the next step in Jay’s development into a year-round, weather-proof resort.An indoor water park now under construction is due to be completed during the coming ski season, while work has recently begun on an ice arena. Plans also call for the addition of a second hotel with 120 rooms, along with several restaurants, a day spa, and a new clubhouse for golfers and Nordic skiers at a total projected cost of about $110 million.Stenger says the resort will employ 800 Vermonters year-round when the buildout is completed in 2011. Jay Peak currently has about 600 employees in winter and 125 in summer. A couple of hundred construction workers, all of them from Orleans and Franklin counties, are building the first hotel, the clubhouse and the water park this summer.Stenger cites estimates that for every job added at the resort, at least one other is created off the mountain. That’s very good news for the Northeast Kingdom. It was whacked by the loss of 250 jobs earlier this year when furniture maker Ethan Allen Interiors moved most of its operations in Beecher Falls to its other Vermont plant in Orleans.As an offshoot of his prospecting for EB-5 investors in the resort, Stenger is seeking to lure a South Korean health technology firm to Orleans County. He expresses confidence that the deal will get done soon, adding as many as 200 more jobs to an area that has attracted little recent commercial development.Jay Peak is already crucial to the economy of surrounding towns. The skiers are hugely important to us, says Joyce Crawford, manager of the nearby Jay Country Store. Most of our business comes in the winter months.Stenger, 60, says he strives to cultivate good relations with the locals. The resort is helping pay for a $13 million joint sewer expansion for the towns of Jay and Troy. And Stenger, unlike some Vermont developers, voices no complaints about Act 250 requirements, saying that the local commission overseeing application of the growth-management law is both fair and knowledgeable.It is able to balance the needs of local residents with preservation of their rural environment, he finds.The resort’s expansion is only a positive for us, country store manager Crawford says. There’s nothing negative that can come out of this. When you turn a ski area into a year-round resort, it’s going to make a big difference for a lot of local businesses.Stenger adds that local residents don’t want development in their towns, but they do want to see us grow.Because there are only inns and no hotels within a 20-mile radius of the resort, Jay Peak currently has the smallest bed base of any major ski area in Vermont, Stenger says. It does presently offer about 1,500 on-site beds in an existing hotel soon to be torn down and in condominiums that owners allow the resort to rent out when they’re not on the mountain.Stenger believes the resort will attract many additional visitors to its year-round attractions. This summer is a perfect example, he said during a mid-August tour of the 4,000-acre property. With all the rain we’ve been having, there’d be a lot of families wanting to use an indoor water park.That facility as well as the ice arena which will be Orleans County’s only indoor skating rink will also serve as a hedge against climate change. Even though Jay Peak receives the most snow of any Vermont ski area more than 300 inches a year, on average weather conditions aren’t entirely dependable and may grow more erratic as the Earth warms. It’s a consideration that most Vermont ski areas have begun to grapple with.Jay Peak is within an 8-hour drive of 100 million North Americans, Stenger notes. Canadians currently account for half the visitors to the resort. Stenger points out that it takes about two hours by car to reach Jay from downtown Montreal roughly the same amount of time as a drive to Mount Tremblant in the Laurentians north of the city. The Montreal community thinks of Jay Peak as their ski area, Stenger observes. And it’s been that way for most of the resort’s 50-year history. It had been owned from 1978 until last year by a Quebec-based company that operates several ski resorts in Canada. Stenger had served as president and chief operating officer of Jay Peak until he bought the resort, along with three private investors, in a deal that closed a little more than a year ago.It was skiers from Canada who alerted Stenger a few years ago to the existence of the EB-5 program, which dates back to the first Bush presidency. A similar visa offering for foreign investors had been adopted in Canada years earlier, Stenger says, adding that Britain, Australia and New Zealand have the same sorts of programs as well. Those countries regularly organize exhibits for visa-seekers. Stenger has attended some of the shows with the aim of luring investors to Jay Peak.He says the EB-5 program appeals primarily to two sets of potential investors: those, especially Canadians, who want to retire in the United States, and younger business people who want to be able to enroll their children in an American university.Sugarbush has also taken advantage of the visa program. The Warren resort is financing a 40,000-square-foot guest services center as well as three other new buildings with foreign investment made possible by EB-5. Condo-style hotels will also be constructed at Sugarbush with funding from those eligible for visas.While prospecting for EB-5 investors in South Korea three years ago, Stenger recounts, he met the owner of Bioheart Korea (BHK), a company that manufactures innovative medical devices such as a dialysis machine that’s no larger than a briefcase. Bioheart’s boss, Alex Choi, wasn’t interested in investing in Jay Peak but was much intrigued with the possibility of opening a manufacturing plant in the US, Stenger says. Talks have progressed to the point where Stenger thinks it likely that BHK will build a facility somewhere in Orleans County.Governor James Douglas is making South Korea the first stop on an investment-inducement tour of Asia that he is scheduled to make in October, Stenger notes. Douglas plans to visit the BHK plant and to make a personal pitch to Choi on behalf of the state.by Kevin Kelley, Vermont Business Magazine, September 2009.last_img read more

