|By Marketwired .||
|October 2, 2013 12:21 AM EDT||
DANBURY, NH -- (Marketwired) -- 10/02/13 -- Ragged Mountain Resort and the New Hampshire EB-5 Regional Center jointly announced today that the United States Citizenship and Immigration Services granted the first two I-526 investor approvals for the project. Based on the typical operating mode of the USCIS, more approvals are expected soon for those investors who have already placed funds with the Regional Center.
The United States EB-5 program allows foreign investors who are granted an I-526 approval to receive a 2-year conditional "green card" if they pass an extensive background check and invest a certain amount in approved projects that create a minimum amount of American jobs. The program was established in 1991, and citizens of China, South Korea, and England have been the largest beneficiaries of the program over the course of the past 22 years.
"The I-526 approvals are important for each EB-5 project because that is what allows the investors to receive a 2-year conditional 'green card,'" explained Dave Strong, president of the New Hampshire EB-5 Regional Center. "During that time, the USCIS performs detailed analysis and review to determine if the investment has created the required number of permanent American jobs along with other required criterion. If so, the EB-5 investor could then receive a permanent green card and begin realizing the benefits of living and working in the United States."
Pacific Group, the owner of Ragged Mountain, started the New Hampshire EB-5 Regional Center two years ago as a means of financing improvements and growth at the resort. Based on the investments received to date, and the USCIS approvals, the resort has begun construction of a new snow tubing park, expanded beginner terrain, and a new food service location to better serve the guests. Just those investments are expected to support a significant number of permanent jobs at the resort. Many more jobs will be created as the resort clears and opens additional ski terrain on Pinnacle Peak, which is an adjacent mountain top with a slightly higher elevation just to the east of the existing resort summit. If the New Hampshire EB-5 Regional Center raises its full goal of $35 million in capital, a minimum of 700 new jobs will be created in and around Danbury, New Hampshire.
"We've been very fortunate," noted Mike Clark, Director of the EB-5 program for the New Hampshire Regional Center. "We received our first two I-526 approvals in just about 8 months, and we didn't have any questions from the USCIS on either of them. This paves the way for other approvals, and it is very gratifying for our team who has worked extremely hard to provide clean documentation for our investors."
ABOUT THE EB-5 PROGRAM
A foreign national, who must pass an extensive background check, may gain access to permanent "green card" status in the United States by investing at least $500,000 into a project or business that has been approved by the USCIS in a rural or economically distressed area. For each $500,000 invested, 10 permanent U.S. jobs need to be created for the investor to qualify for "green card" status. More information about the EB-5 program is available at pgc.us/eb5.php.
ABOUT THE NEW HAMPSHIRE EB-5 REGIONAL CENTER
The New Hampshire EB-5 Regional Center ( nheb5rc.com/ ) was founded in 2010 to provide funding for projects associated with Ragged Mountain in Danbury, New Hampshire. The Center has a goal of raising $35 million which, if fully realized, would create at least 700 new American jobs in a rural area. The New Hampshire EB-5 Regional Center was founded and sponsored by Pacific Group, a Salt Lake City based developer, operator and owner of Ragged Mountain Resort.
ABOUT PACIFIC GROUP
The Pacific Group is a premier developer responsible for billions of dollars of commercial real estate development and construction of resort properties, industrial business parks, retail, office buildings, multi-family apartment and condo buildings, and master planned communities. (www.pgc.us) Together the Pacific Group's management, affiliates and partners have constructed over 1,000 projects including some of the finest golf and ski resort properties throughout North America such as Copper Mountain Village, Colorado; Wolf Creek Ranch, Utah; Village at Squaw Creek, Lake Tahoe CA; Village at Mammoth CA; and Ritz Carlton North Shore, Vancouver Canada.
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