The 2017 Subaru Impreza. More than a car, it’s a Subaru

first_imgIntroducing the all-new 2017 Subaru Impreza. This newly redesigned vehicle is available in both 4 and 5 door options; perfect for whatever life throws at you.For those in search of a safe journey, the 2017 Impreza delivers. The balanced design of Symmetrical All-Wheel Drive creates uniform stability and delivers an optimal distribution of power for maximum traction. It makes for improved handling, a quicker response to road conditions, and superior fuel efficiency.The all-new Impreza also comes loaded with tech features. You will always be connected with the updated Subaru STARLIINK™ Multimedia system with Apple CarPlay™ and Android Auto™ at your fingertips. Access your favorite news, music, podcasts, and more through iHeartRadio®, Aha™, SiriusXM® along with other STARLINK apps. As an added bonus, new Impreza owners will enjoy all of their favorite multimedia on an immersive 8-inch touch-screen display. Whether you use an iOS or Android device, you can keep your hands on the wheel and attention on the road.Redesigned to support your versatile lifestyle, the all-new Impreza sedan and 5-door hatchback models are built to get you where you want to go. To learn more about the 2017 Impreza and to find a retailer near you, visit http://www.subaru.com/vehicles/impreza/index.htmllast_img read more

Wellness programs are worthy investments for credit unions

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Programs may decrease operating expenses.Wellness programs don’t just lower credit unions’ health-care costs—they also decrease operating expenses in the form of happier, more productive, and more loyal employees, proponents contend.“We’re aware that by having wellness programs in place, we’ll save money in the long run,” says Susie Smith, senior vice president of human resources at $587 million asset Smart Financial Credit Union in Houston.Wellness programs require upfront investment to succeed, and credit unions don’t realize immediate cost savings, cautions a recent CUNA Human Resource/Training & Development Council white paper, “A Deeper Dive Into Wellness Programs.”But the programs do yield longterm, bottom-line results, according to Sarah Gentry, senior informatics consultant at Cigna Healthcare of Arizona. Research indicates organizations generate upwards of $3 in health-care cost reductions for every dollar spent on wellness. continue reading »last_img read more

LPL fined $1M over credit union rep failures

first_img 18SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Massachusetts securities regulators fined independent broker-dealer LPL Financial $1 million for failing to supervise financial advisors working in Digital Federal Credit Union branches. They claim the LPL registered reps operating as credit union employees were part of securities sales contests in which they earned cash bonuses, used business “inconsistent and confusing” business cards and made “misleading statements” about their compensation.“The credit union paid cash bonuses and operated sales contests to generate cash prizes based on commissions,” Commonwealth Secretary William Galvin said in a statement.“What is worse – when my office did mystery shopping at one of the credit union locations, they were told by a dual credit union/LPL employee that the employee was paid by the credit union and did not receive commissions. This is not true,” Galvin explained.According to Galvin’s office, LPL let its reps use a “doing business as” name, “which was essentially the same as the credit union. The use of the Digital Federal’s trade name in the broker-dealer business went “beyond the purpose of identifying where brokerage services [were] located.”last_img read more

BCHD: Person who visited Vestal Farmer’s Market last weekend has COVID-19

first_imgIf you went to the market on June 27 from 9 a.m. – 1 p.m., the health department asks you to self-quarantine until Saturday July 11. VESTAL (WBNG) — The Broome County Health Department said Saturday afternoon a person who visited the Vestal Farmer’s Market has coronavirus. Health officials say the person went to the market last Saturday, June 27.last_img

Indonesia reports another H5N1 case

first_imgJan 22, 2008 (CIDRAP News) – Indonesia’s health ministry said today that a 30-year-old man from the outskirts of Jakarta has been hospitalized with an H5N1 avian influenza infection.The health ministry said the man was admitted to a hospital in Jakarta after he got sick with a fever, breathing difficulties, and pneumonia, according to a report today from Reuters. If confirmed by the World Health Organization (WHO), his illness will be listed as Indonesia’s 120th H5N1 case.The patient is from Tangerang, a suburb of Jakarta, according to a statement today from Indonesia’s National Committee for Avian Influenza Control and Pandemic Influenza Preparedness (KOMNAS FBPI). The H5N1 findings were confirmed at the health ministry’s Health Research and Development Center and the Eijkman Institute.The man fell ill on Jan 14 and was initially hospitalized in Tangerang 4 days later, according to KOMNAS FBPI. On Jan 20 he was transferred to Persahabatan Hospital in Jakarta. The source of his infection is under investigation, said the report, which did not list any possible exposure to sick or dead birds.Several of Indonesia’s recent H5N1 patients have hailed from Jakarta suburbs, including Tangerang. Indonesian officials banned backyard poultry in early 2007, but officials have had difficulties enforcing the ban, and local people continue to keep birds in their homes and neighborhoods, according to previous reports.In related developments, the WHO yesterday confirmed the previously reported H5N1 infection and death of an 8-year-old boy, also from Tangerang. His illness pushed Indonesia’s case count to 119, including 97 deaths.The boy got sick on Jan 7, was hospitalized Jan 16, and died at an avian influenza referral hospital 2 days later, according to a statement yesterday from the WHO. An investigation into the source of the boy’s infection was continuing, but the WHO said initial reports reveal that he lived near a chicken slaughterhouse.See also:Jan 21 WHO statementlast_img read more

Gateshead revisited

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

GulfSlope to add two Gulf of Mexico blocks to portfolio

first_imgU.S. independent GulfSlope Energy has been the high bidder on two blocks in the Gulf of Mexico Lease Sale 251. Source: Pixabay – under the CC0 Creative Commons licenseThe company informed on Monday that it was apparent high bidder for two blocks covering a total of 10,000 acres in the United States Department of the Interior, Bureau of Ocean Energy Management’s (BOEM) region-wide Gulf of Mexico Lease Sale 251.These blocks include: Vermillion Area, South Addition Block 376 (5,000 acres), which is located in approximately 300 feet of water; and Eugene Island Area, South Addition Ship Block 371 (5,000 acres), which is located in approximately 400 feet of water.John N. Seitz, Chief Executive Officer, commented, “We are very pleased with the potential addition of these two blocks to our position of more than 55,000 acres in the Gulf of Mexico. Both blocks hold attractive subsalt targets and the Vermilion South Addition area has become an important focus area for us, with GulfSlope currently drilling at our Canoe Prospect and planning underway for a subsalt test at our Corvette Prospect.”As announced by the BOEM on August 15, 2018, Lease Sale 251 generated $178,069,406 in high bids for 144 blocks covering 801,288 acres in federal waters of the Gulf of Mexico.A total of 29 companies participated in the lease sale, submitting $202,667,923 in total bids.The companies that submitted the bids were Hess, Chevron, Exxon Mobil, Shell, Walter Oil & Gas, W&T Offshore, Total, Houston Energy, LLOG, Anadarko, BP, Murphy, Equinor, Byron Energy, Peregrine Oil & Gas II, Castex Offshore, Ecopetrol, EnVen, Talos, Fieldwood, GulfSlope Energy, Deep Gulf Energy III, and SDB Offshore Energy.The Department of Interior had offered 14575 blocks, of which 144 attracted bids. The total number of bids was 171, as some companies were bidding for the same blocks. Green Canyon block 437 attracted the highest amount of bids – four.Most bids came for blocks located in waters 1600+ meters deep, attracting 55 bids. The highest bid for a single block came for the Mississippi Canyon block 338, for which Hess offered $25,9 million.While Hess submitted the highest bid for a single block, ExxonMobil was the highest overall bidder. It had a total of 25 high bids the sum of which was $40 million. See below top ten high bidders.last_img read more

Record year for Dutch Gate terminal as LNG arrivals double and send-out spikes

first_imgSmall-scale momentum continues to pick up Image courtesy of GateThe number of liquefied natural gas (LNG) carriers calling at the Gate terminal in the port of Rotterdam has almost doubled this year as the first such Dutch facility is enjoying its best year since startup in 2011.Gate welcomed 98 LNG carriers at the terminal’s three jetties this year up to date, as compared to 50 vessels for the whole 2017, Stefaan Adriaens, Commercial Manager at Gate told LNG World News on Wednesday.Out of these 98 vessel calls, 50 of them were large unloads of which 17 were transshipments. This compares to 18 large unloads out of which 6 were transshipments in 2017.As previously reported, most of this year’s transshipped volumes at Gate originated from the Novatek-operated Yamal LNG export project in the Russian Arctic.Adriaens said that these Yamal LNG transshipments stopped in September and that none have been conducted at the facility since.From the second half of September, Gate, that has an annual regasification capacity of 12 Bcm, started to boost its send-out to the Dutch grid with the LNG terminal reaching a record monthly quantity of 698.927.966 Nm3 of regasified LNG in November.Gate’s total send-out up to date this year spiked to 2,111,100,952 nm3 compared to 732,531,033 nm3 the facility had regasified during the whole 2017, Adriaens said.“Around half of September, Gate went all of a sudden from a transshipment mode to a regas mode. Apparently, China was already sufficiently supplied and the liquid North West European market provides an outlet for the excess LNG at the expense of the use of storages,” Adriaens said.Gate is currently testing the market interest to increase the send-out capacity by up to 2 billion cubic meters per annum by installing additional equipment.According to Adriaens, Gate with its shareholders Gasunie and Vopak expect to make a decision on this development in the first half of 2019. By Mirza Durancenter_img Adriaens told LNG World News earlier this year that Gate could build another jetty to cater for upcoming demand.This would be the second small-scale dedicated jetty, aimed at catering for the growing interest in small-scale services.“We are still far from a final investment decision (FID) as the first step would be to apply for a permit… We may produce the permit in 2019 and we will also conduct a market test to see if there is enough interest to build a 4th jetty,” he said.Gate conducted 25 small-scale LNG vessel loads this year and it loaded 2,552 trucks boosted by higher LNG supply and bunkering activity. This compares to 22 small loads and 1,629 trucks loaded in 2017.“On the small-scale side, be it delivery by truck or small LNG carrier, we see a steady growth in all markets: as a fuel for trucks, as a fuel for ships or in industrial applications,” Adriaens said.last_img read more

CIMC Sinopacific LEG Carrier Picked Up by Hartmann Group

first_imgShipowner Hartmann Group has purchased a 2019-built liquid ethylene gas (LEG) carrier from China’s CIMC Sinopacific Offshore, shipbroking sources have reported.The 22,000 cbm resale unit was picked up by the German company for a reported price of USD 45 million.The vessel in question (hull 1030) had previously been ordered by Odfjell Gas Carriers at Sinopacific Offshore. However, Sinopacific Offshore and Sinopacific Shipbuilding Group went bankrupt in 2016, and the Norwegian owner cancelled a total of eight gas carriers.According to information found on the Hartmann Group website, the purchase of the resale ship would bring the total number of LEG carriers in the company’s fleet to 15.last_img